Abstract
In essence, monetary policy implementing
process is a decision process under imperfect information. Imperfect
information and stochastic factors leading to follow a monetary policy
operating procedure is also a main determinant of choosing an optimal operating
procedure. Current state of information determines whether to respond or not to
unobservable shocks, while various shock variances determine optimal adjustment
level of policy instrument if it is necessary to respond. How the economy
responds to shocks depend upon the involved operating procedure.
Keywords
References
- Bernanke, B. ve I. Mihov (1996) “What Does Bundesbank Target?”, NBER Working Paper Series, no.5764, 1-42
- Bernanke, B. ve I. Mihov (1995), “Measuring Monetary Policy”, NBER Working Paper Series, no.5145, 1-46.
- Campbell, J.Y. ve R. J. Shiller (1991)., “Yields Spreads and Interest Rate Movements: A Bird’s Eye View”, Review of Economic Studies, 35(3), 495-514. Cooley, F. ve G. H Hansen (1989), “The Inflation Tax in a Real Business Cycle Model, American Economic Review, 79(4), 733-748.
- Cox J. C., E Ingersol ve A. Ross (1985), “A Theory of the Term Structures of Interest Rates”, Econometrica, 53(2), 385-404.
- Friedman B. M. (2000), “Monetary Policy”, NBER Working Papers Series, no. 8057, 1-32.
- Friedman, B. M. (1990),, “Targets and Instruments of Monetary Policy”, Friedman, B. M. ve F.Hahn (Editörler), The Handbook of Monetary Economics, içinde, 1183-1230.
- Friedman, B. M. ve F. Hahn (1990), The Handbook of Monetary Economics, (Editörler), New York, North-Holland.
- Lucas, R. E. ve N. Stokey (1987), “Money and Interest Rate in a Cash-in-advance Economy”, Econometrica, 55(3), 491-514.
- Mishkin, F. S. (1995), The Economics of Money, Banking and Financial Markets, Fourth Edition, New York, Harper Collins.
- Poole, W. (1999), “Monetary Policy Rules?”, Federal Reserve Bank of St. Louis Review, March-Apri1, 1ff.
- Poole, W. (1970), “Optimal Choice of Monetary Policy Instrument in a Simple Stochastic Macro Model”, Quarterly Journal of Economics, 22(2), 197-216.
- Shiller, R. J. (1990), “The Term Structure of Interest Rates”, Friedman, B. ve F. Hahn (Editörler), Handbook of Monetary Economics, içinde, 626-722.
- Sidrauski, M. (1967), “Rational Choice and Patterns of Growth in a Monetary Economy”, American Economic Review, 57(2), 534-544.
- Svensson, L. E. (1985), “Money and Asset Prices in a Cash-in-advance Economy”, Journal of Political Economy, 93(5), 919-944.
- Tobin, J. (1965), ”Money and Economic Growth”, Econometrica, 33(4), 671-684.
- Walsh, C. E. (1998), Monetary Theory and Policy, Cambridge Massachusetts, The MIT press.
Abstract
Para politikası uygulama süreci özünde, eksik bilgi altında bir karar alma
sürecidir. Bir uygulama prosedürü takip etmeyi gerekli kılan eksik bilgi ve
stokastik unsurlar, aynı zamanda uygun bir uygulama prosedürü seçiminin temel
belirleyicisidir. Bir değişme ortaya çıktığında tepki verilip verilmeyeceği
mevcut bilgi düzeyine bağlıdır. Çeşitli şokların varyansları, tepkisizlik
durumunda hangi değişkenin sabit tutulacağını, tepki durumunda ise politika
enstrümanı için optimal ayarlama düzeyini belirlemektedir. Ekonominin çeşitli
şoklara tepki biçimi, uygulama prosedürüne bağımlılık göstermektedir.
Keywords
References
- Bernanke, B. ve I. Mihov (1996) “What Does Bundesbank Target?”, NBER Working Paper Series, no.5764, 1-42
- Bernanke, B. ve I. Mihov (1995), “Measuring Monetary Policy”, NBER Working Paper Series, no.5145, 1-46.
- Campbell, J.Y. ve R. J. Shiller (1991)., “Yields Spreads and Interest Rate Movements: A Bird’s Eye View”, Review of Economic Studies, 35(3), 495-514. Cooley, F. ve G. H Hansen (1989), “The Inflation Tax in a Real Business Cycle Model, American Economic Review, 79(4), 733-748.
- Cox J. C., E Ingersol ve A. Ross (1985), “A Theory of the Term Structures of Interest Rates”, Econometrica, 53(2), 385-404.
- Friedman B. M. (2000), “Monetary Policy”, NBER Working Papers Series, no. 8057, 1-32.
- Friedman, B. M. (1990),, “Targets and Instruments of Monetary Policy”, Friedman, B. M. ve F.Hahn (Editörler), The Handbook of Monetary Economics, içinde, 1183-1230.
- Friedman, B. M. ve F. Hahn (1990), The Handbook of Monetary Economics, (Editörler), New York, North-Holland.
- Lucas, R. E. ve N. Stokey (1987), “Money and Interest Rate in a Cash-in-advance Economy”, Econometrica, 55(3), 491-514.
- Mishkin, F. S. (1995), The Economics of Money, Banking and Financial Markets, Fourth Edition, New York, Harper Collins.
- Poole, W. (1999), “Monetary Policy Rules?”, Federal Reserve Bank of St. Louis Review, March-Apri1, 1ff.
- Poole, W. (1970), “Optimal Choice of Monetary Policy Instrument in a Simple Stochastic Macro Model”, Quarterly Journal of Economics, 22(2), 197-216.
- Shiller, R. J. (1990), “The Term Structure of Interest Rates”, Friedman, B. ve F. Hahn (Editörler), Handbook of Monetary Economics, içinde, 626-722.
- Sidrauski, M. (1967), “Rational Choice and Patterns of Growth in a Monetary Economy”, American Economic Review, 57(2), 534-544.
- Svensson, L. E. (1985), “Money and Asset Prices in a Cash-in-advance Economy”, Journal of Political Economy, 93(5), 919-944.
- Tobin, J. (1965), ”Money and Economic Growth”, Econometrica, 33(4), 671-684.
- Walsh, C. E. (1998), Monetary Theory and Policy, Cambridge Massachusetts, The MIT press.
Details
| Journal Section | Articles |
|---|---|
| Authors | |
| Publication Date | July 1, 2001 |
| Submission Date | January 1, 2001 |
| Published in Issue | Year 2001 Volume: 19 Issue: 1 |
Cite
Manuscripts must conform to the requirements indicated on the last page of the Journal - Guide for Authors- and in the web page.
Privacy Statement
Names and e-mail addresses in this Journal Web page will only be used for the specified purposes of the Journal; they will not be opened for any other purpose or use by any other person.