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    Learning Process and Asymmetry In Inflation Targeting Regime: Markov Switching Approach
    (Eskisehir Osmangazi Univ, Fac Education, 2013) Kayhan, Selim; Bayat, Tayfur; Kocyidit, Ali
    The Central Bank of Republic of Turkey (CBRT) practiced implicit inflation targeting strategy between years 2002 and 2005. The CBRT has started to practice explicit inflation targeting by the beginning of 2006. In this context, the bank announces the inflation target for each year and identifies the disinflation path followed by the CBRT. In this study, we analyze the behavior of the CBRT between years 2002 and 2011 in the context of King's (1997) model which includes forward looking expectations into monetary policy reaction functions. We employ Markov Switching Vector Autoregregression (MS-VAR) approach in order to investigate whether the CBRT has asymmetric behaviors. Results imply that the CBRT plays active or inactive role in the economy due to economic conditions. So, besides inflation targeting strategy, the bank practices monetary policy which supports the economic growth.