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Reflections of the New Economy on the Monetary Policy and Central Banking

In: Proceedings of the Conference on Human and Economic Resources

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  • Haydar Akyazi

    (Karadeniz Technical University)

  • Seyfettin Artan

    (Karadeniz Technical University)

Abstract

Developments in the knowledge and communication technologies have been causing significant changes on the working mechanisms of the economy both at the national and international areas. Some of the developments can be indicated as follows: the dramatic increasing of capital movements amongst nations; the speeding of global economic integration; the effects of world’s financial markets; the creation of new payment mechanisms; the decreasing of transaction and knowledge costs; getting the information in a permanent and fast way; the fluctuations in financial markets; increasing potential growth and productivity rates. It is possible to summarize the mentioned developments with the concept of “new economy” and also the effects of new economy within two main categories like microeconomic and macroeconomic effects. In this paper, monetary policies of new economy and its reflections on central banking are examined with regard to the macroeconomic effects of the new economy. In fact, it can not be said that the works carried out, in this area, in the economics literature has a long history. However, it should also be indicated that, as with other subjects of economics, an accepted common view on which direction the new economy will affect monetary policies and central banking has not been created. The views based on studies can be divided into two main groups: The first one is the group of economists who support the idea that the new economy does not constitute any changes relating to monetary policies and central banking. The second one is the group of economists who argue that the new economy can cause vital changes on monetary policies and central banking. This paper, first of all deals with the results of studies which explore the potential reflections of the new economy on monetary policies and central banking. In addition, the evaluation concerning the future of the monetary policies being implemented in Turkey is also provided in light of the studies carried out in this context.

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This chapter was published in:

  • Oguz Esen & Ayla Ogus (ed.), 2006. "Proceedings of the International Conference on Human and Economic Resources," Proceedings of the IUE-SUNY Cortland Conference in Economics, Izmir University of Economics, number 2006.
    This item is provided by Izmir University of Economics in its series Papers of the Annual IUE-SUNY Cortland Conference in Economics with number 200631.

    Handle: RePEc:izm:prcdng:200631

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    Keywords: new economy; monetary policy; central banking; financial markets;

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    1. Kenneth N. Kuttner & Patricia C. Mosser, 2002. "The monetary transmission mechanism: some answers and further questions," Economic Policy Review, Federal Reserve Bank of New York, issue May, pages 15-26.
    2. Robert J. Gordon, 2000. "Does the "New Economy" Measure up to the Great Inventions of the Past?," NBER Working Papers 7833, National Bureau of Economic Research, Inc.
    3. Michael Woodford, 2000. "Monetary Policy in a World Without Money," NBER Working Papers 7853, National Bureau of Economic Research, Inc.
    4. Edward J. Green, 2001. "Central banking and the economics of information," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q II, pages 28-37.
    5. Bennett T. McCallum, 2000. "The Present and Future of Monetary Policy Rules," NBER Working Papers 7916, National Bureau of Economic Research, Inc.
    6. J M. Berk, 2001. "New Economy, Old Central Banks? An overview of monetary transmission in a new economic environment," MEB Series (discontinued) 2001-5, Netherlands Central Bank, Monetary and Economic Policy Department.
    7. Marco Arnone & Luca Bandiera, 2004. "Monetary Policy, Monetary Areas, and Financial Development with Electronic Money," IMF Working Papers 04/122, International Monetary Fund.
    8. Kevin Dowd, 1998. "Monetary Policy in the 21st Century: An Impossible Task?," Cato Journal, Cato Journal, Cato Institute, vol. 17(3), pages 327-331, Winter.
    9. Walter B. Wriston, 1998. "Dumb Networks and Smart Capital," Cato Journal, Cato Journal, Cato Institute, vol. 17(3), Winter.
    10. Thomas I. Palley, 2002. "The E-Money Revolution: Challenges and Implications for Monetary Policy," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 24(2), pages 217-233, December.
    11. repec:cto:journl:v:21:y:2001:i:2:p:216-226 is not listed on IDEAS
    12. Daniel Piazolo, 2001. "The New Economy and the International Regulatory Framework," Kiel Working Papers 1030, Kiel Institute for the World Economy.
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