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ANALYSIS OF THE RELATIONSHIP BETWEEN INFLATION AND EXCHANGE RATE IN THE APPLICATION OF UNCONVENTİONAL MONETARY POLICY

Year 2016, Volume: 66 Issue: 2, 61 - 112, 01.12.2016

Abstract








Before the global financial crisis of 2007-08, most of our knowledge
about unconventional monetary policy came from studies of Japan’s lost
decade. Following the collapse of Lehman Brothers, central banks of
advanced economies faced the zero bound of nominal interest rates. In
return for that the central banks have responded to the recent financial
crisis with unconventional monetary policy measures. On the other hand,
the Central Bank of the Republic of Turkey has adopted an unconventional
approach since May 2010.








In this study, we ask the question why central banks need to resort
to unconventional monetary policy measures and to what properties of
these instruments’. In addition, we present the transmission mechanism of
quantitative easing and the international experiences with unconventional
monetary policy measures.


To this end, we use the Granger causality test in order to investigate
the relationship between inflation and the real exchange rate changes as
one of the major determinants during this period for the Turkish economy.
Our analysis reveal that the changes in inflation are correlated with real
exchange rate differentials. 




 




References

  • Ahrend, R., Cournede, B., ve Price, R. W. (2008). Monetary policy, market excesses and financial turmoil. OECD Economics Department Working Papers, (597).
  • Amato, J. D., Morris, S., ve Shin, H. S. (2002). Communication and monetary policy. Oxford Review of Economic Policy, 18(4):495-503.
  • Arat, K. (2003). Tüurkiye’de optimum döviz kuru rejimi seçimi ve döviz kurlarından fiyatlara geçis etkisinin incelenmesi. Uzmanlık yeterlilik tezi, Türkiye Cumhuriyet Merkez Bankası.
  • Auray, S., Eyquem, A., ve Ma, X. (2014). Banks, Sovereign Risk and Unconventional Monetary Policies. Working Papers 2014-10, Centre de Recherche en Economie et Statistique.
  • Benford, J., Berry, S., Nikolov, K., ve Young, C. (2009). Quantitative easing . Bank of England Quarterly Bulletin, 49(2):90-100.
  • Berentsen, A., Marchesiani, A., ve Waller, C. J. (2010). Channel systems: why is there a positive spread? IEW - Working Papers 517, Institute for Empirical Research in Economics - University of Zurich.
  • Berentsen, A. ve Monnet, C. (2006). Optimal monetary policy in a channel system of interest-rate control. 2006 Meeting Papers 572, Society for Economic Dynamics.
  • Bernanke, B. S. (2007). Federal Reserve communications.
  • Bernanke, B. S., Reinhart, V., ve Sack, B. P. (2004). Monetary policy alternatives at the zero bound: an empirical assessment.
  • Boivin, J., Kiley, M. T., ve Mishkin, F. S. (2010). How has the monetary transmission mechanism evolved over time? Working Paper 15879, National Bureau of Economic Research.
  • Borio, C. ve Disyatat, P. (2009). Unconventional monetary policies: an appraisal. BIS Working Papers 292, Bank for International Settlements.
  • Borio, C. ve Nelson, W. (2008). Monetary operations and the financial turmoil. BIS Quarterly Review.
  • Borio, C. ve Shim, I. (2007). What can macro-prudential policy do to support monetary policy? BIS Working Papers 242, Bank for International Settlements.
  • Borio, C. ve Zhu, H. (2012). Capital regulation, risk-taking and monetary policy: A missing link in the transmission mechanism? Journal of Financial Stability, 8(4):236-251.
  • Bowdler, C. ve Radia, A. (2012). Unconventional monetary policy: the assessment. Oxford Review of Economic Policy, 28(4):603-621.
