Yeni Keynesyen İktisat mı, Yeni Neo-Klasik Sentez mi?

Abstract

Yeni Keynesyenler, Keynesyen iktisadı tekrar hayata döndürmeye çalışan yaklaşımlardan biridir. Bu amaçla Keynesyen makro iktisadın mikro temellerini inşa etmeye çalışmışlardır. Bu çerçevede çalışmalarında nominal fiyatlar ve ücretlerdeki yapışkanlıklar ile eksik bilgi ve piyasa başarısızlığı konularını vurgulamışlardır. Böylece, özel sektör ajanları rasyonel beklentilere sahip olsa ve para arzındaki değişmeleri öngörse bile, toplam talep düzeyindeki değişmelerin reel ekonomik aktiviteyi etkileyebileceğini göstermişlerdir. Bu çerçevede Keynesyen iktisadın reenkarnasyonundan bahsetmek mümkündür. Ancak, söz konusu reenkarnasyonla birlikte Keynesyen İktisat, Keynes’in iktisadından biraz daha uzaklaşıp, Neo-klasik paradigmaya daha çok yaklaşmıştır. Dolayısıyla, Yeni Keynesyen iktisadı, Yeni Neo-Klasik Sentez olarak isimlendirmek mümkündür. Bu tez, Yeni Keynesyen iktisatçıların çalışmalarından hareketle ispatlanmaya çalışılacaktır

Keywords

• Yeni Keynesyen İktisat, Nominal Yapışkanlıklar, Eksik Bilgi, Koordinasyon Başarısızlıkları, Kurala Dayalı Politika

Is It New Keynesian Economics Or New Neo-Classical Synthesis?

Abstract

New Keynesian Economists have built microeconomic foundations of Keynesian macroeconomics by making researches in the field of nominal price and wage stickiness and incomplete information and market failure. In this manner they have showed that the changes in aggregate demand can affect real economic activity even private sector agents have rational expectations and can expect the changes in money supply. It is clear that the Keynesian economics reincarnated by these contributions of New Keynesians. But, together with this reincarnation, Keynesian economics have become distant from the economics of Keynes and rather have come close to Neo-classical paradigm. Thus, New Keynesian economics can be labeled as a New Neo-classical synthesis. This argument will be proved by examining the studies of New Keynesian Economists.

Keywords

• New Keynesian Economics, Nominal Stickiness, Incomplete Information, Coordination Failures, Rules

References

1. Akerlof, George A. and Janet L. Yellen (1987). “Rational Models of Irrational Behavior”, American Economic Review. Vol. 77. No. 2. ss. 137-142.
2. Arın, Tülay (1988). “Keynesci Akımlar: Keynesciliğin Krizi ve İç Tartışmaları”, (iç) İ.Ü.İ.F. Mecmuası (Süleyman Barda’ya Armağan), Cilt.45, Sayı 1-4, ss.32-70.
3. Azariadis, Costas and Joseph Stiglitz (1991). “Implicit Contracts and Fixed-Price Equilib- ria”, (in) New Keynesian Economics. (Vol 2), Ed. by Mankiw and Romer, The USA: MIT Press.
4. Barro, Robert J. and David B. Gordon (1983). “A Positive Theory of Monetary Policy in a Natural Rate Model” Journal of Political Economy. Vol. 91, No. 4, ss. 589-610.
5. Blanchard, Oliver J. and Nobuhiro Kiyotaki (1987). “Monopolistic Competition and the Ef- fects of Aggregate Demand”, American Economic Review. Vol. 77. No. 4. ss. 647-666.
6. Calvo, Guillermo A. (1978) “On the Time Consistency of Optimal Policy in a Monetary Econ- omy,” (in) Monetary and Fiscal Policy (Volume 1: Credibility),. Ed by Torsten Persson and Guido Tabellini, 2nd Ed., London, The MIT Press, 1995, pp. 73-95.
7. Colander, David (1986). Macroeconomics. The USA: Scott, Foresman and Company, ss. 21- 22.
8. Dow, Sheila (1989). Macroeconomic Thought. 2nd ed. Southampton: Basil Blackwell.

9. Eichner, Alfred S. (1979). A Quide to Post-Keynesian Economics. New York: M.E. Sharpe Inc.
10. Fine, Ben (1987). “Geleneksel İktisat Eleştirileri (III): Keynescilik: Bir Eleştiri”, Çev. Nail Satlıgan, İktisat Dergisi. Sayı. 268. ss. 17-34.
11. Gordon, Robert J. (1990). “What Is New-Keynesian Economics?”, Journal of Economic Literature. Vol. 28. ss. 1115-1171.
12. Greenwald, Bruce and Joseph Stiglitz (1987). “Keynesian, New Keynesian and New Classical Economics”, Oxford Economic Papers. Vol. 39. ss. 119-132.
13. Greenwald, Bruce and Joseph Stiglitz (1993). “New and Old Keynesians”, Journal of Economic Perspectives. Vol. 7. No. 1. ss. 23-44.
14. Hall, Robert E. and N. Gregory Mankiw (1993). "Nominal Income Targeting", NBER Working Paper Series. No. 4439, ss. 1-35.
15. Kydland, Finn E. and Edward C. Prescott (1977). “Rules Rather than Discretion: The Incon- sistency of Optimal Plans” (in) Monetary and Fiscal Policy (Volume 1: Credibility), Ed by Torsten Persson and Guido Tabellini, 2nd Ed., London, The MIT Press, ss. 35-55.
16. Mankiw, Gregory (1990). “A Quick Refresher Course in Macroeconomics”, Journal of Eco- nomic Literature. Vol. 28, ss. 1645-1660.
17. _________ (1992) “The Reincarnation of Keynesian Economics” European Economic Re- view. Vol. 36, Issue. 2-3. April, pp. 559-565.
18. Mankiw, Gregory and David Romer (1991a). New Keynesian Economics, Vol. 1: Imperfect Competition and Sticky Prices USA: MIT Press.
19. _________ (1991b) New Keynesian Economics, Vol. 2: Coordination Failures and Real Rigidities USA: MIT Press.
20. Persson, Torsten (1988). “Credibility of Macroeconomic Policy: An Introduction and a Broad Survey” European Economic Review. Vol. 32, No. 2/3, ss. 519-532.
21. Romer, David (1993). “The New Keynesian Synthesis”, Journal of Economic Perspectives. Vol. 7. No. 1. ss. 5-22.
22. Skidelsky, Robert (1996). “Interview with Robert Skidelsky”, (in) Snowdon, Brian, Howard Vane and Peter Wynarczyk, A Modern Guide to Macroeconomics, 3rd Ed., United Kingdom, Edward Elgar Publishing Company, ss. 79-88.
23. Snowdon, Brian and Howard Vane (1995). “New-Keynesian Economics Today: The Empire Strikes Back”, American Economist. Vol 39, Issue. 1, ss. 48-66).
24. Snowdon, Brian, Howard Vane and Peter Wynarczyk (1996). A Modern Guide to Macroeconomics. 3rd Ed., United Kingdom, Edward Elgar Publishing Company.
25. Toprak, Metin (1997). Yeni İktisat. İstanbul: İz Yayıncılık.
26. Tosun, Betül ve Tahir Büyükakın (1998). “Keynesyen Düşüncenin Gelişimi”, (iç) Sevim Gör- gün’e Armağan (İstanbul Üniversitesi Maliye Araştırma Merkezi Konferansları Otuz Sekizinci Seri), ss.165-182.
27. Weintraub, E.Roy (1979). Microfoundations: The Compatibility of Microeconomics and Macroeconomics. Cambridge: Cambridge University Press.