A Comparative Assessment on the Alternative Monetary Policy Strategies

Öz

The views put forward against discretionary policies and inflation costs resulted in the change of the precedence sequence of monetary policy targets. In recent years, price stability has been accepted the primary target of the monetary policy in many developed and developing countries. This development led to the advent of the alternative monetary policy strategies. Monetary targeting, exchange rate pegging and inflation targeting, are the basic monetary strategies. The country practices have shown that all of the so called strategies haven’t been successful in reaching the desired targets at the same level. The aim of this paper is to compare the alternative monetary strategies in terms of the effectiveness of the policy applications.

Anahtar Kelimeler

• Monetary Policy Strategies, Exchange Rate Pegging, Monetary Targeting, Inflation Targeting

Alternatif Para Politikası Stratejileri Üzerine Karşılaştırmalı Bir Değerlendirme

Öz

İhtiyari politikaların aleyhine ileri sürülen görüşler ve enflasyon maliyetleri, para politikası hedeflerinin öncelik sıralamasının değişmesi sonucunu doğurmuştur. Son yıllarda birçok gelişmiş ve gelişmekte olan ülkede, fiyat istikrarı, para politikasının birincil hedefi olarak kabul edilmeye başlanmıştır. Bu gelişme, alternatif para politikası stratejilerinin gündeme gelmesine yol açmıştır. Parasal hedefleme, döviz kuru hedeflemesi ve enflasyon hedeflemesi başlıca parasal stratejilerdir. Ülke uygulamaları açıkça göstermiştir ki, söz konusu stratejilerin hepsi istenilen hedefe ulaşmak açısından aynı düzeyde başarılı olamamıştır. Bu çalışmanın amacı, politika uygulamalarının etkililiği açısından alternatif parasal stratejileri karşılaştırmaktır

Anahtar Kelimeler

• Para Politikası Stratejileri, Döviz Kuru Hedeflemesi, Parasal Hedefleme, Enflasyon Hedeflemesi

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