Özet:

The relationship between inflation and interest rates forms the subject of many studies. These studies are mostly on the Fisher hypothesis. The Fisher Hypothesis assumes that the real interest rates will not change in the long term, and that the expected inflation rate with the nominal interest will be associated in the long term. The study examined the causal relationship between inflation and unemployment before and after mortgage crisis and the validity of the Fisher Hypothesis. Monthly data between June 2000 - September 2007 and October 2007 - October 2018 were analyzed with Augmented Dickey Fuller Unit Root, Johansen Integration, and Granger Causal Test. According to the results of the study; Mortgage Crisis is applicable before, after and between 2000-2018. However, the dual causal relationship that existed between the variables before the Mortgage crisis has disappeared after the crisis. Between 2000-2018, the causal relationship between the interest rates and inflation has been identified.