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The Evolution of Monetary Policy: From the Classical View to New Consensus-Based Macroprudential Monetary Policy Tools

Year 2024, , 219 - 250, 29.02.2024
https://doi.org/10.25229/beta.1375270

Abstract

Monetary policy offers advantages such as rapid adjustment of monetary aggregates and their rapid reflection on markets, adaptation time to economic conditions, independence from political pressures and the power to shape the expectations of economic agents. Various schools of economics have adopted different approaches in analyzing the effectiveness of monetary policy. However, leaving aside the distinction between short-run and long-run, approaches to the effects of monetary policy can be broadly categorized into two main groups: those who argue that monetary policy affects real variables and those who argue that it affects only the general level of prices. The issue is not only whether money is neutral, but also which monetary aggregates central banks should control and how these variables interact with other economic factors. The debate on monetary policy continues to be topical and profound to day with the developments in the financial system. In this study, the theoretical discussions of the main macroeconomic schools on monetary policy, the reflections of these discussions on policy implementations, and the changes in the objectives and instruments of monetary policy due to the recent global financial crisis are discussed with a historical and analytical approach.

References

  • Akerlof, G. A., & Yellen, J. (1985). A near-rational model of the business cycle, with wage and price inertia. Quarterly Journal of Economics .
  • Aktan, C. C. (2010). Monetarizm ve rasyonel beklentiler teorisi. Ekonomi Bilimleri Dergisi , 2 (1).
  • Andrada, A. F. (1917). Understanding Robert Lucas (1967-1981): his influence and influences. EconomiA , 18.
  • Avrupa Birliği Gazetesi. (2016, 09 10). Alınan yer http://avrupabirligigazetesi.com.tr, Erişim 05.04.2023.
  • Ball, L., Mankiw, N. G., Romer, D., Akerlof, G. A., Rose, A., Yellen, J., et al. (1988). The new keynesian economics and the output-inflation tradeoff. Brookings Papers on Economic Activity .
  • Bartmann, R. (2016). Causes and effects of 2008 financial crisis. Academic Research and Writting , 17.
  • Begg, D., Fischer, S., & Dornbusch, R. (1996). Economics (2 b.). McGraw-Hill. Blinder, A., Ehrmann, M., Haan, J., & Jansen, D. (2017, October). Necessity as the mother of invention: monetary policy after the crisis. Economic Policy .
  • Bordo, M. D., & Siklos, P. L. (2015). Central bank credibility: An historical and quantitative exploration. NBER Working Paper Series .
  • Chrystal, K. A., & Simon, P. (1994). Controversies in macroeconomics (3 b., Cilt 2). Harvester Wheatsheaf.
  • Colander, D. (1986). Macroeconomics. Foresman and Company.
  • Eigner, P., & Thomas, S. U. (2015). The great depressions of 1929-1933 and 2007-2009? parallels, differences and policy lessons. Working Papers in Crisis History , 2.
  • Fisher, I. (1963). The purchasing power of money. Macmillian. Friedman, M. (1977). Inflation and unemployment. The Journal of Political Economy , 85 (3).
  • Friedman, M. (1982). Monetary policy: theory and practise. Journal of Money, Credit and Banking .
  • Friedman, M. (1967). The lag in effect of monetary policy. The Journal of Political Economy , 75 (3).
  • Goodfriend, M. (2007). How the world achieved consensus on monetary policy. Journal of Economic Perspective , 21 (4).
  • Greenspan, A. (1990). In zero inflation. Government Printing Office.
  • Greenwald, B., & Stiglitz, J. E. (1987). Keynesian, new keynesian and new classical economics. Oxford Economic Papers New Series , 39 (1).
