Turkiye'de Endeksli Bonolar Kullanilarak Enflasyon Telafisi Olculmesi

Murat Duran (), Eda Gulsen () and Refet Gürkaynak

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

Abstract: [TR] Enflasyon beklentilerine iliskin dogru bilgi elde etmek tum iktisadi birimler icin daha saglikli ekonomik kararlarin alinabilmesi acisindan onem tasimaktadir. Uygulamada, enflasyon beklentilerini olcmek amaciyla kullanilan kaynaklar beklenti anketleri ve finansal piyasa verileridir. Bu notta, enflasyon telafisinin anket verilerine alternatif bir enflasyon beklentisi gostergesi olarak kullanimi ustunlukleri ve sakincalarindan bahsedilerek tartisilmaktadir. Buna ek olarak, nominal ve enflasyona endeksli tahvil verileri kullanilarak hesaplanan enflasyon telafilerinin para politikasina iliskin cesitli analizlerde kullanilabilecegi gosterilmistir. [EN] For all economic actors, obtaining accurate information about inflation expectations is crucial in decision making process. In practice, two main sources in the measurement of inflation expectations are expectation surveys and financial market data. In this note, we discuss inflation compensation as an alternative indicator of inflation expectations to expectation surveys along with the advantages and disadvantages of its usage. In addition, we show that inflation compensation, calculated by using nominal and inflation-linked bond data, can be used as a tool in various monetary policy analyses.

Date: 2011
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