This paper aims at estimating the monetary transmission lag in Turkey by utilizing quarterly data from 2006:1 to 2015:4. To this end, the paper, first, follows unit root tests and cointegration tests. Then, the paper employs structural vector autoregressive (SVAR) analysis. SVAR analysis explores that a positive one-unit standard deviation shock to real interest rate causes inflation to decrease in the eighth period and the decrease in inflation prolongs up to the tenth period. Therefore, SVAR

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... nalysis yields that the monetary transmission lag is two and a half years in Turkey. Based on its own findings and those of a previously produced paper which yields that the CBRT considers 12-month ahead expected inflation rate while it is steering interest rates, the paper thus argues that monetary transmission lags may have a role in missing inflation targets in Turkey along with some other factors. In conclusion, the paper argues that the CBRT should pay attention to 24-month ahead or 30-month ahead expected inflation rates instead of 12-month ahead expected inflation rate to achieve or run-up to inflation targets.