EFFECTIVENESS ANALYSIS OF MONETARY TRANSMISSION

The Central Bank of the Republic Turkey (CBRT)’s main target was price stability until 2008 global crisis, it also focused on financial in post-crisis period. CBRT has implemented new monetary policies that would react against shocks apart from traditional practices to limit negative effects crisis since end 2010. aim this study is analyze effectiveness transmission channels by CBRT, comparing and policy periods. In study, change central bank achieving goals through credit exchange rate transfer compared as 2002-2011 2011-2020 structural VAR (SVAR) model used analysis allows changes variables based economic theory. According findings, effect inflation compatible with expectations. It found interest most important determinant fluctuations credits rates. 2011-2020, mechanism over rates majority variations originated Most are caused fluctuations, explanatory power relatively high.