Can inflation targeting regimes be effective in developing countries? The Turkish experience

Does the Tunisian Central Bank follow an augmented nonlinear Taylor rule?

“…The central bank also responds to foreign exchange reserves, real exchange rates and short-term capital inflows, money supply growth, budget deficits and net foreign assets. Akyürek et al (2011) examined inflation targeting in Turkey by estimating linear and non-linear Taylor rules using a rolling method over the period 07/1999-07/2008. They found that a Taylor rule including the foreign interest rate and the exchange rate characterizes the monetary policy of the Turkey's Central Bank.…”

Keep your Word: Time‐varying Inflation Targets and Inflation Targeting Performance

“…Country-specific studies provide favorable results for IT adoption. Akyurek et al (2011) investigates the macroeconomic performance of Turkey after IT adoption. They conclude that level of inflation is significantly lower and the volatilities of output, inflation and interest rates have all decreased after IT adoption.…”

Effectiveness of Monetary Policy Transmission Mechanism in an Implicit Inflation Targeting Regime: The Case of Nigeria.

“…For instance, Canada started the policy in 1991, followed by the United Kingdom, Australia, and South Africa in 1992, 1993and 2000 respectively. Also, the Central Bank of Turkey introduced implicit inflation targeting in 2002 but later implemented full-fledge inflation targeting in 2006 (Akyurek, Kutan & Yilmazkuday, 2011).…”

“…The wide gap between actual rate and the target bound casts serious doubts on the effectiveness of the inflation targeting monetary policy framework in Nigeria. Akyurek et al (2011) argued that effective transmission mechanism is necessary for the inflation targeting framework to achieve its objectives. According to them, effective channel of transmission is necessary to achieve further gains in disinflation and maintain price stability.…”