Teorik ve Ampirik Analizler Çerçevesinde Para Politikasının Etkinliği ve Aktarım Mekanizmaları

Bu çalışma para politikasının etkinliğini ve aktarım mekanizmasını son otuz beş yıl içerisinde geliştirilen bazı modeller ve ampirik bulgular çerçevesinde incelemektedir. Esnek fiyat modelleri ve yapışkan fiyat modellerinden oluşmak üzere para politikasının makroekonomik etkilerinin esas hatlarını açıklayan iki sınıf model bulunmaktadır. Esnek fiyat modelleri “Eksik Bilgi Modelleri” ve “Sınırlı Katılım Modelleri” şeklinde ikiye ayrılmaktadır. Bunlardan eksik bilgi modelleri iktisadi ajanların ekonomik koşullar hakkında yanlış algılamada bulunması, sınırlı katılım modelleri ise hane halkının finansal piyasada işlem görme kabiliyetlerinin sınırlı olması noktaları üzerinde durmaktadır. Yapışkan Fiyat Modelleri ise para politikasının reel etkilerinin açıklanmasında en önemli unsur olarak görülen fiyat yapışkanlığının nedenleri üzerinde durmaktadır. Bu modellerin önemi ekonomik koşullardaki değişmelere bağlı olarak zaman içerisinde değişebilmektedir.

The Effectiveness and Transmission of Monetary Policy in Context of Theoretical and Empirical Analysis

This study investigate the effectiveness and the transmission mechanism of monetary policy in context of some models and empirical evidence which is developed in last thirty-five years. There are two classes of models that can account for key aspects of the macroeconomic effects of monetary policy. These are models with flexible prices and models with sticky prices. Models with flexible prices consist of “Imperfect Information” and “Limited Participation Models”. Imperfect information focuses on the misperceptions of economic agent about aggregate economic conditions and limited participation models on trading restrictions in financial markets. Models with sticky prices focuses on the causes of sticky prices which is assumed the most important component in explaining the effect of monetary policy. The importance of these models can change over time depending on the change in the economic conditions.

