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Enflasyon Hedeflemesi Stratejisi ile Fiyat İstikrarının Sağlanması

Achieving Price Stability with Inflation Targeting Strategy

Journal Name:

  • Ordu Üniversitesi Sosyal Bilimler Araştırmaları Dergisi

Publication Year:

  • 2016

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Keywords (Original Language):

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Abstract (2. Language): 
The activist monetary policies that were imposed in the 1970s increased inflation rate on one hand, and failed to reduce the unemployment rate on the other hand; consequently, the stagflation crisis was experienced. This situation, as the Monetarists put forward in theory, shows that, in practice, monetary policy may be effective on prices only in the long run. These developments that were experienced both in theory and practice led to the emergence of a consensus in literature that “ the primary goal of monetary policy is price stability”. Thus, in a stuation that inflation was a serious problem, most of the countries began to impose monetary policies that gave priority to price stability. To that end, countries used monetary targeting and exchange rate targeting, but nevertheless, these strategies failed. The last policy to be imposed is inflation targeting that was adopted for the first time by New Zealand in 1990. The objective of this study is to put out the rational for inflation targeting.
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Abstract (Original Language): 
1970’lerde uygulanan aktivist para politikaları bir taraftan enflasyon oranını artırırken, diğer taraftan işsizlik oranlarını düşürmede başarısız olmuş ve sonuçta stagflasyon krizi yaşanmıştır. Bu durum teorik alanda Monetaristlerin ortaya koyduğu gibi, para politikasının uzun dönemde ancak fiyatlar üzerinde etkili olabileceğini pratikte de göstermiştir. Teorik ve pratik alanda yaşanan bu gelişmeler literatürde “para politikasının öncelikli amacı fiyat istikrarıdır” şeklinde bir fikir birliğini doğurmuştur. Böylece enflasyon oranının sorun olduğu bir ortamda ülkelerin çoğu fiyat istikrarını önceleyen para politikalarını uygulamaya başladılar. Bu amaçla uygulanan parasal hedefleme ve döviz kuru hedeflemesi başarılı olamamıştır. En son uygulanan politika ise ilk olarak 1990’da Yeni Zelanda tarafından kabul edilen enflasyon hedeflemesidir. Bu çalışmanın amacı enflasyon hedeflemesinin gerekçelerini ortaya koymaktır.
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