Monetary Policy and Output Gap : Mind the Composition

[TR] Bu calismada Bayesci yontem kullanilarak Turkiye’de cikti acigini temel bilesenlerine ayristiran bir cerceve sunulmaktadir. Sonuclarimiz, Lehman krizini takip eden surecte Turkiye’de ic ve dis talep arasinda ciddi bir ayrisma yasanirken, ekonomi genelinde asiri bir isinma olmadigini gostermektedir. Bu bulgular, Turkiye Cumhuriyet Merkez Bankasi'nin (TCMB) yeni politika cercevesine zemin hazirlayan ve kayda deger bir enflasyon baskisi olmaksizin hizli kredi buyumesi ve artan cari islemler acigi ile tanimlanabilecek iktisadi gorunume iliskin goruslerini desteklemektedir. Bu kosullar altinda salt toplam cikti acigina dayandirilan geleneksel para politikasi yaklasimi finansal istikrar ile uyumlu olmayan bir politika onermesinde bulunabilecektir. Bu baglamda,cikti acigi bilesenlerinin turetilmesi, tutarli politikalarin tasarlanmasinda karar alicilara yardimci olacaktir. [EN] We estimate an output gap measure for Turkey in a Bayesian framework with special reference to its components. Our results suggest that Turkey experienced a notable divergence between domestic and external demand with no sign of overheating for the whole economy in the post-Lehman crisis period. This finding confirms the basis for the new policy framework of the Central Bank of Turkey (CBT), which was characterized by rapid credit expansion and growing current account deficit without significant inflationary pressures. Under these circumstances, conventional monetary policy practice focusing solely on aggregate output gap may suggest policy prescriptions inconsistent with financial stability. In this regard, extracting the components of output gap would help policymakers make a suitable policy design to avoid any contradiction among objectives.