  • Carney, M. J. (2009). Commentary: using monetary policy to stabilize economic activity. Proceedings - Economic Policy Symposium - Jackson Hole, pages 297-311.
  • Chen, H., Curdia, V., ve Ferrero, A. (2012). The macroeconomic efects of large-scale asset purchase programmes. The Economic Journal, 122(564):289-315.
  • Chung, H., Laforte, J.-P., Reifschneider, D., ve Williams, J. C. (2012). Have we underestimated the likelihood and severity of zero lower bound events? Journal of Money, Credit and Banking, 44:47-82.
  • Curdia, V. ve Woodford, M. (2010). The central-bank balance sheet as an instrument of monetary policy. Working Paper 16208, National Bureau of Economic Research.
  • Damar, A. (2010). Türkiye’de döviz kurundan fiyatlara geçiş etkisinin İncelenmesi. Uzmanlık yeterlilik tezi, Tüurkiye Cumhuriyet Merkez Bankası.
  • D’Amico, S. ve King, T. B. (2010). Flow and stock effects of large-scale Treasury purchases.
  • David A. Dickey, W. A. F. (1979). Distribution of the estimators for autoregressive time series with a unit root. Journal of the American Statistical Association, 74(366):427-431.
  • Doh, T. (2010). The efficacy of large-scale asset purchases at the zero lower bound. Economic Review, (Q II):5-34.
  • Eggertsson, G. B. ve Woodford, M. (2003). The Zero Bound on Interest Rates and Optimal Monetary Policy. Brookings Papers on Economic Activity, 34(1):139-235.
  • Eggertsson, G. B. ve Woodford, M. (2004). Optimal monetary and fiscal policy in a liquidity trap. Working Paper 10840, National Bureau of Economic Research.
  • Eichengreen, B. (2002). Can Emerging Markets Float? Should They Ination Target? Working Papers Series 36, Central Bank of Brazil, Research Department.
  • Farmer, R. E. (2012). Qualitative easing: How it works and why it matters. Working Paper 18421, National Bureau of Economic Research.
  • Gagnon, J., Raskin, M., Remache, J., ve Sack, B. (2011). The Financial Market Effects of the Federal Reserve’s Large-Scale Asset Purchases. International Journal of Central Banking, 7(1):3-43.
  • Giannone, D., Lenza, M., Pill, H., ve Reichlin, L. (2011). Non-standard monetary policy measures and monetary developments. Working Paper Series 1290, European Central Bank.
  • Gray, S. T. (2011). Central Bank Balances and Reserve Requirements. IMF Working Papers 11/36, International Monetary Fund.
  • Hamilton, J. D. ve Wu, J. C. (2011). The effectiveness of alternative monetary policy tools in a zero lower bound environment. Working Paper 16956, National Bureau of Economic Research.
  • Hofmann, B. ve Bogdanova, B. (2012). Taylor rules and monetary policy: a global quot; Great Deviation quot? BIS Quarterly Review.
  • James, C., Dale, H., Athanasios, O., H., S. D., ve P.A., T. (2003). Monetary Policy When the Nominal Short-Term Interest Rate is Zero. The B.E. Journal of Macroeconomics, 3(1):1-65.
  • Jobst, A. ve Lin, H. (2016). Negative Interest Rate Policy (NIRP). IMF Working Papers 16/172, International Monetary Fund.
  • Joyce, M., Tong, M., ve Woods, R. (2011). The United Kingdom’s quantitative easing policy: design, operation and impact. Bank of England Quarterly Bulletin, 51(3):200-212.
  • Kara, H. ve Ogunc, F. (2011). Döviz Kuru ve İthalat Fiyatlarının Enflasyona Etkisi. TCMB.
  • Krishnamurthy, A. ve Vissing-Jorgensen, A. (2011). The effects of quantitative easing on interest rates: Channels and implications for policy. Working Paper 17555, National Bureau of Economic Research.
  • Krugman, P. R. (1998). It’s Baaack: Japan’s Slump and the Return of the Liquidity Trap. Brookings Papers on Economic Activity, 29(2):137- 206.
  • Levent, K. (2007). Impact of Exchange Rate Changes on Domestic Ination: he Turkish Experience. MPRA Paper 19589, University Library of Munich, Germany.
