Öz
The most obvious feature of the period preceded the global financial crisis is the reduction of high inflation rates across the world. Moreover, the reduction of inflation coincided with more stable growth rates and financial stability. Thus, central bank communities and many economists have strongly advocated the view that achieving price stability ensures financial stability. Nevertheless, the decline in inflation was accompanied by profound development in financial markets that set the stage for the current crisis. All of these development show that price stability is not enough for financial stability. This study examines what we have learned and how we changed our thoughts about inflation targeting strategy in the aftermath of the 2007-2009 financial crisis.
Anahtar Kelimeler
Monetary Policy Inflation Targeting Financial Stability Financial Crisis Macroeconomic Performance
Kaynakça
- AGENOR, Piere-Richard and da Silva, Pereira, “Inflation Targeting and Financial Stability: A Perspective From the Developing World”, Inter-American Development Bank, 2013,
- AZANGUE, Armand Fouejieu, “Coping with the Recent Financial Crisis, did Inaflation Targeting Make Any Difference?”, Document de Recherche, n° 2012-05, 2012
- BEAN, Charles, Paustian Matthias, Penalver Adrian and Taylor Tim, “Monetary Policy After the Fall”, in ‘Makroeconomic Challenges: The Decade Ahead’, Jackson Hole Symposium, Federal Reserve Bank of Kansas City, 2010
- BERNANKE, Ben S., “Monetary Policy and the Housing Bubble”, Speech at Annual Meeting of the American Economic Association, Atlanta, Georgia, January 3, 2010
- BERNANKE, Ben S., “The Effects of the Great Recession on Central Bank Doctrine and Practice”, Remarks at the 56th Economic Conference, Federal Reserve Bank of Boston, October 18, 2011
- BLINDER, Alan S., “Commentary: Monetary Policy After the Fall”, in Macroeconomic Challenges: The Decade Ahead, Symposium Jackson Hole, Wyoming, from Aug. 26-28, 2010
- BORIO, Claudio, “Central Banking Post-Crisis: What Compass for Uncharted Waters” BIS Working Papers, No.353, September 2011
- BUITER, Willem H. “Central Bank and Finacial Crises”, in Mantaining Stablity in a Changing Financial System, Jackson Hole Wyoming, Federal Reserve Bank of Kansas City, Economic Politic Symposium, Agust 21-23
- CARNEY, Mark J., “Comentary: Using Monetary Policy to Stabilize Economic Activity”, in Financial Stability and Macroeconomic Policy, Jackson Hole, Wyoming. August 2009,
- CARNEY, Mark, “Monetary Policy After the Fall”, Remarks at Eric J. Hanson Memorial Lecture, Üniversity of Alberta, Edmonton, Alberta, 1 May 2013
- CLAESSENS, Stijn, Habermeier Karl, Neir Erlend, Kang Heedon, Mancini-Grifolli Tommaso, and Valencia Fabian “The Interaction Between Monetary and Makroprudential Policies”, Approved By Olivier Blanchard and José Viñals, IMF, 2013,
- CUARESMA, Crespo Jesús, Gnan Ernest, “Four Monetary Policy Strategies in Comparison: How to Deal with Financial Instability?”, Monetary Polıcy & The Economy Q3/08, 2008
- CUKIERMAN, Alex, “Monetary Policy and Institutions Before, During and After The Global Financial Crisis”, Journal of Financial Stability xxx (2013) xxx– xxx, 2013
- FILHO, Irineu de Carvalho, “28 Months Later: How Ination Targeters Outperformed Their Peers in the Great Recession”, MPRA Paper No. 29100
- FILHO, Irineu de Carvalho, “Inflation Targeting and the Crisis: An Empirical Assessment”, IMF Working Paper, WP/10/45, February 2010
- GERLACH, Stefan, “Is Inflation Targeting Passé?”, iç Lucrezia Reichlin and Richard Baldwin(Eds), Is Inflation Targeting Dead? Central Banking After the Crisis, Centre for Economic Policy Research (CEPR), 2013
- GERLACH, Stefan, GIOVANNINI Alberto, Tille Cédric, and Vinals José, “Are the Golden Years of Central Banking Over? The Crisis and the Challenges”, Geneva Reports on the World Economy 10, 2009
- McCALLUM, Bennett T., “Should Central Banks Raise Their Inflation Targets?”, Economic Quarterly, Volume 97, Number 2, Second Quarter 2011, pp.111-131
