Finansal Krizde sıra dışı para politikaları: Teori ve FED uygulaması

Global Finansal Krizin ardından birçok merkez bankası gibi FED, geleneksel politika araçları yanında sıra dışı politika araçlarını da uygulamaya koymuştur. FED tarafından Lehman Brothers’ın iflasına kadar olan süreçte bilançonun bü- yüklüğünde çok fazla değişikliğe yol açmayan politikalar uygulanmıştır. Lehman Brothers’ın iflasından sonraki süreçte uygulanan sıra dışı politikalar FED’in bilançosunu önemli boyutta arttırmıştır. Gelecekte uygulanacak olan politikalara rehberlik etme, niceliksel genişleme ve vade değişim programından oluşan bu sıra dışı politikalar ekonomik aktiviteyi canlandırmayı amaçlamaktadır. Bu çalışmada öncelikle, sıra dışı para politikalarının ne olduğu üzerinde durulmakta, ardından, FED tarafından uygulanan sıra dışı politikalar incelenmekte, son olarak da bu politikaların ekonomiye yansımaları ele alınmaktadır.

Unconventional monetary policy in Financial Crisis: Theory and practice of FED’s monetary policy

After the Global Financial Crisis, like many other central banks, the FED implemented unconventional monetary policies along with conventional policies. In the pre-Lehman period, the FED policy didn’t change the size of its balance sheets. But unconventional monetary policies applied after the collapse of Lehman has expanded the FED’s balance sheets. Unconventional monetary policies consist of forward policy guidance, quantitative easing and operation twist, which aim to boost the economy. Firstly, this paper will consider unconventional monetary policies, then analyze the FED’s unconventional policies in this process and finally discuss how these policies reflect to economic activities.

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