  • Mishkin, F. S. (2004). Can central bank transparency go too far? Working Paper 10829, National Bureau of Economic Research.
  • Montoro, C. ve Moreno, R. (2011). The use of reserve requirements as a policy instrument in Latin America. BIS Quarterly Review.
  • Morris, S., Shin, H. S., ve Tong, H. (2006). Social Value of Public Information: Morris ve Shin (2002) Is Actually Pro-Transparency, Not Con: Reply. American Economic Review, 96(1):453-455.
  • Negro, M. D., Eggertsson, G., Ferrero, A., ve Kiyotaki, N. (2016). The great escape? A quantitative evaluation of the fed’s liquidity facilities. Working Paper 22259, National Bureau of Economic Research.
  • Perera, A. (2010). Monetary policy in turbulent Times: Impact of Unconventional Monetary Policies. Central Bank of Sri Lanka Working Paper.
  • Phillips, P. C. ve Perron, P. (1986). Testing for a Unit Root in Time Series Regression.
  • Quispe, Z. ve Rossini, R. (2011). Monetary policy during the global financial crisis of 2007-09: the case of Peru. In for International Settlements, B., editor, The global crisis and financial intermediation in emerging market economies, volume 54 of BIS Papers chapters,s. 299- 316. Bank for International Settlements.
  • Reifschneider, D. L. ve Williams, J. C. (1999). Three lessons for monetary policy in a low ination era.
  • Rogers, J. H., Scotti, C., ve Wright, J. H. (2014). Evaluating Asset- Market E_ects of Unconventional Monetary Policy: A Cross-Country Comparison. International Finance Discussion Papers 1101, Board of Governors of the Federal Reserve System (U.S.).
  • Rossi, M. ve Leigh, D. (2002). Exchange Rate Pass-Through in Turkey. IMF Working Papers 02/204, International Monetary Fund.
  • Stein, J. C. (2012). Monetary policy as financial stability regulation. The Quarterly Journal of Economics, 127(1):57-95.
  • Svensson, L. E. (2004). Targeting rules vs. instrument rules for monetary policy: What is wrong with mccallum and nelson? Working Paper 10747, National Bureau of Economic Research.
  • Svensson, L. E. ve Woodford, M. (2004). Indicator variables for optimal policy under asymmetric information. Journal of Economic Dynamics and Control, 28(4):661-690.
  • Svensson, L. E. O. (2006). Social value of public information: Comment: Morris ve Shin (2002) is actually pro-transparency, not con. The American Economic Review, 96(1):448-452.
  • Szczerbowicz, U. (2011). Are Unconventional Monetary Policies Effective?
  • Taylor, J. B. (1993). Discretion versus policy rules in practice. Carnegie- Rochester Conference Series on Public Policy, 39(1):195-214.
  • Thornton, D. L. (2003). Monetary policy transparency: transparent about what? The Manchester School, 71(5):478-497.
  • Trichet, J.-C. (2013). Unconventional Monetary Policy Measures: Principles-Conditions-Raison d’etre. International Journal of Central Banking, 9(1):229-250.
  • Ugai, H. (2007). Effects of the Quantitative Easing Policy: A Survey of Empirical Analyses. Monetary and Economic Studies, 25(1):1-48. Walsh, C. E. (2007). Optimal Economic Transparency. International Journal of Central Banking, 3(1):5-36.
  • Walsh, C. E. (2011). Central Bank Independence Revisited. Economic Papers, 30(1):18-22.
  • White, W. (2006). Is price stability enough? BIS Working Papers 205, Bank for International Settlements.
  • Woodford, M. (1999). Optimal monetary policy inertia. The Manchester School, 67:1-35.
  • Woodford, M. (2001). Monetary policy in the information economy. Working Paper 8674, National Bureau of Economic Research.
  • Woodford, M. (2005). Central bank communication and policy effectiveness. Working Paper 11898, National Bureau of Economic Research.

