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Fisher hypothesis argues that expected inflation rate and nominal interest rates have converted with in an economy. This study examines the validity of Fisher hypothesis and the effect of inflation rate on nominal interest rate for 2002:1 to 2014:12 period. For this purpose, we use the cointegration test with multiple structural breaks and the results show that the nominal interest rate and inflation are cointegrated therefore the Fisher hypothesis is confirmed. In addition, it is concluded that nominal interest rate is increased by more than one-for-one in response to an increase in inflation rate. Moreover, the results of VECM (Vector Error Correction Method) Granger causality test indicate that there is unidirectional causal relationship from inflation rate to nominal interest rate.

TÜRKİYE EKONOMİSİNDE FİSHER HİPOTEZİNİN TEST EDİLMESİ: 2002-2014 DÖNEMİ ÜZERİNE BİR AMPİRİK ANALİZ