Gacener Atis, AydanurErer, Deniz2019-10-272019-10-2720181303-099X1303-099Xhttps://doi.org/10.21121/eab.2018443010https://hdl.handle.net/11454/29841Purpose of this study is to analyze the asymmetric response of stock market returns and volatility to monetary policy in bull and bear markets in Turkey over the period of 2002:12016:12. We used Markov switching model in order to identify bull and bear markets. We used policy rate as monetary policy instrument. From the empirical results, we deduced that monetary policy is more effective in butt market periods.en10.21121/eab.2018443010info:eu-repo/semantics/closedAccessMonetary PolicyStock MarketMarkov Regime Switching ModelArticle184699710WOS:000457787100012N/A