GELENEKSEL OLMAYAN PARA POLİTİKASI UYGULAMASINDA ENFLASYON İLE DÖVİZ KURU ARASINDAKİ NEDENSELLİK İLİŞKİSİNİN ANALİZİ

Year 2016, Volume: 66 Issue: 2, 61 - 112, 01.12.2016

Abstract








2007-08 küresel finans krizi öncesinde geleneksel olmayan para po-
litikasıyla ilgili bilgilerimizin çoğunluğu Japonya’nın kayıp onyılına da-
yanmaktaydı. Lehman Brothers’ın iflasından sonra gelişmiş ülke merkez
bankaları politika faizlerinde sıfır alt bandıyla karşı karşıya kaldılar. Buna
karşılık olarak merkez bankaları geleneksel olmayan para politikası araç-
larına başvurdular. Türkiye Cumhuriyet Merkez Bankası da Mayıs 2010
itibariyle geleneksel olmayan para politikası uygulamaktadır.


Bu çalışmada, merkez bankalarının geleneksel olmayan para politikası
araçlarına başvurma nedenleri sorgulanmış ve bu araçların özellikleri açık-
lanmıştır. Ayrıca, niceliksel genişleme aktarım mekanizması ve geleneksel
olmayan para politikası uluslararası uygulamaları anlatılmaktadır.


Bu amaçla, geleneksel olmayan para politikasının uygulandığı dönem-
de Türkiye ekonomisi için enflasyon ve reel döviz kuru arasındaki ilişki
Granger nedensellik testi ile analiz edilmiştir. Analiz sonucunda, enflas-
yondaki değişimlerin reel döviz kuru değişimleri ile kısa ve uzun dönemde
ilişkili olduğu bulgusuna ulaşılmıştır. 




