ABD Merkez Bankas?'n?n Para Politikas? Kurallar?ndan Sapmalar? ve Bunlar?n Yay?lma Etkileri

Özet

Bu çal??man?n amac?, FED'in para politikas? kurallar?ndan sapmalar?n?n Türkiye ekonomisi üzerindeki etkisini incelemektir. Di?er bir deyi?le, FED'in para politikas?n?n yay?lma etkisi incelenmi?tir. Çal??mada kullan?lan veri seti Taylor (2012) referans al?narak kurala dayal? ve ihtiyari dönemler olarak ikiye ayr?lm?? ve de?i?kenler aras?ndaki etkile?im yap?sal VAR modelleri kullan?larak incelenmi?tir. Sonuçlar, FED'in ihtiyari politikaya daha yak?n oldu?u dönemde para politikas? kurallar?ndan sapmalar?n Türkiye ekonomisi üzerinde oldukça önemli etkileri oldu?unu göstermektedir. Türkiye gibi geli?mekte olan ülke ekonomilerinin FED'in para politikalar?ndan geli?mi? ülkelere göre daha fazla etkilendi?i dü?ünüldü?ünde, ?effaf ve öngörülebilir para politikalar?n?n bu küresel etkilerden korunmak için etkili bir araç oldu?u söylenebilir. Ayr?ca d?? ticaret portföyünün çe?itlendirilmesi ve döviz rezervlerinin güçlendirilmesi de Türkiye ekonomisinin FED'in para politikalar?ndan kaynaklanan ?oklara kar?? dirençli hale gelmesinde son derece önemlidir.

Federal Reserve Bank’s Deviations from Monetary Policy Rules and their Spillover Effects

Abstract

The aim of this study is to examine the impact of the FED's deviations from monetary policy rules on the Turkish economy. In other words, the spillover effect of the FED's monetary policy was examined. The dataset used in the study was divided into two parts as rule-based and discretionary periods with reference to Taylor (2012), and the interaction between the variables was examined using structural VAR models. The results show that deviations from monetary policy rules have quite significant effects on the Turkish economy in the period when the FED is closer to discretionary policy. Considering that the economies of developing countries such as Turkey are more affected by the monetary policies of the FED than the developed countries, it can be said that transparent and predictable monetary policies are an effective tool to be protected from these global effects. In addition, the diversification of the foreign trade portfolio and the strengthening of foreign exchange reserves are also extremely important in making the Turkish economy resilient to the shocks resulting from the FED's monetary policies.

Mr. Onur ?eker (Istanbul Beykent University, Istanbul, Türkiye)
0000-0003-1940-7452  seker.s.onur@gmail.com

Mr. Fatih Y?lmaz (Istanbul Beykent University, Istanbul, Türkiye)
0000-0002-8514-2571  fatih.fy.yilmaz@gmail.com

Submitted on: 2023-10-01 Accepted on: 2024-07-16

Year:2024 - Volume:3 Issue:2 Pages: 28-35

DOI: https://doi.org/10.36880/J03.2.0133

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APA style citation: ?eker, O. , & Y?lmaz, F. (2024). ABD Merkez Bankas?'n?n Para Politikas? Kurallar?ndan Sapmalar? ve Bunlar?n Yay?lma Etkileri. Avrasya Ekonomileri Dergisi, 3(2), 28-35.

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