Özet:

Developments in the housing sector conduct the economic agents' expectations and play an important role in economic functioning by creating effects on macroeconomic variables. The aim of the study is to examine the role of the housing sector in the transmission of monetary policy shocks in the Turkish economy. The study highlights the role of monetary policy, credit supply, and housing price shocks. This study using the SVAR approach states that the housing channel works effectively in Turkey, showing a negative and a significant effect of contractionary monetary policy shock on housing prices and housing loan supply during the period 2011Q1-2021Q1. The detection of the significant effects of housing price changes on consumption and inflation also is among the findings of the study.

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