Özet:

After the 2008 global crisis, central banks around the world have started to turn to new monetary policy instruments. In this context, short-term interest rates have become one of the most important instruments guiding monetary policy. The short-term interest rates used by central banks to achieve their main objectives are called policy interest. When the policy rate is adjusted for inflation, the real policy rate concept is reached. In recent years, the real policy rate in the Turkish economy has taken a negative value. In other words, a negative interest rate policy is applied. In this context, the aim of the study is to examine the effect of real policy rate and negative interest policy on inflation and employment in Turkey by using the monthly data between January 2014 and June 2022 by using Engle-Granger cointegration. As a result of the findings, while there is a relationship between consumer price index (CPI) and real policy interest and negative interest in the long run, there is no relationship between employment and real policy rate and negative interest. According to the short-term error correction results, while the real policy rate did not have a statistically significant effect on the CPI, it was concluded that the negative interest rate had a statistically significant effect on the CPI. Looking at the Granger causality results, it was found that the negative interest rate and the real policy were the cause of the CPI.

Anahtar Kelimeler: