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description Journal article public Fiscaoeconomia

Normalization of Monetary Policy After Global Crisis: What is Normalization?

Nurhan Hande Sevgi̇
Published 31 Ekim 2017

Abstract

Globalfinancial crisis was not only created a chaos but also changed the contemporarymonetary policy. The global economy faced with a shift on policy tools becauseby starting the liquidity trap that American economy faced forced theauthorities to find new strategies. Policy makers have started to considerfinancial stability with price stability and to reshape monetary policy theycreated new policy tools. The descriedtools for new exit ways of powerful central banks especially Fed, helped toovercome the global crisis while bringing new issues. Under the circumstances Fedstarted a normalization process for monetary policy. Due to the gravity of Fed,other central banks had to adopt the current stream. In this conjunctureCentral Bank of the Republic of Turkey has changed the policy toolscorrespondingly. The purpose of this paper is to evaluate the change in the monetarypolicy path of Fed and ECB with the behavioral pattern of Central Bank of theRepublic of Turkey with “New Normalization” concept.

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