PDF

___

Andreas, Javier. J. David Lopez-Salido and Javier Valles. (2002) “Intertemporal Substitution and Liquidity Effect in a Sticky Price Model”, European Economic Review, Volume 46, 1399 -1421.
Ball, Laurence N. Gregory Mankiw and David Romer (1988) “The New Keynesian Economics and the Output-Inflation Tradeoff”, Brookings Papers on Economic Activity, Volume 1, 1 -65.
Barro, Robert J. (1977) “Unanticipated Money Growth and Unemployment in the United States”, American Economic Review, Volume 67, No: 2, March, 101 -115.
Barro, Robert J. (1978) “Unanticipated Money Output and the Price Level in the United States”, Journal of Political Economy, Volume 86, No: 4, August, 549 -580.
Batchelor R. A. and T. D. Sheriff (1980) “Unemployment and Unanticipated Inflation in Postwar Britain”, Economica, Volume 47, No: 186, May, 179 -192.
Blinder, Alan S. (1991) “Why are Prices Sticky? Preliminary Results from an Interview Study”, American Economic Review, AEA Papers and Proceedings, Volume 81, No: 2, May, 89 -96.
Büyükakın, Tahir. (1997) “Yeni Keynesyen İktisat”, Kocaeli Üni. İ.İ.B.F. Dergisi, Sayı: 1, 127 -134.
Chari, V.V. (1999) “Nobel Laureate Robert E. Lucas, Jr. : Architect of Modern Macroeconomics”, Federal Reserve Bank of Minneapolis Quarterly Review, Volume 23, No: 2, Spring, 2 -12.
Chatterjee, Satyajit (1999) “Real Business Cycles: A Legacy of Countercyclical Policies?”, Federal Reserve Bank of Philadelphia Business Review, January/ February, 17 -27.
Christiano, Lawrence J and Martin Eichenbaum (1992) “Liquidity Effects and Monetary Transmission Mechanism”, American Economic Review, Volume 82, No:2, May, 346 -353.
Christiano, Lawrence J and Martin Eichenbaum (1995) “Liquidity Effects Monetary Policy and the Business Cycle”, Journal of Money Credit and Banking, Volume 27, No:4, November Part 1, 1113 -1136.
Christiano, Lawrence J. Martin Eichenbaum and Charles Evans (1996) “The Effects of Monetary Policy Shocks: Evidence from the Flow of Funds”, Review of Economics and Statistics, Volume 78, No: 1, February, 16 -34.
Christiano, Lawrence J. (1991) “Modeling the Liquidity Effect of a Money Shock”, Federal Reserve Bank of Minneapolis Quarterly Review, Volume 15, No: 1, Winter, 3 -28.
Christiano, Lawrence J. Martin Eichenbaum and Charles L. Evans (1997) “Sticky Price and Limited Participation Models of Money: A Comparison”, European Economic Review, Volume 41, 1201 -1249.
Cuthbertson, Keith (2000) İktisat Politikası: Keynesyen Yeni Cambridge ve Monetarist Makroekonomik Modeller , (Çev. Nazım Engin), 2. Baskı, İstanbul, Bilim Teknik Yayınevi.
Dornbusch, Rudiger and Stanley Fischer (1994) Macroeconomics, Sixth Edition, İstanbul, Literatür Yayıncılık.
Dotsey, Michael and Peter Ireland (1995) “Liquidity Effects and Transactions Technologies”, Journal of Money Credit and Banking, Volume 27, No: 4, November Part 2, 1441 -1457.
Eichenbaum, Martin and Jonas D. M. Fisher (2003) “Testing the Calvo Model of Sticky Prices”, Federal Reserve Bank of Chicago Economic Perspectives, , Second Quarter, 40 -53.
Einarsson, Tor and Milton H. Marquis (2002) “Banks Bonds and the Liquidity Effect”, FRBSF Economic Review, 35 -50.
Felderer, Bernhard und Stefan Homburg (1994) Makroökonomik und neue Makroökonomik, 6. Auflage, Berlin, Springer-Verlag.
Friedman, Milton (1968) “The Role of Monetary Policy”, American Economic Review, Volume 58, No: 1, March, 1 -17.
Froyen, Richard T. and Roger N. Waud. (1988) “Real Business Cycles and The Lucas Paradigm”, Economic Inquiry, Volume 26, No: 2, April, 183 -201.
Haslinger, Franz und Maik Heinemann (2003) “Theoretische Fundierung Monetearer Transmission”, 4 Februar, (http://kaldor.vwl.uni-hannover.de/~maik/ download/transmission.pdf)
King, Robert G. and Mark W. Watson (1996) “Money Prices Interest Rates and the Business Cycle”, Review of Economics and Statistics, Volume 78, No: 1, February, 35 -53.
