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POLİTİKA ANALİZLERİNDE KULLANILAN MAKROEKONOMİK MODELLER VE YENİ NEOKLASİK SENTEZ

Year 2016, Volume: 9 Issue: 1, 89 - 102, 25.01.2016

Abstract

1970’li yılların sonlarında mevcut makroekonomik modeller, bu dönemde ortaya çıkan sorunların çözümünde yetersiz kalmaları nedeniyle çeşitli yönlerden eleştirilmişlerdir. Bu eleştiriler neticesinde de makroekonomi ve makroekonomik modelleme alanında önemli gelişmeler yaşanmıştır. Henüz üzerinde kesin bir görüş birliğine varılmış tek bir modelden bahsetmek mümkün olmasa da, 1980’lerden bu yana makroekonomide yaşanan gelişmelerin bir dinamik stokastik genel denge (DSGD) modeli olan Yeni Neoklasik Sentez (YNS) ya da Yeni Keynesyen Makro Model olarak isimlendirilen bir yaklaşım etrafında toplandığı söylenebilir. Çalışmada, makroekonominin 20. yüzyılın sonlarında ve 21. yüzyılın başlarında yaşadığı dönüşüm ve bu dönüşüm çerçevesinde para politikası modellemesinde ortaya çıkan gelişmeler neticesinde yeni bir teorik yaklaşım olarak literatürde yerini alan ve gittikçe popüler hale gelen YNS’in teorik gelişmelerinin ortaya konulması amaçlanmaktadır.   

