The Centre organised a training course on “Inflation Targeting” at the National Bank of Tajikistan on 29 November – 1 December 2010. The course was provided by Ms. Neslihan Kaya, expert from the Central Bank of the Republic of Turkey and was attended by 8 staff members of the National Bank of Tajikistan.
The training course on “Inflation Targeting” mainly covered the following subjects:
Turkish Monetary Policy Experience Prior to Inflation Targeting
- Monetary policy implementations of the CBT before 2001-2001 crisis
- Implicit inflation targeting period (2002-2005), fulfilling the necessary prerequisites for inflation targeting
Operational Framework for Inflation Targeting: The Case of Turkey
- The current framework of full-fledged inflation targeting period: 2006-onwards
- Independence, transparency and accountability issues
- Altering the target, target range, policy tool, etc. and its implications
Forecasting and Policy Analysis System (FPAS) at the CBT
- What is FPAS?
- How does the CBT exercise the FPAS process?
- The underlying model and its role during the process
- Underlying monetary transmission mechanism
- Main blocks of the core model
Monetary Transmission Mechanism in Emerging Market Economies: Case of Turkey
- Common characteristics of an emerging economy
- Conventional channels in the MTM
- Aggregate demand channel
- Expectations channel
- Possible breakdowns in conventional channels: Empirical evidence from Turkish economy
Turkish Monetary Policy Experience with the Recent Global Crisis
- Policy measures taken during the crisis
- Conventional measures
- Unconventional measures
- Measures to prevent volatility in money markets
- Measures to ensure the smooth functioning of credit markets
- Measures to directly support the real sector
The aim of this training course was to improve the capacity building and performance of the National Bank of Tajikistan on “Inflation Targeting”.