This article aims to estimate a forward-looking reaction function for the Central Bank of the Republic of Turkey (CBRT) considering possible asymmetries in the reaction function. For this purpose, it uses quarterly data over the period 2006:1–2018:1 and performs the nonlinear autoregressive distributed lag (NARDL) cointegration test. The findings obtained from the NARDL test indicate that the CBRT has an asymmetric reaction function and considers increases in inflation and decreases in output while adjusting short-term interest rates. Theoretical and practical implications for these findings are also discussed. JEL Classification: C22, E52, E58

中文翻译：

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土耳其共和国中央银行是否对通货膨胀和产出做出不对称反应？

考虑到反应功能中可能的不对称性，本文旨在评估土耳其共和国中央银行（CBRT）的前瞻性反应功能。为此，它使用2006：1–2018：1期间的季度数据，并执行非线性自回归分布滞后（NARDL）协整检验。从NARDL测试获得的结果表明，CBRT具有不对称反应功能，并在调整短期利率时考虑了通货膨胀的增加和产出的减少。还讨论了这些发现的理论和实践意义。JEL分类：C22，E52，E58