Akademik Veri Yönetim Sistemi
Balkan and Near Eastern Journal of Social Sciences, cilt.9, ss.196-205, 2023 (Hakemli Dergi)
It might be said that the inflation targeting strategy is one of the most common strategies used to combat inflation,
which is one of the most important economic problems experienced in global economies in the recent period. In the inflation
targeting strategy, which is one of the most effective methods in solving the inflation problem, which is a global
macroeconomic problem, it is observed that short-term interest rates are used as an intermediate target in the widespread
literature in the solution of the inflation problem. In this context, while the "Taylor Rule" can be a strategic indicator of the
relevant inflation targeting in the inflation targeting strategy in developed country economies, periods have been observed
in which central banks have determined policy and intermediate target strategies based on the "Augmented Taylor Rule" in
the inflation targeting strategy in developing country economies. Under the assumption that the Turkish economy is also in
the class of developing country economies, the expanded Taylor rule equation in which the exchange rate is included for the
Turkish economy was tried to be estimated by Autoregressive Distributed Lag Bound Test (ARDL) method for the period
2003:01-2022:08. According to the results of the analysis, it is seen that the CBRT's interest rate decisions are related to the
inflation rate, output level and exchange rate.