Döviz Kuru Belirlemede Esnek Fiyat Varsayımıyla Parasalcı Yaklaşım: 2005-2021 Türkiye Örneği

The study tests the validity of the monetary model with flexible priced assumption from exchange rate determination models for the period 2005:09-2021:05 in Turkey. The flexib- le-priced monetarist model developed by MacDonald and Taylor (1994) was tested with the ARDL cointegration method using Turkish and US data. According to the test results, it is effective with a high coefficient as the determinant of the value of the Turkish Lira against the US Dollar in the short-term; It was found that foreign money supply, domestic money supply and domestic bond interest rate lagged values were the determinants of the exchange rate. It was concluded that in the long-term domestic money supply, domestic interest rate and foreign income exchange rate are determinants. Although there are some differences in terms of short-term and long-term, it has been observed that domestic mo- ney supply and domestic bond interest rate are determinants of exchange rate in Turkey.