BİR OPTİMAL PARASAL POLİTİKA İLKESİ OLARAK FRIEDMAN KURALI

Abstract

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Keywords

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BİR OPTİMAL PARASAL POLİTİKA İLKESİ OLARAK FRIEDMAN KURALI

Abstract

Friedman kuralı (Friedman Rule, FR) son dönemde para politikası teorik tartışmalarının merkezine oturmuştur. Sıfır nominal faiz oranı ile zaman tercih oranında bir deflasyon olarak tanımlanan FR’nin kırkıncı yılına yaklaşırken yeniden gündeme gelmesinin altında önemli ölçüde dünyada enflasyon hedeflemesinin giderek yaygınlaşması ve görünürde FR’ye aykırı biçimde düşük ve pozitif düzeyde enflasyon oranlarının seçilmiş olması bulunmaktadır. Bu durum iki nedenle FR üzerinde yeniden durmayı gerektirmektedir. Birincisi, FR’nin gerçek anlamı ve koşulları belirlenmelidir. İkincisi enflasyon oranı yönünden FR’den sapma veri iken bu farklılığın teorik açıklaması bulunmalıdır. Bu makalede konunun ilk kısmıyla ilgilenilmektedir. Paranın rolünün alternatif modelleme biçimlerinin yer aldığı tam rekabetçi modellerde FR araştırılmaktadır. Makalede, FR’nin orijinal olarak aynı karar dengeye ait bir sonuç olduğu, Friedman’ın kendisinin aynı karar dışında enflasyon oranının pozitif olabileceğini reddetmediği, Friedman (1969)’dan sonra yapılan çalışmalarda aynı karar dışında FR’nin sınırlı koşullarda optimal bulunduğunun gösterildiği genel sonuçlarına ulaşılmaktadır. Dolayısıyla, teori gerçekle özünde bir çatışma içinde değildir

Keywords

• Optimal parasal politika, Friedman kuralı, enflasyon vergisi, paranın rolünün alternatif modelleme biçimleri

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