- MISHKIN, Frederic S., “Monetary Policy Strategy: Lessons from the Crisis”, NBER Working Paper No. 16755, February 2011
- ORPHANIDES Athanasios, “Monetary Policy Lessons from the Crisis”, Central Bank of Cyprus Working Paper 2010-1, May 2010
- SMETS, Frank, “Financial Stability and Monetary Policy: How Closely Interlinked?”, in Two Decades of Inflation Targeting: Main Lessons and Remaining Challenges, Sveriges Riksbank Economic Review, 2013:3 Special Issue
- STIGLITZ, Joseph E., “The Failure of Inflation Targeting”, Project Syndicate, May 2008
- STİGLITZ, Joseph E., “Macroeconomics, Monetary Policy, and the Crisis”, Remark at IMF Makro Conference: ‘Monetary Policy in the Wake of the Crisis’ Washington, DC, 2011
- SVENSSON Lars E.O., “Comment on Michael Woodford, Inflation Targeting and FinancialStability”, Sveriges Riksbank Economic Review 2012:1
- SVENSSON, Lars E. O., “Inflation Targeting and Financial Stability”, Policy Lecture at the CEPR/ESI 14th Annual Conference on How Has Our View of Central Banking Changed with the Recent Financial Crisis?, October 28–29, 2010 Central Bank of Turkey, Izmir
- SVENSSON, Lars E. O., “Challenges to Central Banking in the Context of Financial Crisis”, Speech at the International Research Conference Mumbai, 12 February 2010. BIS Review 16/2010
- SVENSSON, Lars E.O. “Inflation Targeting and Leaning against the Wind”, International Journal of Central Banking, Vol. 10 No. 2, June 2014,
- SVENSSON, Lars E.O., “Inflation Targeting”, NBER Working Paper 16654, 2010
- TAYLOR, John B., “Getting Back on Track: Macroeconomic Policy Lessons from the Financial Crisis”, Federal Reserve Bank of St. Louis Review, May/June 2010
- WALSH, Carl E., “Inflation Targeting: What Have We Learned?”, International Finance 12:2, 2009
- WOODFORD, Michael, “Inflation Targeting and Financial Stability,” NBER Working Paper No. 17967, April 2012.
Öz
Küresel finansal krizden önceki dönemin en önemli yönü dünya genelinde süren yüksek enflasyon oranlarının düşürülmüş olmasıdır. Bunun ötesinde enflasyon oranlarındaki bu düşüş istikrarlı büyümenin ve finansal istikrarın olduğu bir dönemde yaşanmıştır. Bu yüzden merkez bankası çevreleri ve birçok ekonomist fiyat istikrarının finansal istikrarı sağladığı görüşünü güçlü bir şekilde savunmuşlardır. Ne var ki, enflasyon oranındaki düşüş aynı zamanda son krize zemin hazırlayan finansal piyasalardaki bazı gelişmelerle birlikte yaşanmıştır. Tüm bu gelişmeler fiyat istikrarının finansal istikrar için yeterli olmadığını göstermektedir. Bu çalışma 2007-2009 finansal krizinden sonra enflasyon hedeflemesi stratejisi ile ilgili düşüncelerimizin nasıl değiştiği ve ne tür dersler çıkardığımızı incelemektedir.
Anahtar Kelimeler
Para Politikası Enflasyon Hedeflemesi Finansal İstikrar Finansal Kriz Makroekonomik Performans
Kaynakça
- AGENOR, Piere-Richard and da Silva, Pereira, “Inflation Targeting and Financial Stability: A Perspective From the Developing World”, Inter-American Development Bank, 2013,
- AZANGUE, Armand Fouejieu, “Coping with the Recent Financial Crisis, did Inaflation Targeting Make Any Difference?”, Document de Recherche, n° 2012-05, 2012
- BEAN, Charles, Paustian Matthias, Penalver Adrian and Taylor Tim, “Monetary Policy After the Fall”, in ‘Makroeconomic Challenges: The Decade Ahead’, Jackson Hole Symposium, Federal Reserve Bank of Kansas City, 2010
- BERNANKE, Ben S., “Monetary Policy and the Housing Bubble”, Speech at Annual Meeting of the American Economic Association, Atlanta, Georgia, January 3, 2010
- BERNANKE, Ben S., “The Effects of the Great Recession on Central Bank Doctrine and Practice”, Remarks at the 56th Economic Conference, Federal Reserve Bank of Boston, October 18, 2011
- BLINDER, Alan S., “Commentary: Monetary Policy After the Fall”, in Macroeconomic Challenges: The Decade Ahead, Symposium Jackson Hole, Wyoming, from Aug. 26-28, 2010
- BORIO, Claudio, “Central Banking Post-Crisis: What Compass for Uncharted Waters” BIS Working Papers, No.353, September 2011