References

  • Arestis, P. (2007). Is there a new consensus in macroeconomics?. In P. Arestis (Eds.), Is there a new consensus in macroeconomics?, (pp.1-20). Palgrave Macmillan.
  • Arestis, P (2009). New consensus macroeconomics: A critical appraisal. Levy Institute Working Paper, 546, 1-25.
  • Arestis, P., & Sawyer, M. (2002). Can monetary policy affect the real economy?”, Levy Institute Working Paper, 355.
  • Arestis, P., & Sawyer, M. (2004). Re-examining monetary and fiscal policy for the 21st century. Edward Elgar.
  • Arestis, P., & Sawyer, M. (2005). New consensus monetary policy: An appraisal. In P. Arestis, M. Baddeley & J. McCombie (Eds.), The new monetary policy: Implications and relevance, (pp.25-48). Edward Elgar Publishing.
  • Arestis, P., & Sawyer, M. (2008). A critical reconsideration of the foundations of monetary policy in the new consensus macroeconomics framework. Cambridge Journal of Economics, 32(5), 761-779.
  • Argov, E., & Elyakam, D. (2007). An estimated new Keynesian model for Israel”, MPRA Working Paper, 9412, 1-60.
  • Blanchard, O. (2000). What do we know about macroeconomics that fisher and wicksell did not?. Quarterly Journal of Economics, 115(4), 1375-1409.
  • Blanchard, O.J. (2008). The state of macro”, NBER Working Paper Series, 14259, 1-31.
  • Buncic, D., & Melecky, M. (2008). An estimated new Keynesian policy model for Australia. The Economic Record, 84(264), 1-16.
  • Calvo, G.A. (1983). Staggered prices in a utility-maximizing framework. Journal of Monetary Economics, 12, 383-398.
  • Carlin, W., & Soskice, D. (2005). The 3-equation new Keynesian model: A graphical exposition. The B.E. Journal of Macroeconomics, Berkeley Electronic Press, 1, 1-35.
  • Colander, D.C. (1995). The stories we tell: A reconsideration of AS-AD analysis. Journal of Economic Perspectives, 9(3), 169-188.
  • Cuche-Curti, N.A., Dellas, H., & Natal, J-M. (2009). DSGE-CH: A dynamic stochastic general equilibrium model for Switzerland. Swiss National Bank Economic Studies, 5, 1-47.
  • Dadkhah, K. (2009). The evolution of macroeconomic theory and policy. Springer.
  • Del Negro, M., Schorfheide, F., Smets, F., & Wouters, R. (2007). On the fit of new Keynesian models. Journal of Business & Economic Statistics, 25(2), 123-162.
  • Dixon, H.D. (2008). New Keynesian macroeconomics. In S.N. Durlauf & L.E. Blume (Eds), The new palgrave dictionary of economics. Palgrave Macmillan.
  • Dullien, S. (2009). The new consensus from a traditional Keynesian and Post-Keynesian perspective: A worthwhile foundation for research or just a waste of time. IMK Working Paper, 12, 1-26.
  • Fontana, G. (2009). Whither new consensus macrieconomics? The role of goverment and fiscal policy in modern macroeconomics. The Levy Economics Institute Working Paper, 563.
  • Gali, J. (2002). New perspectives on monetary policy, inflation, and the business cycle. NBER Working Paper Series, 8767, 1-52.
  • Gali, J. (2009). The new Keynesian approach to monetary policy analysis: Lessons and new directions. Paper presented at the Center for Financial Studies Symposium on The Science and Practice of Monetary Policy Today, Frankfurt, 1-16.
  • Gali, J., & Gertler, M. (2007). Macroeconomic modeling for monetary policy evaluation. NBER Working Paper Series, 13542, 1-49.
  • Garratt, A., Lee, K., Pesaran, M.H., & Shin, Y. (2006). Global and national macroeconometric modelling: A long-run structural approach. Oxford University Press.
  • Goodfriend, M. (2004). Monetary policy in the new neoclassical synthesis: A primer. FED of Richmond Economic Quarterly, 90(3), 21-45.
  • Goodfriend, M. (2007). How the world achieved consensus on monetary policy. Journal of Economic Perspectives, 21(4), 47-68.
  • Goodfriend, M. (2008). The case for price stability with a flexible exchange rate in the new neoclassical synthesis. Cato Journal. 28(2), 247-254.
  • Goodfriend, M., & King, R.G. (1997). The new neoclassical synthesis and the role of monetary policy. NBER Working Paper Series, 11040, 1-60.
  • Jayawickrama, A. (2007). Macroeconometric modelling: What do we learn from the past?. The Peradeniya Journal of Economics, 2(1&2), 80-103.
