Yeni fiyat belirlenme teorisi: Bir literatür taraması

Geleneksel makro ekonomik modeller genel olarak maliye politikasına fiyat düzeyinin belirlenmesinde fazla bir önem atfetmemektedir. Bir taraftan fiyat düzeyinin belirlenmesi veya enflasyon sadece parasal bir olgu olarak görülmekte, diğer taraftan “Ricardocu Eşdeğerlik Önermesi”, tüketiciler rasyonel beklentilere sahip olduğu sürece maliye politikasının toplam talep üzerinde ve böylece fiyat düzeyi ve enflasyon üzerinde etkisi olmayacağını ileri sürmektedir. Buna karşın Woodford (1994, 1995, 1996), Sims (1994, 1997), Canzoneri, Cumby ve Diba (2001a) tarafından geliştirilen “Mali Fiyat Belirlenme Teorisi veya Yeni Fiyat Belirlenme Teorisi” ile maliye politikasının, özellikle de bütçe açıklarının, fiyatlar genel düzeyinin belirlenmesinde en az para kadar önemli olduğu ortaya konmuştur. Yeni fiyat belirlenme teorisinde bugünkü değer bütçe kısıtı (PVBC) temel rolü oynamakta ve fiyatlar genel düzeyi bugünkü değer bütçe kısıtı tarafından belirlenmektedir. Bu durumda, para otoritesi, mali otoritenin yardımı olmadan, fiyatlar genel düzeyini kontrol edememektedir.

The new theory of price determination: A literature survey

Conventional macroeconomic models often provide not many reason to suppose that fiscal policy is an important determinant of the price level determination. On the one hand, it is often argued that price level determination or inflation is purely a monetary phenomenon, on the other hand, the “Ricardian Equivalence” proposition implies that as far as consumers have rational expectations, fiscal policy should no effect upon aggregate demand, and hence no effect upon price level and inflation. However, “The Fiscal Theory of the Price Level (FTPL) or The New Theory of Price Determination” which is developed by Woodford (1994, 1995, 1996), Sims (1994, 1997) and Canzoneri vd., (2001a) argued that fiscal policy, especially budget deficits, have an importance for the price level determination at least money. According to The New Theory of Price Determination present value budget constraint (PVBC) plays the key role and price level is determined by the present value budget constraint. In this situation, monetary authority do not has any control over price level without fiscal authority’s support.

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