THE INTERACTION OF MONEY AND FİSCAL POLITICALS: THE NEW CONCENSUS

Year 2017, ICMEB17 Özel Sayısı, 812 - 823, 01.12.2017

Asuman Koç Yurtkur

Abstract

Developments in macroeconomic policy since the 1990s have turned fiscal policy off, both theoretically and practically, while monetary policy is at the forefront. The monetary policy adopts inflation targeting by focusing on the adjustment of the interest rate as the main policy instrument, and the use of the monetary policy is the subject of inflation targeting. At this point, the question of why monetary policy has become so effective becomes important, and the role of fiscal policy needs to be investigated by repositioning the fiscal policy. Post Keynesian economists refer to fiscal policy as an important instrument to be used in macroeconomic policy in the context of the New Consensus and criticize the choice of short-term real interest rates as the sole policy instrument. In this study, the theoretical position and the importance of fiscal policy in the framework of the New Consensus is discussed, taking into account the fact that macroeconomic policy can provide successful results in addition to monetary policy as well as fiscal policy

Keywords

Monetary Policy, Fiscal Policy, New Concencus

PARA VE MALİYE POLİTİKALARININ ETKİLEŞİMİ MESELESİ: YENİ UZLAŞI

Abstract

Makroekonomi politikasında 1990’lı yıllardan itibaren yaşanan gelişmeler, hem teorik açıdan hem de uygulama açısından para politikasını ön plana çıkarırken maliye politikasını devre dışı bırakmaktadır. Para politikası ana politika aracı olarak faiz oranının ayarlanmasına odaklanarak enflasyon hedeflenmesini benimsemektedir. Bu noktada para politikasının neden bu denli etkin hale geldiği sorusu önemli hale gelmekte ve maliye politikasına yeniden yer verilerek maliye politikasının rolünün araştırılması gerekmektedir. Post Keynesyen İktisatçılar Yeni Uzlaşı çerçevesinde maliye politikasından, makroekonomi politikasında kullanılacak önemli bir araç olarak bahsetmekte ve tek politika aracı olarak kısa dönemli reel faiz oranlarının seçilmesini eleştirmektedirler. Bu çalışmada makroekonomik politikanın başarılı sonuçlar verebilmesinin para politikasının yanı sıra maliye politikasına da yer vermekten geçtiği düşüncesinden hareketle Yeni Uzlaşı çerçevesinde maliye politikasının teorik olarak yeri ve önemi ele alınmaktadır.

Keywords

Para Politikası, Maliye Politikası, Yeni Uzlaşı

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