Etem Hakan ERGEÇ, Bengül Gülümser ARSLAN

Türkiye ekonomisinde para politikasının sektörel etkileri

Para Politikası şokları, ekonominin sektörleri üzerinde farklı şiddette tepkilere neden olabilmektedir. Para politikasının etkilerinin heterojenliği olarak tanımlanan bu durum, ekonomide parasal aktarım kanallarının nasıl işlediğini anlamak açısından önemlidir. Bu çalışma Türkiye Ekonomisinde, sanayi üretiminin üç ana alt sektörü olan maden, imalat ve elektrik ve gaz üretimi sektörlerinin ve imalat sanayi alt sektörlerinden en büyük paya sahip altı alt sektörün para politikası şokuna verdiği tepkileri, VAR yöntemi kullanarak karşılaştırmayı amaçlamıştır. Elde edilen bulgular göstermektedir ki; i) imalat sanayi, diğer iki ana alt sektöre göre ve ii) imalat sanayi alt sektörlerinden de endüstriyel taleple ilişkili olan sektörler, diğer alt sektörlere göre para politikasına daha güçlü tepkiler göstermektedir.

Industry effects of monetary policy in Turkish economy

Monetary policy shocks may have effects with a different intensity on sectors of economy. This is referred as the heterogeneity of monetary policy effects and is important for understanding how the transmission channels of monetary policy are working. This paper aims to compare the response of three main sub-sectors of industry (mining, manufacturing, electricity and gas production industries) and also six main sectors which have the biggest share of manufacturing industry to a monetary policy shock with using VAR techniques. Our empirical findings show that manufacturing industry is affected more from monetary policy shocks than two other sub-sectors and the sub-sectors of manufacturing industry which are related to industrial demand are affected more from monetary policy shocks than the others.

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