References

  • Ahrend, R., Cournede, B., ve Price, R. W. (2008). Monetary policy, market excesses and financial turmoil. OECD Economics Department Working Papers, (597).
  • Amato, J. D., Morris, S., ve Shin, H. S. (2002). Communication and monetary policy. Oxford Review of Economic Policy, 18(4):495-503.
  • Arat, K. (2003). Tüurkiye’de optimum döviz kuru rejimi seçimi ve döviz kurlarından fiyatlara geçis etkisinin incelenmesi. Uzmanlık yeterlilik tezi, Türkiye Cumhuriyet Merkez Bankası.
  • Auray, S., Eyquem, A., ve Ma, X. (2014). Banks, Sovereign Risk and Unconventional Monetary Policies. Working Papers 2014-10, Centre de Recherche en Economie et Statistique.
  • Benford, J., Berry, S., Nikolov, K., ve Young, C. (2009). Quantitative easing . Bank of England Quarterly Bulletin, 49(2):90-100.
  • Berentsen, A., Marchesiani, A., ve Waller, C. J. (2010). Channel systems: why is there a positive spread? IEW - Working Papers 517, Institute for Empirical Research in Economics - University of Zurich.
  • Berentsen, A. ve Monnet, C. (2006). Optimal monetary policy in a channel system of interest-rate control. 2006 Meeting Papers 572, Society for Economic Dynamics.
  • Bernanke, B. S. (2007). Federal Reserve communications.
  • Bernanke, B. S., Reinhart, V., ve Sack, B. P. (2004). Monetary policy alternatives at the zero bound: an empirical assessment.
  • Boivin, J., Kiley, M. T., ve Mishkin, F. S. (2010). How has the monetary transmission mechanism evolved over time? Working Paper 15879, National Bureau of Economic Research.
  • Borio, C. ve Disyatat, P. (2009). Unconventional monetary policies: an appraisal. BIS Working Papers 292, Bank for International Settlements.
  • Borio, C. ve Nelson, W. (2008). Monetary operations and the financial turmoil. BIS Quarterly Review.
  • Borio, C. ve Shim, I. (2007). What can macro-prudential policy do to support monetary policy? BIS Working Papers 242, Bank for International Settlements.
  • Borio, C. ve Zhu, H. (2012). Capital regulation, risk-taking and monetary policy: A missing link in the transmission mechanism? Journal of Financial Stability, 8(4):236-251.
  • Bowdler, C. ve Radia, A. (2012). Unconventional monetary policy: the assessment. Oxford Review of Economic Policy, 28(4):603-621.
  • Carney, M. J. (2009). Commentary: using monetary policy to stabilize economic activity. Proceedings - Economic Policy Symposium - Jackson Hole, pages 297-311.
  • Chen, H., Curdia, V., ve Ferrero, A. (2012). The macroeconomic efects of large-scale asset purchase programmes. The Economic Journal, 122(564):289-315.
  • Chung, H., Laforte, J.-P., Reifschneider, D., ve Williams, J. C. (2012). Have we underestimated the likelihood and severity of zero lower bound events? Journal of Money, Credit and Banking, 44:47-82.
  • Curdia, V. ve Woodford, M. (2010). The central-bank balance sheet as an instrument of monetary policy. Working Paper 16208, National Bureau of Economic Research.
  • Damar, A. (2010). Türkiye’de döviz kurundan fiyatlara geçiş etkisinin İncelenmesi. Uzmanlık yeterlilik tezi, Tüurkiye Cumhuriyet Merkez Bankası.
  • D’Amico, S. ve King, T. B. (2010). Flow and stock effects of large-scale Treasury purchases.
  • David A. Dickey, W. A. F. (1979). Distribution of the estimators for autoregressive time series with a unit root. Journal of the American Statistical Association, 74(366):427-431.
  • Doh, T. (2010). The efficacy of large-scale asset purchases at the zero lower bound. Economic Review, (Q II):5-34.
  • Eggertsson, G. B. ve Woodford, M. (2003). The Zero Bound on Interest Rates and Optimal Monetary Policy. Brookings Papers on Economic Activity, 34(1):139-235.
  • Eggertsson, G. B. ve Woodford, M. (2004). Optimal monetary and fiscal policy in a liquidity trap. Working Paper 10840, National Bureau of Economic Research.
  • Eichengreen, B. (2002). Can Emerging Markets Float? Should They Ination Target? Working Papers Series 36, Central Bank of Brazil, Research Department.
  • Farmer, R. E. (2012). Qualitative easing: How it works and why it matters. Working Paper 18421, National Bureau of Economic Research.
  • Gagnon, J., Raskin, M., Remache, J., ve Sack, B. (2011). The Financial Market Effects of the Federal Reserve’s Large-Scale Asset Purchases. International Journal of Central Banking, 7(1):3-43.
  • Giannone, D., Lenza, M., Pill, H., ve Reichlin, L. (2011). Non-standard monetary policy measures and monetary developments. Working Paper Series 1290, European Central Bank.
  • Gray, S. T. (2011). Central Bank Balances and Reserve Requirements. IMF Working Papers 11/36, International Monetary Fund.
  • Hamilton, J. D. ve Wu, J. C. (2011). The effectiveness of alternative monetary policy tools in a zero lower bound environment. Working Paper 16956, National Bureau of Economic Research.