Lucas, Robert E. Jr. (1996) “Nobel Lecture: Monetary Neutrality”, Journal of Political Economy, Volume 104, No: 4, August, 661 -682.
Lucas, Robert E. Jr. (1973) “Some International Evidence on Output –Inflation Tradeoffs”, American Economic Review, Volume LXIII, Number 3, June, 326 -334.
Manuelli, Rodolfo E. (1986) “Modern Business Cycle Analysis: A Guide to the Prescot–Summers Debate”, Federal Reserve Bank of Minneapolis Quarterly Review, Volume 10, No:4, Fall, 3 -8.
McCallum, Bennett (2002) “Recent Developments in Monetary Policy Analysis: The Roles of Theory and Evidence”, Federal Reserve Bank of Richmond Economic Quarterly , Volume 88, No: 1, Winter, 67 -96.
Mehra, Yash (1985) “Inflatioanary Expectations Money Growth and the Vanishing Liquidity Effect of Money on Interest: A Further Investigation”, Federal Reserve Bank of Richmond Economic Review, March/April, 23 -35.
Mishkin, Frederic S. (1982) “Does Anticipated Monetary Policy Matter? An Econometric Investigation”, Journal of Political Economy, Volume 90, No: 1, February, 22 -51.
Moritz, Karl Heinz (2001) Geldtheorie und Geldpolitik, 2. Auflage, München: Verlag Franz Vahlen.
Ohanian, Lee E. and Alan C. Stockman (1994) “Short-Run Effects of Money When Some Prices Are Sticky”, Federal Reserve Bank of Richmond Economic Quarterly, Volume 80, No: 3, Summer, 1 -23.
Ohanian, Lee E. Alan C. Stockman and Lutz Kılıan. (1995) “The Effects of Real and Monetary Shocks in a Business Cycle Model with Some Sticky Prices”, Journal of Money Credit and Banking, Volume 27, No: 4, November Part 2, 1209 -1234.
Ohanian, Lee. E. and Alan C. Stockman. (1995) “Theoretical Issues of Liquidity Effects”, Federal Reserve Bank of St. Louis Review, May/June, 3 -25.
Paya, Merih. (1998) Para Teorisi ve Para Politikası, 2. Baskı, İstanbul, Filiz Kitabevi.
Phelps, Edmund S. (1967) “Phillip Curves Expectations of Inflation and Optimal Unemployment Over Time”, Economica, Volume 34, No: 135, August, 254 -281.
Rotemberg, Julio J. and Michael Woodford. (1996) “Real Business Cycle Models and the Forecastable Movements in Output Hours and Consumption”, American Economic Review, Volume 86, No:1, March. 71 -111.
Rush, Mark. (1987) “Real Business Cycles”, Federal Reserve Bank of Kansas City Economic Review, Volume 72, No: 2, February, 20 -32.
Sandte, Holger (2000) “Transmissionswege der Geldpolitik”, WİSU-Das Wirtschaftsstudium, Juli, 925 -928.
Sargent, Thomas J. and Neil Wallace. (1975) “Rational Expectations the Optimal Monetary Instrument and the Optimal Money Supply Rule”, Journal of Political Economy , Volume 83, No: 2, April, 241 -254.
Spencer, David E. (1998) “The Relative Stickiness of Wages and Prices”, Economic Inquiry, Volume 36, No: 1, January, 120 -137.
Taylor, John B. (1998) Economics, 2. Edition, USA: Houghton Mifflin Company.
Taylor, John B. (1979) “Staggered Wage Setting in a Macro Model”, American Economic Review, Volume 69, No: 2, May, 108 -113.
Taylor, John B. (1980) “Aggregate Dynamics and Staggered Contracts”, Journal of Political Economy, Volume 88, No: 1, February, 1 -23.
Thornton, Daniel L. (2001) “Identifying the Liquidity Effect at the Daily Frequency”, Federal Reserve Bank of St. Louis Review, July/August, 59 -60.
Uygur, Ercan (1983) Neoklasik Makroiktisat ve Fiyat Bekleyişleri: Kuram ve Türkiye Ekonomisine Uygulama, Ankara, Ankara Üniversitesi Siyasal Bilgiler Fak. Yayınları 532.
Vinals, Jose and Javier Valles. (1999) “On the Real Effects of Monetary Policy: A Central Banker’s View”, OENB Working Paper 38, July.
Walsh, Carl E. (1998) Monetary Theory and Policy, Cambridge, The MIT Pres.
Williamson, Stephan D. (1987) “Financial Intermediation Business Failures and Real Business Cycles”, Journal of Political Economy, Volume 95, No: 6, December, 1196 -1216.
Yıldırım, Kemal ve Doğan Karaman (2003) Makroekonomi, Üçüncü Basım, Eskişehir, Eğitim Sağlık ve Bilimsel Araştırma Çalışmaları Vakfı Yayın No:145.