Özet:

Monetary transmission mechanism explains the influence of monetary policy on the real economy via what channels, how long and to what extent this implies that. Main channels of monetary transmission mechanism are grouped of interest channels, consumer channels, the real wealth effect channel, exchange rate channel, the credit channel and the expectations channel. Which of said channels operate more efficiently vary from country to country in relation to the structure of the national economy, the size of it and the openness degree of country.In this study, it is tested that the expectations channel of monetary transmission channels for Turkey's economy is valid or not.In the study, a monthly basis data sets for the period 2007:01-2014:01 which are obtained from reserve currency, the real sector confidence index and the industrial production index on the ADF and DF-GLS are subjected to unit root test. Causality between variables was tested with analysis of causality developed by Toda and Yamamoto (1995). According to the results, it has been found that casuality relationship istwo-ways between real sector confidence index and industrial production index while there is one-way of that from reserve money into the real sector confidence index. In other words, the liquidity provided by the increase in the amount of money and consequently the positively affected real sector confidence index have a possitive impact on industrial production and investment levels.The final findings demostrate that the expectations channel is valid in Turkish economy

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