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Abstract

One of the most popular topics in the literature of macroeconomics is the Neutrality of Money Hypothesis which is defined as a permanent, unexpected change to the level of money supply has no effect on the level of real GDP in the long run. If this hypothesis holds, policy makers cannot influence real macroeconomic variables by using monetary policies. The aim of this study is to test the Neutrality of Money Hypothesis in Turkey with considering possible structural breaks. In this regard, the considered hypothesis was tested by Hatemi-J (2008) cointegration test and it is concluded that the Neutrality Hypothesis does not hold for Turkey. This result implies that, policy makers can use money supply as an effective monetary policy instrument in order to affect the real macroeconomic variables

Keywords

• The Neutraliy of Money Hypothesis, The Turkish Economy, Cointegration

PARANIN YANSIZLIĞI HİPOTEZİNİN TESTİ: TÜRKİYE EKONOMİSİ İÇİN YAPISAL KIRILMALI EŞBÜTÜNLEŞME ANALİZİ

Abstract

Makroekonomik literatür içerisindeki en popüler konulardan biri, para arzında meydana gelen beklenmeyen sürekli bir değişikliğin, uzun dönemde reel GSYH üzerinde herhangi bir etki yaratmayacağı şeklinde tanımlanan Paranın Yansızlığı Hipotezi’dir. Eğer bu hipotez geçerli ise politika yapıcıların para politikalarını kullanarak reel makroekonomik değişkenleri etkileme gücü ortadan kalkar. Bu çalışmanın amacı, Paranın Yansızlığı Hipotezi’nin Türkiye’de olası yapısal kırılmaları da göz önünde bulundurarak test edilmesidir. Bu doğrultuda, söz konusu hipotez Hatemi-J (2008) eşbütünleşme testi ile sınanmış ve Yansızlık Hipotezinin Türkiye’de geçerli olmadığı sonucuna ulaşılmıştır. Bu sonuca göre politika yapıcılar para arzını, reel makroekonomik değişkenleri etkilemek amacıyla, etkin bir para politikası aracı olarak kullanabilirler.

Keywords

• Paranın Yansızlığı Hipotezi, Türkiye Ekonomisi, Eşbütünleşme, Yapısal Kırılma.

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