In this paper the causality relationships between the inflationary process, experienced by the Turkish economy, and some main money supply measures have been tried to be investigated, and the direction of these relationships has also been aimed to be determined through the vector autoregression impulse-response function estimates. Our findings in general indicate that the course of inflationary framework seems to be exogenous as to the course of the monetary aggregates, and that the course of the monetary aggregates seems to be endogenous as to the course of the inflation. Moreover, impulse-response function estimates have been found supportive to these results. All in all, it is concluded that the monetary policy tends to be adaptive to the inflationary framework under the investigation period considered.
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