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TÜRKİYE’DE PARASAL AKTARIMIN FAİZ KANALININ GRANGER NEDENSELLİK VE TODA-YAMAMOTA YÖNTEMLERİ İLE ANALİZİ

ANALYSIS OF THE INTEREST RATE CHANNEL OF MONETARY TRANSMISSION WITH GRANGER CAUSALITY AND TODAYAMAMOTO METHOD IN TURKEY

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Abstract (2. Language): 
The monetary transmission mechanism describe the combination of various channels through which monetary policy affects the real economic activity. This paper investigate the interest rate channel of monetary transmission mechanism using Granger Causality test and Toda- Yamamoto method by macro data. According to Granger causality test, a variety in interest rate affects invesment, inflation rate and output. According to Toda-Yamamoto method, it affects invesment and output.
Abstract (Original Language): 
Parasal aktarım mekanizması para politikasının üzerinden reel ekonomik aktiviteyi etkiledigi çesitli kanalların bilesimini ifade etmektedir. Bu çalısma Granger nedensellik testi ve Toda- Yamamoto yöntemini kullanarak parasal aktarım mekanizmasının faiz oranı kanalını makro verilerle incelemektedir. Granger nedensellik testine göre faiz oranındaki bir degisiklik yatırım harcamaları, fiyat düzeyi ve hasılayı etkilemektedir. Todo-Yamamoto yöntemine göre ise yatırım harcamaları ve hasılayı etkilemektedir.
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