- BUITER, Willem H. “Central Bank and Finacial Crises”, in Mantaining Stablity in a Changing Financial System, Jackson Hole Wyoming, Federal Reserve Bank of Kansas City, Economic Politic Symposium, Agust 21-23
- CARNEY, Mark J., “Comentary: Using Monetary Policy to Stabilize Economic Activity”, in Financial Stability and Macroeconomic Policy, Jackson Hole, Wyoming. August 2009,
- CARNEY, Mark, “Monetary Policy After the Fall”, Remarks at Eric J. Hanson Memorial Lecture, Üniversity of Alberta, Edmonton, Alberta, 1 May 2013
- CLAESSENS, Stijn, Habermeier Karl, Neir Erlend, Kang Heedon, Mancini-Grifolli Tommaso, and Valencia Fabian “The Interaction Between Monetary and Makroprudential Policies”, Approved By Olivier Blanchard and José Viñals, IMF, 2013,
- CUARESMA, Crespo Jesús, Gnan Ernest, “Four Monetary Policy Strategies in Comparison: How to Deal with Financial Instability?”, Monetary Polıcy & The Economy Q3/08, 2008
- CUKIERMAN, Alex, “Monetary Policy and Institutions Before, During and After The Global Financial Crisis”, Journal of Financial Stability xxx (2013) xxx– xxx, 2013
- FILHO, Irineu de Carvalho, “28 Months Later: How Ination Targeters Outperformed Their Peers in the Great Recession”, MPRA Paper No. 29100
- FILHO, Irineu de Carvalho, “Inflation Targeting and the Crisis: An Empirical Assessment”, IMF Working Paper, WP/10/45, February 2010
- GERLACH, Stefan, “Is Inflation Targeting Passé?”, iç Lucrezia Reichlin and Richard Baldwin(Eds), Is Inflation Targeting Dead? Central Banking After the Crisis, Centre for Economic Policy Research (CEPR), 2013
- GERLACH, Stefan, GIOVANNINI Alberto, Tille Cédric, and Vinals José, “Are the Golden Years of Central Banking Over? The Crisis and the Challenges”, Geneva Reports on the World Economy 10, 2009
- McCALLUM, Bennett T., “Should Central Banks Raise Their Inflation Targets?”, Economic Quarterly, Volume 97, Number 2, Second Quarter 2011, pp.111-131
- MISHKIN, Frederic S., “Monetary Policy Strategy: Lessons from the Crisis”, NBER Working Paper No. 16755, February 2011
- ORPHANIDES Athanasios, “Monetary Policy Lessons from the Crisis”, Central Bank of Cyprus Working Paper 2010-1, May 2010
- SMETS, Frank, “Financial Stability and Monetary Policy: How Closely Interlinked?”, in Two Decades of Inflation Targeting: Main Lessons and Remaining Challenges, Sveriges Riksbank Economic Review, 2013:3 Special Issue
- STIGLITZ, Joseph E., “The Failure of Inflation Targeting”, Project Syndicate, May 2008
- STİGLITZ, Joseph E., “Macroeconomics, Monetary Policy, and the Crisis”, Remark at IMF Makro Conference: ‘Monetary Policy in the Wake of the Crisis’ Washington, DC, 2011
- SVENSSON Lars E.O., “Comment on Michael Woodford, Inflation Targeting and FinancialStability”, Sveriges Riksbank Economic Review 2012:1
- SVENSSON, Lars E. O., “Inflation Targeting and Financial Stability”, Policy Lecture at the CEPR/ESI 14th Annual Conference on How Has Our View of Central Banking Changed with the Recent Financial Crisis?, October 28–29, 2010 Central Bank of Turkey, Izmir
- SVENSSON, Lars E. O., “Challenges to Central Banking in the Context of Financial Crisis”, Speech at the International Research Conference Mumbai, 12 February 2010. BIS Review 16/2010
- SVENSSON, Lars E.O. “Inflation Targeting and Leaning against the Wind”, International Journal of Central Banking, Vol. 10 No. 2, June 2014,
- SVENSSON, Lars E.O., “Inflation Targeting”, NBER Working Paper 16654, 2010
- TAYLOR, John B., “Getting Back on Track: Macroeconomic Policy Lessons from the Financial Crisis”, Federal Reserve Bank of St. Louis Review, May/June 2010
- WALSH, Carl E., “Inflation Targeting: What Have We Learned?”, International Finance 12:2, 2009
- WOODFORD, Michael, “Inflation Targeting and Financial Stability,” NBER Working Paper No. 17967, April 2012.
Ayrıntılar
| Konular | Ekonomi |
|---|---|
| Bölüm | Araştırma Makaleleri |
| Yazarlar | |
| Yayımlanma Tarihi | 15 Kasım 2016 |
| Yayımlandığı Sayı | Yıl 2016Cilt: 6 Sayı: 12 |
