Para Politikası Kurallarının Teorik Analizi: Bazı Basit Kuralların İncelenmesi

Yıl 2008, Cilt: 3 Sayı: 1, 11 - 25, 01.04.2008

Bengül Gülümser Kaytancı

Öz

Bu çalışmada merkez bankasının para politikası stratejilerini, duruma veya açıkça belirlenmiş birkurala dayalı olarak mı yürütmesi gerektiği sorusuna cevap aranmıştır. Çalışmamızda, merkezbankalarının uyguladıkları politikaların tahmin edilebilmesine olanak sağladığı için para politikalarınınkurala dayalı olarak yürütülmesi gereği ortaya konulmuştur

Para Politikası Kurallarının Teorik Analizi: Bazı Basit Kuralların İncelenmesi

Öz

Kaynakça

• Ademe, Yvonne and Sterken, Emler (2000), “Monetary Policy Rules: From Fisher to Svensson, Taylor, and Woodford”, Working Papers: Monetary Economics, 1-58.
• Ball, Laurence (2000), “Policy Rules and External Shocks”, NBER Working Paper Series: 7910.
• Ball, Laurence (1998), “Policy Rules for Open Economies”, NBER Working Paper Series: 6760.
• Ball, Laurence (1997), “Efficient Rules for Monetary Policy”, NBER Working Paper Series: 5952.
• Barro, Robert J. and Gordon, David B. (1983), “Rules, Discretion and Reputation in a Model of Monetary Policy”, Journal of Monetary Economics, 12, 101-121.
• Batini, Nicoletta and Haldone, Andrew G. (1998), “Forward-Looking Rules for Monetary Policy”, Bank of England, ISSN 1368-5562, 1-53.
• Batini, Nicoletta and Turnbull, Kenny (2000), “Monetary Condition Indices for The UK: A Survey”, External MPC Unit Discussion Paper, No: 1, 1-27.
• Batini, Nicoletta, Harrison, Richard and Millard, Stephen P. (2001), “Monetary Policy Rules for an Open Economy”, Bank of England Working Paper, No: 149.
• Bernanke, Ben S. (2003), “Constrained Discretion and Monetary Policy”, http://www.federalreserve.gov/BoardDocs/Speeches/2003/20030203/default.htm, (Erişim:10.2007)
• Calvo, Guillermo A. (1978), “On the Time Consistency of Optimal Policy in Monetary Economy”, Econometrica, 46, 1411-1478.
• Deutsche Bundesbank Monthly Report (April 1999), “Taylor Interest Rate and Monetary Conditions Index”.
• Duguay, Pierre (1996), “Emprical Evidence on the Stregth of the Monetary Transmission Mechanism in Canada: An Aggregate Approach”, The Transmission of Monetary Policy in Canada, Bank of Canada, 87-107.
• Dwyer, Gerald P. (1993), “Rules and Discretion in Monetary Policy”, Federal Reserve Bank of St. Lois Review, 4, 3-13.
• Eika, Kari H. Ericson, Neil R. and Nymoen, Ragnar (1996), “Hazards in Implementing A Monetary Conditions Index”, International Finance Discussion Papers, Number: 568.
• Erıcsson, Neil R., Jansen, Eileu S., Kerbesbian, Neva A. and Nymoen, Ragnar (1999), “Interpreting a Monetary Conditions Index in Economic Policy”, Norges Bank Skriftserie, Nr-28, Artikkel-04, Oslo.
• Fisher, Irving (1919), “Stabilizing the Dollar”, The American Economic Review, Vol. 9, No.1, 156- 160.
• Friedman, Charles (1996), “The Transmission of Monetary Policy in Canada,” The Use of Indicators and of the Monetary Conditions Index in Canada, Bank of Canada, 67-79.
• Friedman, Charles (1960), A Program for Monetary Stability, Fordham University Press: New York.
• Gerlach, Stefan ve Smets, Frank (2000),“MCI’s and Monetary Policy”, European Economic Review, 44, 1677-1700.
• Huang, Angela, Margaritis, Dimitri and Mayes, David (2001), “Monetary Policy Rules in Practice: Evidence From New Zealand”, Bank of Finland Discussion Papers, 18.
• Judd, John P. and Redebusch, Glenn D. (1998), “Taylor’s Rule and The Fed: 1970-1997”, Federal Reserve Bank of San Francisco Economic Review, Number 3, 3-16.
• Karasoy, Almila, Saygılı, Mesut ve Yalçın, Cihan (1998), “Enflasyonun Doğrudan Hedeflenmesi Politikası ve Bazı Ülke Deneyimleri”, Ankara: TCMB Araştırma Genel Müdürlüğü, Tartışma Tebliği No: 9801.
• Kesriyeli, Mehtap ve Koçaker, İ.İlhan (1999), “Monetary Conditions Index: A Monetary Policy Indicator for Turkey”, The Central Bank of The Republic of Turkey, Discussion Paper, No: 9908.
• Kozicki, Sharon (1999), “How Useful Are Taylor Rules for Monetary Policy?” Federal Reserve Bank of Kansas City Economic Review, Second Guarter, 5-33.
• Kydland, Finn E. and Prescott, Edward C. (1977), “Rules Rather Than Discretion: The Inconsistency of Optimal Plan”, Journal of Political Economy, Vol. 85, No. 3, 473-492.
• Mccallum, Bennett T. (1997), “Issues in The Design of Monetary Policy Rules”, NBER Working Paper Series: 6016.
• Mehra, Yash (2001), “The Taylor Principle, Interest Rate Smoothing and Fed Policy in the 1970’s and 1980’s”, Federal Reserve Bank of Richmond Working Paper, No: 01-05.
• National Bank of Greece S.A. (2001), Economic& Financial Bulletin, Volume: 5, Issue: 2.
• Plantier L.Christopher and Scrimgeour, Dean (2002), “Estimating Taylor Rule for New Zealand with a Time-Varying Neutral Real Rate”, Reserve Bank of New Zealand DP, Jel Classification: E52, E58.
• Poole, William (1999), “Monetary Policy Rules?”, Federal Reserve Bank of St Louis Review, 3-12.
• Svensson, L.E.O., (1998), “ Open Economy Inflation Targeting”, NBER Working Paper Series:Svensson, L.E.O., (2002), “What is Wrong With Taylor Rules? Using Judgement in Monetary Policy Through Targeting Rules”, Working Paper, Princeton University.
• Şıklar, İlyas (2002), “Sanayide Yeni Ufuk”, Eskişehir Sanayi Odası Dergisi, S:22.
• Şıklar, İlyas (1999), Enflasyon Hedeflemesi ve Para Talebinin Rolü, Eskişehir: Eskişehir Sanayi Odası Yayın No: 27.
• Taylor, John B. (1993), “Discretion Versus Policy Rules in Practice”, Carnegie-Rochester Conference Series on Public Policy 39, 195-214.
• Taylor, John B. (2000), “Recent Developments in The Use of Monetary Policy Rules”, Working Paper, Stanford University, 15.
• Taylor, John B. (1998), “Applying Academic Research on Monetary Policy Rules: An Exercise in Translational Economics”, The Manchester School of Economics&Social Studies, Blackwell Publishing, Vol. 66(0), 1-16.
• Turnovsky, Stephen J. (1977), Macroeconomic Analysis and Stabilization Policies, Cambridge: Cambridge University Press, 351.
• Wicksell, Knut (1936), Interest and Prices, English Transition by R.F. Kahn, London: Mcmillan.