  • Kocherlakota, N. (2010). Modern macroeconomic models as tools for economic policy. 5-52. Retrieved http://www.minneapolisfed.org/pubs/region/1005/2009_mplsfed_annualreport_essay.pdf. September 20, 2010, from
  • King, M. (2005). Monetary policy: Practice ahead of theory. Mais Lecture, 1-27, Cass Business School, City University, London.
  • Lavoie, M. (2006). A Post-Keynesian amendment to the new consensus on monetary policy. Metroeconomica, 57(2), 165-192.
  • Lucas, R.E. (1976). Econometric policy evaluation: A critique. Carnegie-Rochester Conference Series on Public Policy 1, 19-46.
  • McCallum, B.T. (2001). Monetary policy analysis in models without Money. Federal Reserve Bank http://research.stlouisfed.org/publications/review/01/05/145160McCallum.qxd.pdf. 145-160. Retrieved October 10, 2010, from
  • McCallum, B.T., &. Nelson, E. (1999). An optimizing IS-LM specification for monetary policy and business cycle analysis. Journal of Money, Credit and Banking, 31(3), 296-316.
  • Meyer, L.H. (2001). Does money matter?. FED of St. Louis Review, 83(5), 1-17.
  • Monvoisin, V., & Rochon, L.P. (2006). The post-Keynesian consensus, the new consensus and endogenous money. In C. Gnos & L.P. Rochon (Eds), Post-Keynesian principles of economic policy. Edward Elgar.
  • Oğuz, H. (2008). Teoride optimal parasal politikalar ve enflasyon hedeflemesi uygulamalarıyla ilintileri. İktisat, İşletme ve Finans, 23(272), 101-132.
  • Özdemir. M. (2009). Yeni Neo-Klasik sentez: Makro iktisatta yeni bir uzlaşmaya doğru. Ekonomik Yaklaşım, 19(66), 95-117.
  • Pagan, A. (2003). Report on modelling and forecasting at the Bank of England. Bank of England Quarterly Bulletin (Spring), 1-29.
  • Peiris, S.J., & Saxegaard, M. (2007). An estimated DSGE model for monetary policy analysis in low-income countries. IMF Working Paper, 282, 1-31.
  • Pesaran, M.H., & Smith, R.P. (1985). Evaluation of macroeconometric models. Economic Modelling, 125-134.
  • Romer, D. (2000). Keynesian macroeconomics without LM curve. Journal of Economic Perspectives, 14(2), 149-169.
  • Sbordone, A.M., Tambalotti, A., Rao, K., & Walsh, K. (2010). Policy analysis using DSGE models: An introduction. FRBNY Economic Policy Review, October, 23-43.
  • Senbeta, S.R. (2011). How applicable are the new Keynesian DSGE models to a typical low- income economy?. MPRA Paper, 30931, 1-4.
  • Smith, P.N., & Wickens, M. (2007). The new consensus in monetary policy: Is the NKM fit for the purpose of inflation targeting?. In P. Arestis (Eds.). Is there a New Consensus in Maceoeconomics?, 1-224.
  • Taylor, J.B. (1997). Econometric models and the monetary policy process: A comment. Carnegie- Rochester Conference Series on Public Policy, 47, 39-42.
  • Taylor, J.B. (1998). Applying academic research on monetary policy: An exercise in translational economics. The Manchester School, 66, UK, Blackwell Publishing, 1-16.
  • Tcherneva, P.R. (2008). The return of fiscal policy: Can the new developments in the new economic consensus be reconciled with the Post-Keynesian view?. The Levy Institute Working Paper, 539, 1-48.
  • Valadkhani, A. (2005). Macroeconometric modelling: Approaches and experiences in developing countries. Applied Econometrics and International Development, 5(1), 5-24.
  • Walsh, C.E. (2006). The contribution of theory to practice in monetary policy: Recent developments. Prepared for Monetary policy: A journey from theory to practice: An ECB colloquium held in honour of Otmar Issing, 142-159.
  • Walsh, C.E. (2010). Monetary theory and policy. Cambridge: The MIT Press.
  • Wickens, M. (2008). Macroeconomic theory: A dynamic general equilibrium approach. Princeton University Press.
  • Woodford, M. (1999). Revolution and evolution in twentieth century macroeconomics. Paper prepared for the conference on Frontiers of the Mind in the Twentieth Century, Washington.
  • Woodford, M. (2003). Interest & Prices. Washington: Princeton University Press.
  • Woodford, M. (2009). Convergence in macroeconomics: Elements of the new synthesis. American Economic Journal:Macroeconomics, 1(1), 267-279.
  • Zouache, A. (2004). Towards a new Neoclassical synthesis? An analysis of the methodological convergence between new Keynesian economics and real business cycle theory. History of Economic Ideas, XII(1), 95-117. .
Year 2016, Volume: 9 Issue: 1, 89 - 102, 25.01.2016