  • Hicks, J. R. (1980). Bay Keynes ve "klasikler" bir yorum. 1 . (E. Ertaş, Çev.) Uludağ Üniversitesi. Alınan yer http://acikerisim.uludag.edu.tr, Erişim 02.01.2023.
  • Hiç, A., & Birol, Ö. (2014). Neo-Klasik iktisat ve Neo-Klasik sentez. Trakya Üniversitesi Sosyal Bilimler Dergisi , 16 (1).
  • Hiç, M. (1994). Para teorisi ve politikası (9 b.). Filiz Kitabevi.
  • Hiç, Ö. (2019). Evolution of New Keynesian economics. Procedia Computer Science (158).
  • IMF. (2011). Macroprudential policy: what instruments and how to use them? lessons from country experiences. Working Paper.
  • IMF. (2013). Unconventional monetary policies-recent experience and prospects. IMF.
  • Johanson, H. G. (1958). Monetary theory and keynesian economics (Cilt VIII). (S. Ertaş, Çev.) Pakistan Economic Journal.
  • Kara, H. (2012). Küresel kriz sonrası para politikası. TCMB.
  • Kara, H., & Başçı, E. (2011). Finansal istikrar ve para politikası. TCBM.
  • King, A. M. (2004). What has inflation targeting achieved. University of Chicago Press.
  • Kydland, F. E., & Prescott, E. C. (1977). Rules rather than discretion: the inconsistency of optimal plans. Journal of Political Economy .
  • Laidler, D. (2013). Three revolution in macroeconomics: their nature and influence. Economic Policy Research Institue.
  • Lubik, A. T., Matthes, C., & Sublik, T. (2016, November). The Burns disinflation of 1974. Federal Reserve Bank of Richmond Economic Brief .
  • Lucas, R. E. (1972). Expectations and the neutrality of money. journal of Economic Theory , 9 (4).
  • Lucas, R. E. (1973). Some international evidence on output-inflation tradeoffs. American Economic Review , 63 (3).
  • Mankiw, G. N. (1988). Imperfect competition and the keynesian cross. Economic Letters , 26.
  • Mankiw, G. N. (1992). Macroeconomics. Worth Publishers.
  • Mccallum, B. T. (1989). The monetary economics theory and policy. Macmillian Co.
  • Mishkin, F. S. (2017). Rethinking monetary policy after the crisis. Journal of International money and Finance , 73.
  • Mishkin, F. S. (2004). The economics of money, banking and financial markets (7 b.). Argosy Publishing.
  • Nelson, E. (2011). A review of Allan Meltzer's "a history of the Federal Reserve, volume 2". Finance and Economics Discussion Series , 59.
  • Orhan, Z. O., & Erdoğan, S. (2002). Para politikası. Avcılar Ofset.
  • Özatay, F. (2012). Para politikasında yeni arayışlar ve TCMB. TEPAV.
  • Paya, M. (1998). Para teorisi ve para politikası (2 b.). Filiz Kitabevi.
  • Ricardo, D. (1951). Works. Royal Economic Society.
  • Sargent, T. J., & Wallace, N. (1975). Rational expectations, the optimal monetary insrument and the optimal money supply rule. Journal of Political Economy , 83 (2).
  • Savaş, V. F. (1997). İktisadın tarihi. Liberal Düşünce Topluluğu.
  • Skousen, M. (2003). İktisadi düşünce tarihi. (M. Toprak, Çev.) Adres Yayınları.
  • Snowdon, B. (2020). New classical macroeconomics. 21st century economics: a reference handbook (s. 1-27). içinde Sage Publication.
  • Snowdon, B., Vane, H. R., & Wynarczyk, P. (1994). A modern guide to macroeconomics: an introduction to competing schools of thought. E. Elgar Publishing.
  • Steawart, L. W. (1960). Some aspect of the quantity theory of money and their impact of american economic development from 1873 to 1893. Texas Tech University, Department of Economics.
  • TCMB. (2014). Makro ihtiyati politikalar ve Türkiye uygulaması. TCMB.
  • Yellen, J. (2011). Macroprudential supervision and monetary policy in the post-crisis world. Business Economics , 46 (1).

Para Politikasının Evrimi: Klasik Görüşten Yeni Uzlaşı Temelli Makro İhtiyati Para Politikası Araçlarına

