Araştırma Makalesi
AVRUPA MERKEZ BANKASI’NIN PARA POLİTİKASI: FİYAT İSTİKRARININ NİCELİKSEL TANIMI VE İKİ SÜTUNLU ANALİZ YAKLAŞIMI
Öz
1 Ocak 1999’da avro alanı içinde para
politikasının yürütülmesi sorumluluğu ECB’ye verilmiştir. ECB’nin öncelikli
amacı avro alanı içinde fiyat istikrarının sağlanmasıdır. Fiyat istikrarının
öncelikli amaç olarak belirlenmesi zamanla oluşan teorik ve ampirik kanıtların
kabul edilmesi demektir. Zira bu kanıtlar para politikasının ancak uzun dönemde
fiyatları etkilediği ve enflasyonun uzun dönemde büyüme ve istihdama zarar
verdiğini göstermektedir. Fiyat istikrarı amacını kesin bir şekilde ortaya
koymak için ECB fiyat istikrarının niceliksel bir tanımlamasını ilan etmiştir.
Fiyat istikrarının niceliksel tanımı ECB para politikası stratejisinin birinci
unsurudur. Bu stratejinin ikinci unsuru ise fiyat istikrarına yönelik risklerin
analiz edildiği iki sütun yaklaşımıdır. “Ekonomik analiz” olarak adlandırılan
sütun fiyat gelişmelerinin kısa dönemdeki belirleyicilerini değerlendirmeyi
amaçlamaktadır. “Parasal analiz” olarak adlandırılan ikinci bir sütun ise
paraya önemli bir rol vermektedir. Bu ise enflasyon ve deflasyonun uzun dönemde
parasal bir fenomen olduğu şeklindeki temel bir ilkeyi yansıtır. Bu çalışmanın
amacı ECB para politikasının temel unsurlarını irdelemektir.
Anahtar Kelimeler
Para Politikası Avrupa Merkez Bankası Fiyat İstikrarı İki Sütun Yaklaşım
Kaynakça
- Bagis B. (2017) Monetary Policy Divergence and Central Banking in the New Era. In: Dinçer H., Hacioğlu Ü. (eds) Risk Management, Strategic Thinking and Leadership in the Financial Services Industry. Contributions to Management Science. Springer, Cham. Ball, L.(2010).The Performans of Alternative Monetary Rejimes, NBERWorkingPaper 16124, Blinder A., Ehrmann, M., Haan, J., & Jansen, D.J. (2017). Necessity as the Mother of Invention: Monetary Policy After The Crisis, ECB Working Paper 2047 Brand, C. N. Cassola (2000), A Money Demand System for the Euro Area M3, ECB Working Paper No. 39. Calza, A., D. Gerdesmeier, J. Levy (2001). Euro Area Money Demand: Measuring the Opportunity Costs Appropriately, IMF Working Paper No.01/179. ECB (1999), Montly Bulletin, Jenuary 1999, www.ecb (Erişim:15.08.2017) ECB (2003), The ECB’s Monetary Policy Strategy, press release, May 8 2003, www.ecb (Erişim:11.08.2017) ECB (2004), Montly Bulletin, November 2004, www.ecb (Erişim: 10.09.2017) ECB (2011), The Monetary Policy of the ECB, http://www.ecb.europa.eu (02.08.2017) Fischer, B, M. Lenza, H. Pilland L. Reichlin (2006). https://www.ecb.europa.eu/ events/pdf/conferences/cbc4/ReichlinPillLenzaFisher.pdf (Erişim:15.08.2017) Gali, J. (2010). The Monetary Pillar and the Great Financial Crisis, Barcelona Economics Working Paper, No.469 Gerlach, S. (2004).The Two Pillars of the ECB, 39th Panel Meeting of Economic Policyin Dublin, April 16-17, Gonzalez-Paramo, J.M. (2005),The European Central Bank’s Monetary Policy In An İnternational Context: Principles and Challenges, https://www.ecb.europa. eu/press/key/ date /2005/html/sp050623.en.html, (Erişim: 09.09.2017) Hofmann, B. (2008). Do Monetary Indicators Lead Euro Area Inflation?, ECB Working Paper, 867 Issing, O. (2003) (ed.), “Background Studies for the ECB's Evaluation of its Monetary Policy Strategy” Frankfurt, Issing, O. (2004). Inflation Targeting: A View From The ECB, Jeremy M. Pigerand Daniel L. Thornton (Ed) Inflation Targeting: Prospects and Problems, içinde (ss. 169-179), Federal Reserve Bank of St. Louis, Volume 86, No.4, Issing, O. (2008). The ECB’s Monetary Policy Strategy: Why Did We Choose A Two Pillar Approach?, in (eds) Andreas Beyer, Lucrezia Reichlin, “The Role of Money-Money and Monetary Policy in TheTwenty-First Century” Fourth Central Banking Conference, Issing, O. (2009). “In Search of Monetary Stability: The Evolution of Monetary Policy”, BIS Working Papers, No. 273, Issing, O. (2010). The Development of Monetary Policy in the 20th Century – Some Reflections, Colloquium at theNational Bank of Belgium Brussels, Khan, G.A., Benolkin, S. (2007). The Role of Money in Monetary Policy:Why Do the Fed and ECB See It So Differently?, Federal Reserve Bank Of Kansas City, Economıc Review Third Quarter, 5-36 Kieler, M.