Abstract

References

  • Arestis, P. (2007). Is there a new consensus in macroeconomics?. In P. Arestis (Eds.), Is there a new consensus in macroeconomics?, (pp.1-20). Palgrave Macmillan.
  • Arestis, P (2009). New consensus macroeconomics: A critical appraisal. Levy Institute Working Paper, 546, 1-25.
  • Arestis, P., & Sawyer, M. (2002). Can monetary policy affect the real economy?”, Levy Institute Working Paper, 355.
  • Arestis, P., & Sawyer, M. (2004). Re-examining monetary and fiscal policy for the 21st century. Edward Elgar.
  • Arestis, P., & Sawyer, M. (2005). New consensus monetary policy: An appraisal. In P. Arestis, M. Baddeley & J. McCombie (Eds.), The new monetary policy: Implications and relevance, (pp.25-48). Edward Elgar Publishing.
  • Arestis, P., & Sawyer, M. (2008). A critical reconsideration of the foundations of monetary policy in the new consensus macroeconomics framework. Cambridge Journal of Economics, 32(5), 761-779.
  • Argov, E., & Elyakam, D. (2007). An estimated new Keynesian model for Israel”, MPRA Working Paper, 9412, 1-60.
  • Blanchard, O. (2000). What do we know about macroeconomics that fisher and wicksell did not?. Quarterly Journal of Economics, 115(4), 1375-1409.
  • Blanchard, O.J. (2008). The state of macro”, NBER Working Paper Series, 14259, 1-31.
  • Buncic, D., & Melecky, M. (2008). An estimated new Keynesian policy model for Australia. The Economic Record, 84(264), 1-16.
  • Calvo, G.A. (1983). Staggered prices in a utility-maximizing framework. Journal of Monetary Economics, 12, 383-398.
  • Carlin, W., & Soskice, D. (2005). The 3-equation new Keynesian model: A graphical exposition. The B.E. Journal of Macroeconomics, Berkeley Electronic Press, 1, 1-35.
  • Colander, D.C. (1995). The stories we tell: A reconsideration of AS-AD analysis. Journal of Economic Perspectives, 9(3), 169-188.
  • Cuche-Curti, N.A., Dellas, H., & Natal, J-M. (2009). DSGE-CH: A dynamic stochastic general equilibrium model for Switzerland. Swiss National Bank Economic Studies, 5, 1-47.
  • Dadkhah, K. (2009). The evolution of macroeconomic theory and policy. Springer.
  • Del Negro, M., Schorfheide, F., Smets, F., & Wouters, R. (2007). On the fit of new Keynesian models. Journal of Business & Economic Statistics, 25(2), 123-162.
  • Dixon, H.D. (2008). New Keynesian macroeconomics. In S.N. Durlauf & L.E. Blume (Eds), The new palgrave dictionary of economics. Palgrave Macmillan.
  • Dullien, S. (2009). The new consensus from a traditional Keynesian and Post-Keynesian perspective: A worthwhile foundation for research or just a waste of time. IMK Working Paper, 12, 1-26.
  • Fontana, G. (2009). Whither new consensus macrieconomics? The role of goverment and fiscal policy in modern macroeconomics. The Levy Economics Institute Working Paper, 563.
  • Gali, J. (2002). New perspectives on monetary policy, inflation, and the business cycle. NBER Working Paper Series, 8767, 1-52.
  • Gali, J. (2009). The new Keynesian approach to monetary policy analysis: Lessons and new directions. Paper presented at the Center for Financial Studies Symposium on The Science and Practice of Monetary Policy Today, Frankfurt, 1-16.
  • Gali, J., & Gertler, M. (2007). Macroeconomic modeling for monetary policy evaluation. NBER Working Paper Series, 13542, 1-49.
  • Garratt, A., Lee, K., Pesaran, M.H., & Shin, Y. (2006). Global and national macroeconometric modelling: A long-run structural approach. Oxford University Press.
  • Goodfriend, M. (2004). Monetary policy in the new neoclassical synthesis: A primer. FED of Richmond Economic Quarterly, 90(3), 21-45.
  • Goodfriend, M. (2007). How the world achieved consensus on monetary policy. Journal of Economic Perspectives, 21(4), 47-68.
  • Goodfriend, M. (2008). The case for price stability with a flexible exchange rate in the new neoclassical synthesis. Cato Journal. 28(2), 247-254.
  • Goodfriend, M., & King, R.G. (1997). The new neoclassical synthesis and the role of monetary policy. NBER Working Paper Series, 11040, 1-60.
  • Jayawickrama, A. (2007). Macroeconometric modelling: What do we learn from the past?. The Peradeniya Journal of Economics, 2(1&2), 80-103.
  • Kocherlakota, N. (2010). Modern macroeconomic models as tools for economic policy. 5-52. Retrieved http://www.minneapolisfed.org/pubs/region/1005/2009_mplsfed_annualreport_essay.pdf. September 20, 2010, from
  • King, M. (2005). Monetary policy: Practice ahead of theory. Mais Lecture, 1-27, Cass Business School, City University, London.
  • Lavoie, M. (2006). A Post-Keynesian amendment to the new consensus on monetary policy. Metroeconomica, 57(2), 165-192.
  • Lucas, R.E. (1976). Econometric policy evaluation: A critique. Carnegie-Rochester Conference Series on Public Policy 1, 19-46.
  • McCallum, B.T. (2001). Monetary policy analysis in models without Money. Federal Reserve Bank http://research.stlouisfed.org/publications/review/01/05/145160McCallum.qxd.pdf. 145-160. Retrieved October 10, 2010, from
  • McCallum, B.T., &. Nelson, E. (1999). An optimizing IS-LM specification for monetary policy and business cycle analysis. Journal of Money, Credit and Banking, 31(3), 296-316.
  • Meyer, L.H. (2001). Does money matter?. FED of St. Louis Review, 83(5), 1-17.
  • Monvoisin, V., & Rochon, L.P. (2006). The post-Keynesian consensus, the new consensus and endogenous money. In C. Gnos & L.P. Rochon (Eds), Post-Keynesian principles of economic policy. Edward Elgar.
  • Oğuz, H. (2008). Teoride optimal parasal politikalar ve enflasyon hedeflemesi uygulamalarıyla ilintileri. İktisat, İşletme ve Finans, 23(272), 101-132.
  • Özdemir. M. (2009). Yeni Neo-Klasik sentez: Makro iktisatta yeni bir uzlaşmaya doğru. Ekonomik Yaklaşım, 19(66), 95-117.
  • Pagan, A. (2003). Report on modelling and forecasting at the Bank of England. Bank of England Quarterly Bulletin (Spring), 1-29.
  • Peiris, S.J., & Saxegaard, M. (2007). An estimated DSGE model for monetary policy analysis in low-income countries. IMF Working Paper, 282, 1-31.
  • Pesaran, M.H., & Smith, R.P. (1985). Evaluation of macroeconometric models. Economic Modelling, 125-134.
  • Romer, D. (2000). Keynesian macroeconomics without LM curve. Journal of Economic Perspectives, 14(2), 149-169.
  • Sbordone, A.M., Tambalotti, A., Rao, K., & Walsh, K. (2010). Policy analysis using DSGE models: An introduction. FRBNY Economic Policy Review, October, 23-43.
  • Senbeta, S.R. (2011). How applicable are the new Keynesian DSGE models to a typical low- income economy?. MPRA Paper, 30931, 1-4.
  • Smith, P.N., & Wickens, M. (2007). The new consensus in monetary policy: Is the NKM fit for the purpose of inflation targeting?. In P. Arestis (Eds.). Is there a New Consensus in Maceoeconomics?, 1-224.
  • Taylor, J.B. (1997). Econometric models and the monetary policy process: A comment. Carnegie- Rochester Conference Series on Public Policy, 47, 39-42.
  • Taylor, J.B. (1998). Applying academic research on monetary policy: An exercise in translational economics. The Manchester School, 66, UK, Blackwell Publishing, 1-16.
  • Tcherneva, P.R. (2008). The return of fiscal policy: Can the new developments in the new economic consensus be reconciled with the Post-Keynesian view?. The Levy Institute Working Paper, 539, 1-48.
  • Valadkhani, A. (2005). Macroeconometric modelling: Approaches and experiences in developing countries. Applied Econometrics and International Development, 5(1), 5-24.
  • Walsh, C.E. (2006). The contribution of theory to practice in monetary policy: Recent developments. Prepared for Monetary policy: A journey from theory to practice: An ECB colloquium held in honour of Otmar Issing, 142-159.
  • Walsh, C.E. (2010). Monetary theory and policy. Cambridge: The MIT Press.
  • Wickens, M. (2008). Macroeconomic theory: A dynamic general equilibrium approach. Princeton University Press.
  • Woodford, M. (1999). Revolution and evolution in twentieth century macroeconomics. Paper prepared for the conference on Frontiers of the Mind in the Twentieth Century, Washington.
  • Woodford, M. (2003). Interest & Prices. Washington: Princeton University Press.
  • Woodford, M. (2009). Convergence in macroeconomics: Elements of the new synthesis. American Economic Journal:Macroeconomics, 1(1), 267-279.
  • Zouache, A. (2004). Towards a new Neoclassical synthesis? An analysis of the methodological convergence between new Keynesian economics and real business cycle theory. History of Economic Ideas, XII(1), 95-117. .
There are 56 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Fındık Alper