Year 2024, , 219 - 250, 29.02.2024
https://doi.org/10.25229/beta.1375270

Abstract

Para politikası; parasal büyüklüklerin ayarlanma ve etkilerinin piyasalara yansıma hızı, ekonomik koşullara hızlı adaptasyonu, merkez bankalarının bağımsızlığı, iletişim yoluyla karar birimlerinin beklentilerini şekillendirme gücü gibi nedenlerle tercih edilen ve parasal büyüklüklerin kontrolü yoluyla makroekonomik istikrara katkı sağlayan uygulamalar bütünüdür. Araç olarak kullanılan parasal büyüklüklerin ekonomik değişkenleri hangi yönde, ne ölçüde ve hangi kanallarla etkilediği makroekonominin en önemli tartışma konularından biridir. Kısa ve uzun dönem ayrımı bir tarafa bırakılırsa para politikasının etkilerine yönelik yaklaşımlar, paranın reel değişkenleri etkilediğini savunanlar ile paranın sadece fiyatlar genel düzeyini etkilediğini savunanlar olmak üzere iki ana grupta toplanabilir. Para politikası açısından tek sorun paranın nötr olup olmaması değil, aynı zamanda hangi parasal büyüklüklerin kontrol altında tutulması gerektiği ve söz konusu değişkenlerin diğer ekonomik değişkenlerle nasıl bir etkileşim hâlinde olduğudur. 1980’li yıllardan itibaren uluslararası para rejiminin değişmesi, sermaye hareketlerinin serbestleşmesi, finansal araç çeşitliliğinin ve erişilebilirliğin artmasıyla birlikte para politikasına fiyat istikrarı yanında finansal istikrarı sağlama görevi de yüklendi. Para politikası üzerine tartışmalar günümüzde de güncelliğini korumakta ve finansal sistemdeki gelişmelerle birlikte derinleşmektedir. Çalışmada başlıca makroekonomik görüşlerin para politikasına ilişkin teorik tartışmaları, bu tartışmaların politika uygulamalarına yansımaları ve küresel finansal krizle birlikte para politikasının amaç ve araçlarında meydana gelen değişimler tarihsel ve analitik bir yaklaşımla ele alınmaktadır.

