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dc.contributor.authorDemiralp, Selvaen_US
dc.contributor.authorYilmaz, Kamilen_US
dc.date.accessioned2010-11-03en_US
dc.date.accessioned2011-05-09T09:34:30Z-
dc.date.available2011-05-09T09:34:30Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/45423-
dc.description.abstractIn this paper, we investigate the responsiveness of financial markets to monetary policy expectations in Turkey. According to the efficient markets hypothesis, financial markets respond to anticipated policy actions prior to a policy announcement. As a result, they are expected to respond only to the unanticipated component of the interest rate change following the announcement. By measuring monetary policy expectations through surveys conducted by the Central Bank of the Republic of Turkey, we find that the bond market behaves in accordance with the efficient markets hypothesis in Turkey in the 2002-2009 period. Our results suggest that the same is not necessarily true for the stock market. We check the robustness of our results to different survey types in the post-2005 period.en_US
dc.language.isoturen_US
dc.publisherTÜSİAD-Koç University Economic Research Forum Istanbulen_US
dc.relation.ispartofseriesTÜSİAD-Koç University Economic Research Forum working paper series 1008en_US
dc.subject.jelE44en_US
dc.subject.jelE52en_US
dc.subject.ddc330en_US
dc.subject.keywordMonetary policyen_US
dc.subject.keywordExpectations surveyen_US
dc.subject.keywordFinancial Marketsen_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwTransmissionsmechanismusen_US
dc.subject.stwEffizienzmarkttheseen_US
dc.subject.stwTürkeien_US
dc.titlePara politikası beklentilerinin sermaye piyasaları üzerindeki etkisien_US
dc.typeWorking Paperen_US
dc.identifier.ppn638351448en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:ERF Working Paper Series, TÜSİAD-Koç University Economic Research Forum (ERF)

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