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Monetary Transmission Mechanism and Exchange Rate Channel in Turkey on an Evaluation

The 2008 Global Financial Crisis, which started in 2007, gained momentum in 2008 and ended in late 2009, but for a long time on the global scale of its impacts, once again highlighted the importance of monetary policies implemented. Because, in order to get out of the crisis, many countries, especially the United States of America (USA), chose the path of monetary expansion. This policy has been most beneficial to emerging economies such as Turkey. Because there was money flow to the countries in question. The Monetary Transmission Mechanism (PAM) is known as the channels of monetary policy affecting the real economy, and deals with changes in exchange rates, particularly employment and production. Given the exchange rate regime implemented in Turkey, in the conduct of monetary policy, it is seen that within the exchange rate mechanism of monetary transmission channels is extremely important meat supply. Because changes in the exchange rate may produce different effects on production and inflation. For this reason, considering inflation, which has entered the upward trend in recent days, the money supply, interest rates and exchange rate policies must be in line with the inflation target. monetary transmission mechanism used alongside other exchange rate channel in Turkey are also available. These include interest channel, asset prices channel, credit channel, expectation channel and other asset prices channels. Recent crises have been accompanied by increased work on monetary transmission mechanisms. As the information obtained about PAM increases, the success rates of applied monetary policies are increasing at the same rate. The aim of this work is to give theoretical information on the literature based on the mechanisms of monetary transmission and to make suggestions and recommendations to increase the effectiveness of monetary policies, especially in times of crisis. In addition, the exchange rate channel in the PAM has been given special importance in the study. Because the focus of the study is the exchange rate channel.

Monetary Transmission Mechanism, Exchange Rate, Turkey.


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