Publication Date January 25, 2016
Published in Issue Year 2016 Volume: 9 Issue: 1

Cite

APA Alper, F. (2016). POLİTİKA ANALİZLERİNDE KULLANILAN MAKROEKONOMİK MODELLER VE YENİ NEOKLASİK SENTEZ. Niğde Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 9(1), 89-102.
AMA Alper F. POLİTİKA ANALİZLERİNDE KULLANILAN MAKROEKONOMİK MODELLER VE YENİ NEOKLASİK SENTEZ. Niğde Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. January 2016;9(1):89-102.
Chicago Alper, Fındık. “POLİTİKA ANALİZLERİNDE KULLANILAN MAKROEKONOMİK MODELLER VE YENİ NEOKLASİK SENTEZ”. Niğde Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi 9, no. 1 (January 2016): 89-102.
EndNote Alper F (January 1, 2016) POLİTİKA ANALİZLERİNDE KULLANILAN MAKROEKONOMİK MODELLER VE YENİ NEOKLASİK SENTEZ. Niğde Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 9 1 89–102.
IEEE F. Alper, “POLİTİKA ANALİZLERİNDE KULLANILAN MAKROEKONOMİK MODELLER VE YENİ NEOKLASİK SENTEZ”, Niğde Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, vol. 9, no. 1, pp. 89–102, 2016.
ISNAD Alper, Fındık. “POLİTİKA ANALİZLERİNDE KULLANILAN MAKROEKONOMİK MODELLER VE YENİ NEOKLASİK SENTEZ”. Niğde Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 9/1 (January 2016), 89-102.
JAMA Alper F. POLİTİKA ANALİZLERİNDE KULLANILAN MAKROEKONOMİK MODELLER VE YENİ NEOKLASİK SENTEZ. Niğde Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2016;9:89–102.
MLA Alper, Fındık. “POLİTİKA ANALİZLERİNDE KULLANILAN MAKROEKONOMİK MODELLER VE YENİ NEOKLASİK SENTEZ”. Niğde Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, vol. 9, no. 1, 2016, pp. 89-102.
Vancouver Alper F. POLİTİKA ANALİZLERİNDE KULLANILAN MAKROEKONOMİK MODELLER VE YENİ NEOKLASİK SENTEZ. Niğde Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2016;9(1):89-102.