TY - JOUR T1 - Türkiye’de Uygulanan Para Politikalarının Konut Fiyatları Üzerine Etkisi TT - The Impact of Monetary Policies in Türkiye on Housing Prices AU - Tümtürk, Oğuz PY - 2025 DA - October Y2 - 2025 DO - 10.25229/beta.1673356 JF - Bulletin of Economic Theory and Analysis JO - Beta PB - Mehmet SONGUR WT - DergiPark SN - 2548-0707 SP - 1381 EP - 1412 VL - 10 IS - 3 LA - tr AB - Bu çalışmada, TCMB para politikalarının konut fiyatları üzerinde yaratacağı etki analiz edilmektedir. Para politikası ile konut fiyatları arasındaki teorik ilişkinin yönünün kesin olmaması, ilgili ilişkinin yönünün belirlenebilmesi için ülkeler özelinde yapılan ampirik çalışmaları zorunlu kılmaktadır. Çalışmada, para politikası ve konut fiyatları ilişkisi para politikası literatüründeki genel eğilime paralel olarak yapısal VAR modeli ile analiz edilmektedir. Elde edilen sonuçlara göre, para politikasının talep kanalının parasal aktarım mekanizmasını domine edememesi fiyat bulmacaları oluşturmakta ve genişletici para politikası konut fiyatlarını düşürmektedir. Ayrıca, TCMB para politikaları döviz kuru literatüründe oldukça bilinen döviz kuru bulmacası yaratırken, parasal aktarım mekanizmasının reel sektör üzerindeki varlığı ise ampirik olarak kanıtlanamamıştır. KW - Para Politikası KW - Konut Fiyatları KW - Fiyat Bulmacası KW - Yapısal VAR N2 - This study investigates the impact of the CBRT monetary policies on housing prices. The fact that the direction of the theoretical relationship between monetary policy and housing prices is not certain requires country-specific empirical studies to determine the direction of the relevant relationship. Monetary policy and housing price nexus is analyzed with the structural VAR model, in line with the common procedure in the monetary policy literature. According to the results, that the demand channel of monetary policy cannot dominate the monetary transmission mechanism reveals price puzzles and an expansionary monetary policy decreases housing prices. Moreover, while the CBRT monetary policies produce a well-known exchange rate puzzle in the exchange rate literature, the existence of the monetary transmission mechanism on the real sector has not been empirically proven. CR - Ahir, H., Bloom, N., & Furceri, D. (2022). The world uncertainty index. No 29763, NBER Working Papers, National Bureau of Economic Research CR - Assenmacher-Wesche, K., & Gerlach, S. (2008). Monetary policy, asset prices and macroeconomic conditions: A panel-VAR study. National Bank of Belgium Working Paper 149. CR - Ay, A., Şaylan, Ş., & Koçak, İ. (2008). Reel döviz kuru ve çıktı arasındaki nedensellik ilişkisi: Türkiye örneği (1990-2006). Sosyal Ekonomik Araştırmalar Dergisi, 8(15), 361-374. CR - Bacchetta, P., & Van Wincoop, E. (2006). 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