A New Era of Monetary Policymaking in the Light of the Post-Crisis Challenges

Azar Hasanli ()
Additional contact information
Azar Hasanli: Department of International Economics, Azerbaijan State University of Economics, Baku, Azerbaycan

Turkish Economic Review, 2016, vol. 3, issue 3, 473-494

Abstract: Within appearing the global financial crisis, standard macroeconomic approaches, in particular, monetary policies conducted prior to global recession have become targets of harsh criticism because of their weakness against these imbalances. The recession was a consequence of multiple factors including excessive private and public debt, poor financial surveillance and incapability of institutional structure to cope with potential risk sources. However, due to the nature of the recession, monetary authorities have been accused much more because of uncertainties relating to their mandates, weakness of their precautionary signaling and also time-inconsistency problems of policy transmission channels.In addition, because of limited effects of both conventional and unconventional measures, the urgent need to revise mandates of monetary authorities and totally the nature of monetary policy is the topic attracting significant attention. In this context, reassessment of cardinalshifting in monetary policies and implementation of fundamental realignments to the conventional central banking conception can be noted as challenges of post-crisis period.

Keywords: Monetary policy; Central banking; Financial crisis; Unconventional measures; Financial stability (search for similar items in EconPapers)
JEL-codes: E52 E58 G01 (search for similar items in EconPapers)
Date: 2016
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.kspjournals.org/index.php/TER/article/download/833/1013 (application/pdf)
http://www.kspjournals.org/index.php/TER/article/view/833 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ksp:journ2:v:3:y:2016:i:3:p:473-494

Access Statistics for this article

Turkish Economic Review is currently edited by Bilal KARGI

More articles in Turkish Economic Review from KSP Journals Istanbul, Turkey.
Bibliographic data for series maintained by Bilal KARGI ( this e-mail address is bad, please contact ).