  • Hofmann, B. ve Bogdanova, B. (2012). Taylor rules and monetary policy: a global quot; Great Deviation quot? BIS Quarterly Review.
  • James, C., Dale, H., Athanasios, O., H., S. D., ve P.A., T. (2003). Monetary Policy When the Nominal Short-Term Interest Rate is Zero. The B.E. Journal of Macroeconomics, 3(1):1-65.
  • Jobst, A. ve Lin, H. (2016). Negative Interest Rate Policy (NIRP). IMF Working Papers 16/172, International Monetary Fund.
  • Joyce, M., Tong, M., ve Woods, R. (2011). The United Kingdom’s quantitative easing policy: design, operation and impact. Bank of England Quarterly Bulletin, 51(3):200-212.
  • Kara, H. ve Ogunc, F. (2011). Döviz Kuru ve İthalat Fiyatlarının Enflasyona Etkisi. TCMB.
  • Krishnamurthy, A. ve Vissing-Jorgensen, A. (2011). The effects of quantitative easing on interest rates: Channels and implications for policy. Working Paper 17555, National Bureau of Economic Research.
  • Krugman, P. R. (1998). It’s Baaack: Japan’s Slump and the Return of the Liquidity Trap. Brookings Papers on Economic Activity, 29(2):137- 206.
  • Levent, K. (2007). Impact of Exchange Rate Changes on Domestic Ination: he Turkish Experience. MPRA Paper 19589, University Library of Munich, Germany.
  • Mishkin, F. S. (2004). Can central bank transparency go too far? Working Paper 10829, National Bureau of Economic Research.
  • Montoro, C. ve Moreno, R. (2011). The use of reserve requirements as a policy instrument in Latin America. BIS Quarterly Review.
  • Morris, S., Shin, H. S., ve Tong, H. (2006). Social Value of Public Information: Morris ve Shin (2002) Is Actually Pro-Transparency, Not Con: Reply. American Economic Review, 96(1):453-455.
  • Negro, M. D., Eggertsson, G., Ferrero, A., ve Kiyotaki, N. (2016). The great escape? A quantitative evaluation of the fed’s liquidity facilities. Working Paper 22259, National Bureau of Economic Research.
  • Perera, A. (2010). Monetary policy in turbulent Times: Impact of Unconventional Monetary Policies. Central Bank of Sri Lanka Working Paper.
  • Phillips, P. C. ve Perron, P. (1986). Testing for a Unit Root in Time Series Regression.
  • Quispe, Z. ve Rossini, R. (2011). Monetary policy during the global financial crisis of 2007-09: the case of Peru. In for International Settlements, B., editor, The global crisis and financial intermediation in emerging market economies, volume 54 of BIS Papers chapters,s. 299- 316. Bank for International Settlements.
  • Reifschneider, D. L. ve Williams, J. C. (1999). Three lessons for monetary policy in a low ination era.
  • Rogers, J. H., Scotti, C., ve Wright, J. H. (2014). Evaluating Asset- Market E_ects of Unconventional Monetary Policy: A Cross-Country Comparison. International Finance Discussion Papers 1101, Board of Governors of the Federal Reserve System (U.S.).
  • Rossi, M. ve Leigh, D. (2002). Exchange Rate Pass-Through in Turkey. IMF Working Papers 02/204, International Monetary Fund.
  • Stein, J. C. (2012). Monetary policy as financial stability regulation. The Quarterly Journal of Economics, 127(1):57-95.
  • Svensson, L. E. (2004). Targeting rules vs. instrument rules for monetary policy: What is wrong with mccallum and nelson? Working Paper 10747, National Bureau of Economic Research.
  • Svensson, L. E. ve Woodford, M. (2004). Indicator variables for optimal policy under asymmetric information. Journal of Economic Dynamics and Control, 28(4):661-690.
  • Svensson, L. E. O. (2006). Social value of public information: Comment: Morris ve Shin (2002) is actually pro-transparency, not con. The American Economic Review, 96(1):448-452.
  • Szczerbowicz, U. (2011). Are Unconventional Monetary Policies Effective?
  • Taylor, J. B. (1993). Discretion versus policy rules in practice. Carnegie- Rochester Conference Series on Public Policy, 39(1):195-214.
  • Thornton, D. L. (2003). Monetary policy transparency: transparent about what? The Manchester School, 71(5):478-497.
  • Trichet, J.-C. (2013). Unconventional Monetary Policy Measures: Principles-Conditions-Raison d’etre. International Journal of Central Banking, 9(1):229-250.
  • Ugai, H. (2007). Effects of the Quantitative Easing Policy: A Survey of Empirical Analyses. Monetary and Economic Studies, 25(1):1-48. Walsh, C. E. (2007). Optimal Economic Transparency. International Journal of Central Banking, 3(1):5-36.
  • Walsh, C. E. (2011). Central Bank Independence Revisited. Economic Papers, 30(1):18-22.
  • White, W. (2006). Is price stability enough? BIS Working Papers 205, Bank for International Settlements.
  • Woodford, M. (1999). Optimal monetary policy inertia. The Manchester School, 67:1-35.
  • Woodford, M. (2001). Monetary policy in the information economy. Working Paper 8674, National Bureau of Economic Research.
  • Woodford, M. (2005). Central bank communication and policy effectiveness. Working Paper 11898, National Bureau of Economic Research.
There are 63 citations in total.

