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Assessment of hyperinflation in Turkey: a comparative study of normal and augmented Taylor rules
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This study looks into Turkey's hyperinflation crisis, which is marked by a worrisome
inflation rate that exceeded 60% in 2023. It particularly tests if the Central Bank of Turkey
comply with the modified Taylor Rule amid the factors like COVID-19, political unrest,
and the Global Financial Crisis of 2008. Using the quarterly data which spans over
2000Q1 to 2022Q4, this study finds that monetary policy in Turkey is aberrant from what
is predicted by the Taylor rule. The study’s findings are crucial for formulating nuanced
monetary policies that balance price stability with economic growth.
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Taylor rule Hyperinflation Output gap Inflation gap Monetary policy Economic growth Turkish central bank