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According to the Austrian School of Economics, economic growth is unsustainable when the interest rate structure is different from the time preferences of economic units. Expansions achieved in this way result in recession. In this article, the relationship between changes in the maturity structure of interest rates and total economic activity is examined. In the empirical part of the article, the relationship between consumption, investment, production, and monetary policy was studied using Johansen cointegration and Granger casuality tests. Spread between natural (long term) and market (short term) interest rates was used as a proxy for the monetary policy. The model was estimated using Republic of Turkey data from 2007Q4 to 2022Q2. According to the results of the Johansen cointegration test, there is no long-term relationship between the variables. The results of the Granger causality analysis show that the difference between the natural rate of interest and the market rate of interest is that it affects production through the investment and consumption channel. The results of the empirical study are consistent with Austrian theory. [ABSTRACT FROM AUTHOR]