References

  • Akerlof, G. A., & Yellen, J. (1985). A near-rational model of the business cycle, with wage and price inertia. Quarterly Journal of Economics .
  • Aktan, C. C. (2010). Monetarizm ve rasyonel beklentiler teorisi. Ekonomi Bilimleri Dergisi , 2 (1).
  • Andrada, A. F. (1917). Understanding Robert Lucas (1967-1981): his influence and influences. EconomiA , 18.
  • Avrupa Birliği Gazetesi. (2016, 09 10). Alınan yer http://avrupabirligigazetesi.com.tr, Erişim 05.04.2023.
  • Ball, L., Mankiw, N. G., Romer, D., Akerlof, G. A., Rose, A., Yellen, J., et al. (1988). The new keynesian economics and the output-inflation tradeoff. Brookings Papers on Economic Activity .
  • Bartmann, R. (2016). Causes and effects of 2008 financial crisis. Academic Research and Writting , 17.
  • Begg, D., Fischer, S., & Dornbusch, R. (1996). Economics (2 b.). McGraw-Hill. Blinder, A., Ehrmann, M., Haan, J., & Jansen, D. (2017, October). Necessity as the mother of invention: monetary policy after the crisis. Economic Policy .
  • Bordo, M. D., & Siklos, P. L. (2015). Central bank credibility: An historical and quantitative exploration. NBER Working Paper Series .
  • Chrystal, K. A., & Simon, P. (1994). Controversies in macroeconomics (3 b., Cilt 2). Harvester Wheatsheaf.
  • Colander, D. (1986). Macroeconomics. Foresman and Company.
  • Eigner, P., & Thomas, S. U. (2015). The great depressions of 1929-1933 and 2007-2009? parallels, differences and policy lessons. Working Papers in Crisis History , 2.
  • Fisher, I. (1963). The purchasing power of money. Macmillian. Friedman, M. (1977). Inflation and unemployment. The Journal of Political Economy , 85 (3).
  • Friedman, M. (1982). Monetary policy: theory and practise. Journal of Money, Credit and Banking .
  • Friedman, M. (1967). The lag in effect of monetary policy. The Journal of Political Economy , 75 (3).
  • Goodfriend, M. (2007). How the world achieved consensus on monetary policy. Journal of Economic Perspective , 21 (4).
  • Greenspan, A. (1990). In zero inflation. Government Printing Office.
  • Greenwald, B., & Stiglitz, J. E. (1987). Keynesian, new keynesian and new classical economics. Oxford Economic Papers New Series , 39 (1).
  • Hicks, J. R. (1980). Bay Keynes ve "klasikler" bir yorum. 1 . (E. Ertaş, Çev.) Uludağ Üniversitesi. Alınan yer http://acikerisim.uludag.edu.tr, Erişim 02.01.2023.
  • Hiç, A., & Birol, Ö. (2014). Neo-Klasik iktisat ve Neo-Klasik sentez. Trakya Üniversitesi Sosyal Bilimler Dergisi , 16 (1).
  • Hiç, M. (1994). Para teorisi ve politikası (9 b.). Filiz Kitabevi.
  • Hiç, Ö. (2019). Evolution of New Keynesian economics. Procedia Computer Science (158).
  • IMF. (2011). Macroprudential policy: what instruments and how to use them? lessons from country experiences. Working Paper.
  • IMF. (2013). Unconventional monetary policies-recent experience and prospects. IMF.
  • Johanson, H. G. (1958). Monetary theory and keynesian economics (Cilt VIII). (S. Ertaş, Çev.) Pakistan Economic Journal.
  • Kara, H. (2012). Küresel kriz sonrası para politikası. TCMB.
  • Kara, H., & Başçı, E. (2011). Finansal istikrar ve para politikası. TCBM.
  • King, A. M. (2004). What has inflation targeting achieved. University of Chicago Press.
  • Kydland, F. E., & Prescott, E. C. (1977). Rules rather than discretion: the inconsistency of optimal plans. Journal of Political Economy .
  • Laidler, D. (2013). Three revolution in macroeconomics: their nature and influence. Economic Policy Research Institue.
  • Lubik, A. T., Matthes, C., & Sublik, T. (2016, November). The Burns disinflation of 1974. Federal Reserve Bank of Richmond Economic Brief .
  • Lucas, R. E. (1972). Expectations and the neutrality of money. journal of Economic Theory , 9 (4).
  • Lucas, R. E. (1973). Some international evidence on output-inflation tradeoffs. American Economic Review , 63 (3).
  • Mankiw, G. N. (1988). Imperfect competition and the keynesian cross. Economic Letters , 26.
  • Mankiw, G. N. (1992). Macroeconomics. Worth Publishers.
  • Mccallum, B. T. (1989). The monetary economics theory and policy. Macmillian Co.
  • Mishkin, F. S. (2017). Rethinking monetary policy after the crisis. Journal of International money and Finance , 73.
  • Mishkin, F. S. (2004). The economics of money, banking and financial markets (7 b.). Argosy Publishing.
  • Nelson, E. (2011). A review of Allan Meltzer's "a history of the Federal Reserve, volume 2". Finance and Economics Discussion Series , 59.
  • Orhan, Z. O., & Erdoğan, S. (2002). Para politikası. Avcılar Ofset.
  • Özatay, F. (2012). Para politikasında yeni arayışlar ve TCMB. TEPAV.
  • Paya, M. (1998). Para teorisi ve para politikası (2 b.). Filiz Kitabevi.
  • Ricardo, D. (1951). Works. Royal Economic Society.
  • Sargent, T. J., & Wallace, N. (1975). Rational expectations, the optimal monetary insrument and the optimal money supply rule. Journal of Political Economy , 83 (2).
  • Savaş, V. F. (1997). İktisadın tarihi. Liberal Düşünce Topluluğu.
  • Skousen, M. (2003). İktisadi düşünce tarihi. (M. Toprak, Çev.) Adres Yayınları.
  • Snowdon, B. (2020). New classical macroeconomics. 21st century economics: a reference handbook (s. 1-27). içinde Sage Publication.
  • Snowdon, B., Vane, H. R., & Wynarczyk, P. (1994). A modern guide to macroeconomics: an introduction to competing schools of thought. E. Elgar Publishing.
  • Steawart, L. W. (1960). Some aspect of the quantity theory of money and their impact of american economic development from 1873 to 1893. Texas Tech University, Department of Economics.
  • TCMB. (2014). Makro ihtiyati politikalar ve Türkiye uygulaması. TCMB.
  • Yellen, J. (2011). Macroprudential supervision and monetary policy in the post-crisis world. Business Economics , 46 (1).
There are 50 citations in total.

Details

Primary Language Turkish
Subjects Monetary Policy
Journal Section Articles
Authors

Filiz Çevik 0000-0003-2476-9108

Early Pub Date February 29, 2024
Publication Date February 29, 2024
Submission Date October 12, 2023
Acceptance Date January 4, 2024
Published in Issue Year 2024

Cite

APA Çevik, F. (2024). Para Politikasının Evrimi: Klasik Görüşten Yeni Uzlaşı Temelli Makro İhtiyati Para Politikası Araçlarına. Bulletin of Economic Theory and Analysis, 9(1), 219-250. https://doi.org/10.25229/beta.1375270