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Global financial crisis was not only created a chaos but also changed the contemporary monetary policy. The global economy faced with a shift on policy tools because by starting the liquidity trap that American economy faced forced the authorities to find new strategies. Policy makers have started to consider financial stability with price stability and to reshape monetary policy they created new policy tools. The descried tools for new exit ways of powerful central banks especially Fed, helped to overcome the global crisis while bringing new issues. Under the circumstances Fed started a normalization process for monetary policy. Due to the gravity of Fed, other central banks had to adopt the current stream. In this conjuncture Central Bank of the Republic of Turkey has changed the policy tools correspondingly. The purpose of this paper is to evaluate the change in the monetary policy path of Fed and ECB with the behavioral pattern of Central Bank of the Republic of Turkey with “New Normalization” concept.

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