Central Bank Review

2001 - 2026

From Research and Monetary Policy Department, Central Bank of the Republic of Turkey
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The Relationship Between Central Bank Independence, Financial Freedom, and Economic Growth: A Panel ARDL Bounds Testing Approach pp. 1-14: Merter Akinci, Gonul Yuce Akinci and Omer Yilmaz
Nowcasting the Unemployment Rate in Turkey: Let's ask Google pp. 15-40: Meltem Chadwick and Gonul Sengul
Turkiye icin Finansal Kosullar Endeksi pp. 41-73: Hakan Kara, Pınar Özbay Özlü and Deren Ünalmış
Petrol Fiyatlarinin Enflasyona Geciskenligi Degisti mi? pp. 75-88: Halit Yanıkkaya, Huseyin Kaya and Doganbey Akgul
Enflasyon Rejimleri ve Uretici Enflasyonundan Tuketici Enflasyonuna Geciskenlik pp. 89-114: Zekeriya Yildirim

Foreign Currency Lending and Banking System Stability: New Evidence from Turkey pp. 1-29: Emre Ozsoz, Erick W. Rengifo and Ali Kutan
Cross Sectional Facts on Bank Balance Sheets over the Business Cycle pp. 31-60: Osman Abbasoğlu, Şerife Genç İleri and Yasin Mimir
A Review on the Relationship Between the Real Exchange Rate, Productivity, and Growth pp. 61-77: Hüseyin Özbilgin
Model Belirsizligi Altinda Doviz Kurunun Enflasyona Etkisi pp. 79-93: Dincer Dedeoglu and Huseyin Kaya

Reserve Option Mechanism: Does It Work As An Automatic Stablizer? pp. 1-18: Oguz Arslaner, Ugur Ciplak, Hakan Kara and Doruk Küçüksaraç
Assessment of Post-2003 Crude Oil Price Hike Through Wavelet Coherency Analysis pp. 19-38: Koray Kalafatcılar and Utku Ozmen
Domestic Savings-Investment Gap and Growth: A Cross-Country Panel Study pp. 39-63: Aytul Ganioglu and Cihan Yalcin
Farkli Belirsizlik Duzeylerinde Faiz Oraninin Makroekonomik Degiskenlere Etkileri: Turkiye Uzerine Etkilesimli Vektor Otoregresif Modeli Uygulamasi pp. 65-93: Afsin Sahin and Volkan Ülke
"House of Debt" by Atif Mian and Amir Sufi pp. 95-108: Hüseyin Özbilgin

Nominal GDP Targeting for Middle-Income Countries pp. 1-14: Jeffrey Frankel
The Effects of Demographic and Social Changes on Household Savings in Turkey pp. 15-33: Evren Ceritoğlu and Okan Eren
Unemployment and Vacancies in Turkey: The Beveridge Curve and Matching Function pp. 35-62: Birol Kanık, Enes Sunel and Temel Taskin
Estimating NAIRU for Turkey Using Extended Kalman Filter Approach pp. 63-94: Vuslat Us

Inflation-Industrial Growth Nexus in India â€“ A Revisit Through Continuous Wavelet Transform pp. 1-11: Aviral Tiwari, Arif Dar and Niyati Bhanja
Nufus Yapisindaki Degisimlerin Uzun Donem Konut Talebi Uzerindeki Etkileri pp. 13-29: Yavuz Arslan, Evren Ceritoğlu and Birol Kanık
GDP Growth in Turkey: Inclusive or Not? pp. 31-64: Temel Taskin
Tests of Rationality in Turkish Foreign Exchange Market pp. 65-78: Neslihan Topbas

In Search of a Reasonable Credit Growth Rate for Turkey pp. 1-14: Hakan Kara, Hande Kucuk, S. Tolga Tiryaki and Canan Yuksel
Do Inflation Expectations Converge Toward Inflation Target or Actual Inflation? Evidence from Expectation Gap Persistence pp. 15-21: Serkan Cicek and Cuneyt Akar
A Quest for Leading Indicators of the Turkish Unemployment Rate pp. 23-45: Burcu Gürcihan, Gonul Sengul and Arzu Yavuz
"The Bankersâ€™ New Clothes: Whatâ€™s Wrong with Banking and What to Do about It" by Anat Admati and Martin Hellwig pp. 47-55: S. Tolga Tiryaki

