| Yazarlar (1) |
Prof. Dr. Ümit BULUT
Kırşehir Ahi Evran Üniversitesi, Türkiye |
| Özet |
| A monetary policy strategy/regime usually relies on a nominal anchor that is an intermediate target. This anchor prevents a central bank from trying to increase output through unexpected expansionary monetary policy (Mishkin and Posen, 1997). Bernanke et al.(2001) remark that monetary policy can be more effective with the existence of this anchor and that the success of monetary policy depends on the understanding and attitude of public about the anchor. A central bank adopting a monetary policy strategy tries to affect the intermediate target through its policy instruments and expects that this intermediate target is able to affect its ultimate target. As Froyen (1999) denotes, the ultimate target that the central bank aims at controlling is inflation while the intermediate target is controlled by the central bank. Because, a central bank can’t directly control inflation.Inflation targeting is a monetary policy strategy that has been adopted by many central banks nowadays and that lets central banks implement monetary policy under constrained discretion (Bernanke et al., 2001). A central bank that adopts inflation targeting has an inflation target and tries to achieve this target using its policy instruments. The main policy tool of the central bank is short-term/overnight interest rate and the central bank tries to affect long-term interest rates by controlling shortterm interest rates. Because of the fact that monetary policy has a lagged effect on inflation, a central bank adopting inflation targeting strategy must be forward-looking.“Being forward-looking” is a considerable phenomenon for inflation targeting strategy and must be explained. As Svensson (1997) clarifies … |
| Anahtar Kelimeler |
| Bildiri Türü | Tebliğ/Bildiri |
| Bildiri Alt Türü | Özet Metin Olarak Yayınlanan Tebliğ (Uluslararası Kongre/Sempozyum) |
| Bildiri Niteliği | Alanında Hakemli Uluslararası Kongre/Sempozyum |
| Bildiri Dili | Türkçe |
| Kongre Adı | 6th International Conference of Strategic Research in Social Science and Education |
| Kongre Tarihi | 12-05-2017 / 14-05-2017 |
| Basıldığı Ülke | Çek Cumhuriyeti |
| Basıldığı Şehir | Prag |
