Enflasyon Hedeflemesi Rejiminde Fisher Etkisinin Geçerliliği; Türkiye’den Ampirik Sonuçlar

Bahar ERDAL; Abuzer PINAR

Makale detayları

Enflasyon Hedeflemesi Rejiminde Fisher Etkisinin Geçerliliği; Türkiye’den Ampirik Sonuçlar

Yazarlar:

Bahar ERDAL | Abuzer PINAR

Yayıncı:

Eskişehir Osmangazi University

Ana Başlıklar:

Sosyoloji & antropoloji

Dergi:

Eskişehir Osmangazi University Journal of Economics and Administrative Sciences 2018 Vol.13 Issue 3, pp.1-12

Belge Tipi:

Makale

Yayın Tarihi:

12/2018

Belge Dili:

Türkçe

Document ID (Org No.):

2000416073

eISSN:

1306-6293

pISSN:

1306-6730

Özet:

 


The aim of this paper is to analyze empirically the validity of Fisher effect under inflation targeting regime in Turkey. In this framework, using different interest rates and  inflation rate, Johansen cointegration test, error correction model  and Granger causality test are done. The empirical results show that Fisher effect is valid for all interest rates in the long-run, and its only valid for Treasury bill rate in the short-run. The validity of Fisher effect in the long-run shows that nominal interest rates moves with expected inflation  rates and monetary policy has no affect on real interest rates. Granger causality test with using levels of the variables show that there is causality from inflation rate to discount rate and there is causality from deposit rate and monetary policy rate to inflation rate. Granger causality test with using first differences of the the variables show that there is only causality from deposit rate to inflation rate. The finding of causality from monetary policy rate to inflation rate shows that the central bank could affect inflation using policy interest rate.

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Makale detayları

Enflasyon Hedeflemesi Rejiminde Fisher Etkisinin Geçerliliği; Türkiye’den Ampirik Sonuçlar

Yazarlar: Bahar ERDAL | Abuzer PINAR

Yayıncı: Eskişehir Osmangazi University

Ana Başlıklar: Sosyoloji & antropoloji

Dergi: Eskişehir Osmangazi University Journal of Economics and Administrative Sciences 2018 Vol.13 Issue 3, pp.1-12

Belge Tipi: Makale

Yayın Tarihi: 12/2018

Belge Dili: Türkçe

Document ID (Org No.): 2000416073

eISSN: 1306-6293

pISSN: 1306-6730

Sayı

Yazarlar:

Bahar ERDAL | Abuzer PINAR

Yayıncı:

Eskişehir Osmangazi University

Ana Başlıklar:

Sosyoloji & antropoloji

Dergi:

Eskişehir Osmangazi University Journal of Economics and Administrative Sciences 2018 Vol.13 Issue 3, pp.1-12

Belge Tipi:

Makale

Yayın Tarihi:

12/2018

Belge Dili:

Türkçe

Document ID (Org No.):

2000416073

eISSN:

1306-6293

pISSN:

1306-6730