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    Anchoring of inflation expectations and credibility in Turkey
    (BILGESEL YAYINCILIK SAN & TIC LTD, 2011) Cicek, Serkan; Akar, Cuneyt; Yucel, Eray
    Anchoring of inflation expectations and credibility in Turkey This paper investigates the inflation targeting experience of Turkey in terms of the degree of anchoring of expectations to official targets. The estimated time-varying vector auto-regression model suggests a high path for the anchoring parameter until May 2006 and a relatively lower path until November 2008 following the financial turbulence of May 2006. The anchoring behaviour strengthens after November 2008. The congruence between model estimates and the anecdotal milestones of the Turkish economy can be interpreted as a sign of decision makers' manifestation of confidence in the Central Bank.
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    The asymmetry of inflation adjustment in Turkey
    (ELSEVIER SCIENCE BV, 2013) Cicek, Serkan; Akar, Cuneyt
    We investigated the dynamic behavior of the overall inflation rate, its subgroups, and inflation rates of traded and non-traded goods in Turkey between 1994:M1 and 2012:M5 by using a quantile autoregression approach developed by Koenker and Xiao (2004). This method makes no assumptions about the distribution of inflation rates and allowed us to analyze possible asymmetry in mean reversion toward the equilibrium for inflation rates. Our results revealed an asymmetric speed in the inflation adjustment process across different quantiles before and after an inflation targeting (IT) regime (implicit and explicit); persistence relatively decreased after adoption of implicit IT in 2002 or explicit IT and inflation rates became much more mean reverting. (C) 2012 Elsevier B.V. All rights reserved.