(2003). The ECB's Inflation Objective, IMF WorkingPaper, No.91, Kolesar, M. (2007) ‘Frankfurt or Landon? Comparison of The Monetary Policy of The ECB That of England’StudentEconomicReview, Vol. 21, 191-198 Masuch, K., Nicoletti- Altimari, S., Pill, H., & Rastagno, M. (2002). Why “A Prominent for Money” Prepared for the AEA meetings in Atlanta, 4-6 January 2002 Meyer, H.L. (2001). Does Money Matter, Federal Reserve Bank Of St. Louis, Review Sptember/October 2001, 1-15 Nicoletti- Altimari, S. (2001), Does Money Lead Inflation in the Euro Area? ECB Working Paper 63 Papademos, L. (2008). The Role of Money in The Conduct Of Monetary Policy, in “The Role Of Money And Monetary Polıcy in The Twenty- First Century” Bayer, A. Reiclin L. (eds), Forth ECB Central Banking Conference Reichlin, L. (2008), The Role Of Money And Monetary Polıcy in The Twenty- First Century, Bayer, A. Reiclin L. (eds), Forth ECB Central Banking Conference Schwards, P.,Castaneda, J., Mayes, D., Sibert A. &Wood, G. (2008). Comparison of Monetary Policy Strategies of Major Central Banks’ European Parliament, Policy Department Economic and Scientific Policy Study Svensson, L.E.O. (2003a)"How Shouldthe Eurosystem Reform its Monetary Strategy" www.princeton.edu/Svensson(Erişim:20.08.2017) Svensson, L.E.O. (2003b). İn the Right Direction, but not Enough: The Modification of the Monetary Policy Strategy of the ECB, www.princeton.edu/Svensson, (Erişim: 23.08.2017) Trichet, J.C. (2008). The Role of Money: Money and Monetary Policy at The ECB, in “The Role Of Money And Monetary Policy in The Twenty- First Century” Bayer, A. Reiclin L. (eds), Forth ECB Central Banking Conference Yıldız H., Yıldırım D.Ç. (2015). The Effects Of 2008 Crisis On The Financial Sustainability In Eurozone: A Comparison of Pre and Post Crisis Period, Global Journal of Advaced Research, 2 (6), 1046-1057 Yıldız, H., Yıldırım D.Ç. (2014). An Empirical Study On Fiscal Sustainability in Eurozone, Serbian Journal of Management 9 (1) (2014) 59 - 70
Yıl 2018,
Cilt: 7 Sayı: 14, 1 - 13, 30.07.2018
Öz
Kaynakça
- Bagis B. (2017) Monetary Policy Divergence and Central Banking in the New Era. In: Dinçer H., Hacioğlu Ü. (eds) Risk Management, Strategic Thinking and Leadership in the Financial Services Industry. Contributions to Management Science. Springer, Cham. Ball, L.(2010).The Performans of Alternative Monetary Rejimes, NBERWorkingPaper 16124, Blinder A., Ehrmann, M., Haan, J., & Jansen, D.J. (2017). Necessity as the Mother of Invention: Monetary Policy After The Crisis, ECB Working Paper 2047 Brand, C. N. Cassola (2000), A Money Demand System for the Euro Area M3, ECB Working Paper No. 39. Calza, A., D. Gerdesmeier, J. Levy (2001). Euro Area Money Demand: Measuring the Opportunity Costs Appropriately, IMF Working Paper No.01/179. ECB (1999), Montly Bulletin, Jenuary 1999, www.ecb (Erişim:15.08.2017) ECB (2003), The ECB’s Monetary Policy Strategy, press release, May 8 2003, www.ecb (Erişim:11.08.2017) ECB (2004), Montly Bulletin, November 2004, www.ecb (Erişim: 10.09.2017) ECB (2011), The Monetary Policy of the ECB, http://www.ecb.europa.eu (02.08.2017) Fischer, B, M. Lenza, H. Pilland L. Reichlin (2006). https://www.ecb.europa.eu/ events/pdf/conferences/cbc4/ReichlinPillLenzaFisher.pdf (Erişim:15.08.2017) Gali, J. (2010). The Monetary