YENİ FİYAT BELİRLENME TEORİSİ: BİR LİTERATÜR TARAMASI

Yıl 2009, Cilt: 27 Sayı: 1, 25 - 44, 01.07.2009

Pelin Öge Güney

Öz

Geleneksel makro ekonomik modeller genel
olarak maliye politikasına fiyat düzeyinin belirlenmesinde fazla bir önem
atfetmemektedir. Bir taraftan fiyat düzeyinin belirlenmesi veya enflasyon
sadece parasal bir olgu olarak görülmekte, diğer taraftan “Ricardocu Eşdeğerlik
Önermesi”, tüketiciler rasyonel beklentilere sahip olduğu sürece maliye
politikasının toplam talep üzerinde ve böylece fiyat düzeyi ve enflasyon
üzerinde etkisi olmayacağını ileri sürmektedir. Buna karşın Woodford (1994,
1995, 1996), Sims (1994, 1997), Canzoneri, Cumby ve Diba (2001a) tarafından
geliştirilen “Mali Fiyat Belirlenme
Teorisi veya Yeni Fiyat Belirlenme Teorisi” ile maliye politikasının,
özellikle de bütçe açıklarının, fiyatlar genel düzeyinin belirlenmesinde en az
para kadar önemli olduğu ortaya konmuştur. Yeni fiyat belirlenme teorisinde
bugünkü değer bütçe kısıtı (PVBC) temel rolü oynamakta ve fiyatlar genel düzeyi
bugünkü değer bütçe kısıtı tarafından belirlenmektedir. Bu durumda, para
otoritesi, mali otoritenin yardımı olmadan, fiyatlar genel düzeyini kontrol
edememektedir.

 

Anahtar Kelimeler

Ricardocu eşdeğerlik önermesi, yeni fiyat belirlenme teorisi, dönemlerarası bütçe kısıtı

The New Theory of Price Determination: A Literature Survey

Öz

Conventional macroeconomic models often
provide not many reason to suppose that fiscal policy is an important
determinant of the price level determination. On the one hand, it is often
argued that price level determination or inflation is purely a monetary
phenomenon, on the other hand, the “Ricardian Equivalence” proposition implies
that as far as consumers have rational expectations, fiscal policy should no
effect upon aggregate demand, and hence no effect upon price level and
inflation. However, “The Fiscal Theory of the Price Level (FTPL) or
The New Theory of Price Determination” which is developed by Woodford
(1994, 1995, 1996), Sims (1994, 1997) and Canzoneri vd., (2001a) argued that
fiscal policy, especially budget deficits, have an importance for the price
level determination at least money. According to The New Theory of Price
Determination present value budget constraint 
(PVBC) plays the key role and price level is determined by the present
value budget constraint. In this situation, monetary authority do not has any
control over price level without fiscal authority’s support.

 

Anahtar Kelimeler

Ricardian equivalence, the fiscal theory of the price level, intertemporal budget constraint

Kaynakça

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