Enflasyonun Cikti Acigi ve Kredilere Duyarliligi

Utku Ozmen and Cagri Sarikaya

CBT Research Notes in Economics from Research and Monetary Policy Department, Central Bank of the Republic of Turkey

Abstract: [TR] Tuketici enflasyonunun cesitli kredi degiskenlerine duyarliliginin incelendigi bu calismada, Turkiye’de TUFE’nin yaklasik dortte birinin kredilerden etkilendigi bulunmustur. Atuk vd. (2014) calismasinin bulgulariyla birlikte degerlendirildiginde, ekonomi politikalarinin toplam talep ve kredileri etkilemek suretiyle enflasyon sepetinin yaklasik yarisina nufuz edebilecegi sonucuna ulasilmistir. Kredi ve cikti acigi degiskenlerinin enflasyon uzerindeki etkilerinin izlendigi mal ve hizmet kalemleri tespit edilerek para politikasi etki alanina giren ana gruplar belirlenmistir. Calisma, politika uygulamalarinin enflasyon uzerindeki etkilerinin daha net bir sekilde takip edilebilmesini saglayacak cekirdek gostergelerin turetilmesine de katkida bulunacaktir. [EN] This study on the sensitivity of consumer inflation to credit reveals that about one-fourth of the CPI significantly responds to credit use in Turkey. When considered together with the findings of Atuk et al. (2014), we conclude that economic policies targeting aggregate demand and credit may influence half of the inflation basket. The main groups that are under the influence of monetary policy are determined by identifying the goods and services through which the effects of credit and output gap on inflation are observed. This study will also contribute to compilation of core inflation measures that would enable policymakers to better track the effects of monetary policy on inflation.

Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:tcb:econot:1417

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