Details

Subjects Business Administration
Journal Section Articles
Authors

Halil Tunalı

Yusuf Yalçınkaya

Publication Date December 1, 2016
Published in Issue Year 2016 Volume: 66 Issue: 2

Cite

APA Tunalı, H., & Yalçınkaya, Y. (2016). ANALYSIS OF THE RELATIONSHIP BETWEEN INFLATION AND EXCHANGE RATE IN THE APPLICATION OF UNCONVENTİONAL MONETARY POLICY. İstanbul Üniversitesi İktisat Fakültesi Mecmuası, 66(2), 61-112.
AMA Tunalı H, Yalçınkaya Y. ANALYSIS OF THE RELATIONSHIP BETWEEN INFLATION AND EXCHANGE RATE IN THE APPLICATION OF UNCONVENTİONAL MONETARY POLICY. İstanbul Üniversitesi İktisat Fakültesi Mecmuası. December 2016;66(2):61-112.
Chicago Tunalı, Halil, and Yusuf Yalçınkaya. “ANALYSIS OF THE RELATIONSHIP BETWEEN INFLATION AND EXCHANGE RATE IN THE APPLICATION OF UNCONVENTİONAL MONETARY POLICY”. İstanbul Üniversitesi İktisat Fakültesi Mecmuası 66, no. 2 (December 2016): 61-112.
EndNote Tunalı H, Yalçınkaya Y (December 1, 2016) ANALYSIS OF THE RELATIONSHIP BETWEEN INFLATION AND EXCHANGE RATE IN THE APPLICATION OF UNCONVENTİONAL MONETARY POLICY. İstanbul Üniversitesi İktisat Fakültesi Mecmuası 66 2 61–112.
IEEE H. Tunalı and Y. Yalçınkaya, “ANALYSIS OF THE RELATIONSHIP BETWEEN INFLATION AND EXCHANGE RATE IN THE APPLICATION OF UNCONVENTİONAL MONETARY POLICY”, İstanbul Üniversitesi İktisat Fakültesi Mecmuası, vol. 66, no. 2, pp. 61–112, 2016.
ISNAD Tunalı, Halil - Yalçınkaya, Yusuf. “ANALYSIS OF THE RELATIONSHIP BETWEEN INFLATION AND EXCHANGE RATE IN THE APPLICATION OF UNCONVENTİONAL MONETARY POLICY”. İstanbul Üniversitesi İktisat Fakültesi Mecmuası 66/2 (December 2016), 61-112.
JAMA Tunalı H, Yalçınkaya Y. ANALYSIS OF THE RELATIONSHIP BETWEEN INFLATION AND EXCHANGE RATE IN THE APPLICATION OF UNCONVENTİONAL MONETARY POLICY. İstanbul Üniversitesi İktisat Fakültesi Mecmuası. 2016;66:61–112.
MLA Tunalı, Halil and Yusuf Yalçınkaya. “ANALYSIS OF THE RELATIONSHIP BETWEEN INFLATION AND EXCHANGE RATE IN THE APPLICATION OF UNCONVENTİONAL MONETARY POLICY”. İstanbul Üniversitesi İktisat Fakültesi Mecmuası, vol. 66, no. 2, 2016, pp. 61-112.
Vancouver Tunalı H, Yalçınkaya Y. ANALYSIS OF THE RELATIONSHIP BETWEEN INFLATION AND EXCHANGE RATE IN THE APPLICATION OF UNCONVENTİONAL MONETARY POLICY. İstanbul Üniversitesi İktisat Fakültesi Mecmuası. 2016;66(2):61-112.