The central bank analytical balance sheet is one of the important indicators the assessment of the monetary policy. CBRT can determine central bank money directly. In this respect, central bank money shows the bank's monetary policy routing power. Since 2006, the Central Bank implements explicit inflation targeting strategy focuses on inflation directly, without using intermediate target. In this respect under a regime of inflation targeting, the existence of probable relationship monetary aggregates and inflation should be kept in mind in the control of inflation. The aim of this study is to examine whether there is a relationship between central bank money and excluding alcoholic beverages, tobacco products, unprocessed food products and gold CPI or not. In this context, two variables as proxy were used from 2006:01 to 2014:02. The causality relationship between the variables was analyzed by causality tests, based on bootstrap method applied by Hacker and Hatemi-J (2006). According to the results we have reached, the causality between central bank money and CPI is bidirectional.
Keywords: Analytical Balance Sheet Of The CBRT, Central Bank Money, Bootstrap