Systemic Risk Contribution of Individual Banks pp. 5-23: Huseyin Cagri Akkoyun, Ramazan Karasahin and Gursu Keles
Systemic Risk Analysis of Turkish Financial Institutions with Systemic Expected Shortfall pp. 25-40: Irem Talasli
Stock Return Co-movement and Systemic Risk in the Turkish Banking System pp. 41-63: Mahir Binici, Bülent Köksal and Cuneyt Orman
External Financial Stress and External Financing Vulnerability in Turkey: Some Policy Implications for Financial Stability pp. 65-74: Etkin Ozen, Cem Sahin and Ibrahim Unalmis

Financial Crises: Review and Evidence pp. 1-23: Stijn Claessens and Ayhan Kose
The Effects of the Investment Decline on Potential GDP in Turkeyâ€™s 2001 and 2009 Crises pp. 25-44: Ufuk Demiroglu
Reserve Options Mechanism: A New Macroprudential Tool to Limit the Adverse Effects of Capital Flow Volatility on Exchange Rates pp. 45-60: Arif Oduncu, Yasin Akcelik and Ergun Ermisoglu
End-Point Bias in Trend-Cycle Decompositions: An Application to the Real Exchange Rates of Turkey pp. 61-71: Mehmet Ekinci, Gazi Kabaş and Enes Sunel

The Potential Instruments of Monetary Policy pp. 1-15: Charles A.E. Goodhart
The Case for Four Percent Inflation pp. 17-31: Laurence Ball
Fiscal Limits and Monetary Policy pp. 33-58: Eric Leeper
On the Friedman Rule with Labor Market Frictions pp. 59-78: Francesco Zanetti
Optimal Reserve Management Pattern for Turkish Banks pp. 79-102: Ismail Talasli and Suheyla Ozyildirim
"In the Wake of the Crisis: Leading Economists Reassess Economic Policy" Edited by Olivier Blanchard, David Romer, Michael Spence, and Joseph Stiglitz pp. 103-114: Murat Üngör

Reserve Options Mechanism pp. 1-14: Koray Alper, Hakan Kara and Mehmet Yorukoglu
A Real Economic Activity Indicator for Turkey pp. 15-29: S. Boragan Aruoba and Cagri Sarikaya
Public Debt Stock Sustainability in Selected OECD Countries pp. 31-49: Ata Özkaya
Treatment of Seasonal Products and CPI Volatility pp. 51-82: Oguz Atuk, Utku Ozmen and Orhun Sevinc
Book Review - "Why Nations Fail" by Daron Acemoglu and James A. Robinson pp. 83-88: Raif Can

Inflation Expectations and Central Bank Communication in Turkey pp. 1-10: Yusuf Baskaya, Eda Gulsen and Hakan Kara
Is the Leverage of Turkish Banks Procyclical? pp. 11-24: Mahir Binici and Bülent Köksal
Kuresel Kriz, Avrupa Borc Krizi ve Gelismekte Olan Piyasalarda Bulasicilik Etkisi (Global Crisis, European Debt Crisis and Contagion in Emerging Markets) pp. 25-35: Doruk Küçüksaraç, Pınar Özbay Özlü and Deren Ünalmış
"Fault Lines" by Raghuram G. Rajan pp. 37-44: Yasemin Barlas

Regulating Check Use in Turkey pp. 1-12: Semih Tumen
Learning, Monetary Policy, and Housing Prices pp. 13-36: Birol Kanık
Turkiye'de Cekirdek Enflasyon: Ekonometrik Bir Yaklasim pp. 37-51: Ozlem Yigit and Atilla Gokce
Is Disagreement a Good Proxy for Inflation Uncertainty? Evidence from Turkey pp. 53-62: Timur Hulagu and Saygin Sahinoz
Gelismekte Olan Ulkelerin Kurlarindaki Ortak Hareketin Analizi pp. 63-74: Meltem Chadwick, Fatih Fazilet and Necati Tekatli
Review of "This Time is Different: Eight Centuries of Financial Folly" by Carmen M. Reinhart and Kenneth S. Rogoff pp. 75-81: Vuslat Us