Abstract:

Since the last quarter of 2008, the global financial crisis, which has affected almost all developed and developing economies, has caused a serious stagnation in the international markets. Without a doubt, this stagnation has significantly affected household people’s consumption spending, price stability in the countries, employment level, and consequently the monetary policies that the central banks have implemented. Therefore, some central banks that followed the de-inflation policy before the global crisis have been forced to implement the de-inflation policy after the global crisis. This study discusses the causes of the 2008 global financial crisis, the effects on the developed and developing countries’ economies and the innovations that the central banks have brought to the monetary policies they have implemented. In this context, the macroeconomic effects of the non-traditional monetary policy instruments implemented by the US Central Bank (FED) and the Turkish Republic Central Bank (TCMB) are assessed.

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