The 2001 crisis and the following the post-crisis period were important milestones for economic policy-making in Turkey as well as for the monetary policy. In 2002 Turkish Central Bank adopted a modern monetary policy with primary objective of achieving price stability after the bank had been vested with instrument independence in the previous year. Thanks to these efforts, Turkey has been able to keep the annual inflation rates in the range of 4%-12% after experiencing a hyperinflation period in 90s with...