Özet:

The expansionary monetary policies implemented by the central banks in order to get out of the economic stagnation that emerged as a result of economic policy uncertainties, sudden increases or decreases in demand, which emerged with the economic depressions experienced in specific periods, accelerated inflation on a global scale. Therefore, upward inflationary effects emerged in international commodity, food, and energy prices. As a result of this situation, many countries around the world have caused central banks to implement policies that will take measures to combat inflation, while global economic policy uncertainty has brought the question of how to keep the tight relationship between energy prices and money in compensate, in the fights against inflation. In this study, dynamic interactions between global economic policy uncertainty, money supply, international oil prices and inflation in the time and frequency domain are analyzed by Wavelet methods, using monthly data for Turkey between January 2006 and June 2022. It has been observed that global economic policy uncertainty drives international crude oil prices, thus proving the sensitivity of the momentum power on inflation in important historical intervals. In addition, the guiding effects of money supply on inflation in some important historical and event dynamics were determined. These findings provide important implications for policy makers and investors in the Turkiye context.

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