Pillar and the Great Financial Crisis, Barcelona Economics Working Paper, No.469 Gerlach, S. (2004).The Two Pillars of the ECB, 39th Panel Meeting of Economic Policyin Dublin, April 16-17, Gonzalez-Paramo, J.M. (2005),The European Central Bank’s Monetary Policy In An İnternational Context: Principles and Challenges, https://www.ecb.europa. eu/press/key/ date /2005/html/sp050623.en.html, (Erişim: 09.09.2017) Hofmann, B. (2008). Do Monetary Indicators Lead Euro Area Inflation?, ECB Working Paper, 867 Issing, O. (2003) (ed.), “Background Studies for the ECB's Evaluation of its Monetary Policy Strategy” Frankfurt, Issing, O. (2004). Inflation Targeting: A View From The ECB, Jeremy M. Pigerand Daniel L. Thornton (Ed) Inflation Targeting: Prospects and Problems, içinde (ss. 169-179), Federal Reserve Bank of St. Louis, Volume 86, No.4, Issing, O. (2008). The ECB’s Monetary Policy Strategy: Why Did We Choose A Two Pillar Approach?, in (eds) Andreas Beyer, Lucrezia Reichlin, “The Role of Money-Money and Monetary Policy in TheTwenty-First Century” Fourth Central Banking Conference, Issing, O. (2009). “In Search of Monetary Stability: The Evolution of Monetary Policy”, BIS Working Papers, No. 273, Issing, O. (2010). The Development of Monetary Policy in the 20th Century – Some Reflections, Colloquium at theNational Bank of Belgium Brussels, Khan, G.A., Benolkin, S. (2007). The Role of Money in Monetary Policy:Why Do the Fed and ECB See It So Differently?, Federal Reserve Bank Of Kansas City, Economıc Review Third Quarter, 5-36 Kieler, M.(2003). The ECB's Inflation Objective, IMF WorkingPaper, No.91, Kolesar, M. (2007) ‘Frankfurt or Landon? Comparison of The Monetary Policy of The ECB That of England’StudentEconomicReview, Vol. 21, 191-198 Masuch, K., Nicoletti- Altimari, S., Pill, H., & Rastagno, M. (2002). Why “A Prominent for Money” Prepared for the AEA meetings in Atlanta, 4-6 January 2002 Meyer, H.L. (2001). Does Money Matter, Federal Reserve Bank Of St. Louis, Review Sptember/October 2001, 1-15 Nicoletti- Altimari, S. (2001), Does Money Lead Inflation in the Euro Area? ECB Working Paper 63 Papademos, L. (2008). The Role of Money in The Conduct Of Monetary Policy, in “The Role Of Money And Monetary Polıcy in The Twenty- First Century” Bayer, A. Reiclin L. (eds), Forth ECB Central Banking Conference Reichlin, L. (2008), The Role Of Money And Monetary Polıcy in The Twenty- First Century, Bayer, A. Reiclin L. (eds), Forth ECB Central Banking Conference Schwards, P.,Castaneda, J., Mayes, D., Sibert A. &Wood, G. (2008). Comparison of Monetary Policy Strategies of Major Central Banks’ European Parliament, Policy Department Economic and Scientific Policy Study Svensson, L.E.O. (2003a)"How Shouldthe Eurosystem Reform its Monetary Strategy" www.princeton.edu/Svensson(Erişim:20.08.2017) Svensson, L.E.O. (2003b). İn the Right Direction, but not Enough: The Modification of the Monetary Policy Strategy of the ECB, www.princeton.edu/Svensson, (Erişim: 23.08.2017) Trichet, J.C. (2008). The Role of Money: Money and Monetary Policy at The ECB, in “The Role Of Money And Monetary Policy in The Twenty- First Century” Bayer, A. Reiclin L. (eds), Forth ECB Central Banking Conference Yıldız H., Yıldırım D.Ç. (2015). The Effects Of 2008 Crisis On The Financial Sustainability In Eurozone: A Comparison of Pre and Post Crisis Period, Global Journal of Advaced Research, 2 (6), 1046-1057 Yıldız, H., Yıldırım D.Ç. (2014). An Empirical Study On Fiscal Sustainability in Eurozone, Serbian Journal of Management 9 (1) (2014) 59 - 70
Toplam 1 adet kaynakça vardır.
Ayrıntılar
| Birincil Dil | Türkçe |
|---|---|
| Bölüm | AÇIK ERİŞİM POLİTİKASI |
| Yazarlar | |
| Yayımlanma Tarihi | 30 Temmuz 2018 |
| Yayımlandığı Sayı | Yıl 2018 Cilt: 7 Sayı: 14 |
