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Academic literature on the topic 'INSTRUMENTS OF MONETARY POLICY'

Author: Grafiati

Published: 4 June 2021

Last updated: 31 May 2022

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Journal articles on the topic "INSTRUMENTS OF MONETARY POLICY"

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Sobarna, Nanang. "KEBIJAKAN MONETER DALAM EKONOMI ISLAM." Jurnal Co Management 2, no. 1 (August 20, 2020): 175–82. http://dx.doi.org/10.32670/comanagement.v2i1.165.

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The monetary management of conventional economy which revolves around bank interest uses multiplier money rather than high powered money. Consequently, its instrument of monetary policies tends to the utility of open market operation and change of discount rate. Both instruments cannot be applied in an Islamic monetary system which is free from interest whose monetary management relies on controlling high powered money by applying profit and loss sharing and financial intermediation. Therefore, Islamic monetary system can employ alternative instruments of monetary policy such as quantitative control of credit allocation and realization of socio-economic objectives. The first instrument is backed up with monetary instruments such as statutory reserve requirement, credit ceiling, government deposits, common pool, moral suasion, equity-base instrument. Whereas the second instruments include some monetary instruments such as treating the created money as fai’ and goal oriented allocation of credit.

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Goodhart, Cae. "Instruments and objectives of monetary policy." Law and Financial Markets Review 7, no. 5 (September 30, 2013): 235–38. http://dx.doi.org/10.5235/17521440.7.5.235.

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Thornton, Saranna R. "Suitable policy instruments for monetary rules." Journal of Economics and Business 50, no. 4 (July 1998): 379–97. http://dx.doi.org/10.1016/s0148-6195(98)00010-1.

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Duarte, Cristiano Boaventura. "Alternative Monetary Targets, Instruments and Future Monetary Policy Frameworks." Review of Political Economy 31, no. 4 (October 2, 2019): 582–601. http://dx.doi.org/10.1080/09538259.2020.1730606.

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Kagazbaeva, E. M., and М. К. Axakalova. "Қытайдың монетарлық саясаты: Қазақстан үшін тәжірибе." BULLETIN of the L.N. Gumilyov Eurasian National University.Political Science. Regional Studies. Oriental Studies. Turkology Series. 138, no. 1 (2022): 68–78. http://dx.doi.org/10.32523/2616-6887/2022-138-1-68-78.

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This article analyzes the monetary policy of the Central Bank of China and the impact of its individual instruments on economic growth. The economic and political problems affecting the monetary policy of Kazakhstan are considered. The purpose of the scientific article is to identify the features of the monetary mechanism for the development of the Chinese economy, to study innovative tools of China’s monetary policy, and to develop practical recommendations for improving the monetary policy of the Republic of Kazakhstan. China does not seek to copy global trends in monetary policy, but makes decisions related to current needs, assessing the situation in the country. Currently, the Central Bank of China conducts an independent monetary policy and uses a number of classic and modern tools to implement it. Along with general scientific methods, both comparative and statistical methods were used in this study. To analyze the studied characteristics, statistics of the main monetary policy instruments, analytical reports of the International Monetary Fund and the Central Bank of the People’s Republic of China, as well as scientific articles on the development of China’s monetary policy were used. According to the author, the combination of traditional and innovative instruments in China’s monetary policy, as well as the generally positive experience of developing China, is necessary to improve the mechanisms of monetary policy in Kazakhstan. The experience of reforms in China shows that the state has become successful due to the fact that in its policy the state relies on the best practices of developed countries, taking into account the patterns of historical formation and development. A less developed society cannot function and develop according to the laws of a more developed society. Kazakhstan is invited to study and adopt China’s best practices in conducting monetary policy: developing the real sector of the economy and stimulating economic growth; maintaining the stability of the national currency; maintaining inflation at the level necessary for the sustainable functioning of the economic system.

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DOGAN, Burhan, and Yasin ALTIN. "Reserve Option Mechanism from Monetary Policy Instruments Being Implemented in Turkey." International Journal of Science and Research (IJSR) 11, no. 2 (February 5, 2022): 991–1000. http://dx.doi.org/10.21275/sr22217020330.

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Fetisov, G. "Russian Monetary Policy: Objectives, Instruments, and Rules." Voprosy Ekonomiki, no. 11 (November 20, 2008): 4–24. http://dx.doi.org/10.32609/0042-8736-2008-11-4-24.

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The article gives full treatment to monetary policy problems which are essential for the transition of the Russian economy to innovation-based development. The necessity for achieving all monetary policy objectives, instead of reducing them to inflation targeting, is justified. Systemic and structural approach to providing promotional monetary policy is suggested. The elaborated package of monetary policy tools allows ensuring higher efficiency of innovation-based economic development. Reasons for the relevance of the Central Bank of Russia discount rate decrease are given. Some general conclusions are drawn about new experience of governmental regulation under the conditions of the world financial crisis.

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Massaka, Antonio, Pitshu. "Monetary Policy Its Instruments and Convergence of Its Objectives: Case of Angola 2005/2017." Journal of Economics and Public Finance 5, no. 2 (April 11, 2019): 161. http://dx.doi.org/10.22158/jepf.v5n2p161.

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<p><em>This paper proposes a new paradigm for the analysis of monetary policy, and presents the monetary policy framework in Angola which includes the policy instruments, and implementation mechanism the way between instrument and objective.<strong> </strong>To study the Monetary Policy instruments in Angola based on a multiple linear regression model. Before the model was conceived an analogy was made about the politics and instruments of monetary policy from the classical Keynesian model in the matter, but also less important also to analyze the concrete objective of monetary policy if the authors agree connected with those currents of economic thought. For the estimation of the equation for the monetary aggregate M2 that represents the money supply by the Central Bank in Angola The author applied the current implementation and the existing theories to display the Angola monetary tools such as basic interest rate for monetary policy orientation (tbna), open market operation, Lending Facility, coefficient of required reserve, net international reserves, and the Gross Domestic Product, the reference oil price to brent. Most of the variables present the expected results.</em></p>

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ZIA UR REHMAN, ASAD KHAN, SHER ALI KHAN, and SHAH RAZA KHAN. "Monetary Policy, Fiscal Policy and Capital Structure." Journal of Business & Tourism 4, no. 2 (November 7, 2021): 77–85. http://dx.doi.org/10.34260/jbt.v4i2.163.

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Instruments of monetary and fiscal policy are beyond the control of the management but they do influence the short-term as well as long-term decision making of the firm. Empirical studies with respect to their effect on financing decisions of the firm are somewhat under researched particularly in the context of developing countries. The aim of the study was to analyse the effect of these instruments on the financing decisions of the non-financial firms listed on PSX for the period 2008-2015. Fixed effect model was used to analyse the effect of instruments of monetary policy and fiscal policy on the financing decisions of firms. Based on sample of 338 firms, the findings of the study revealed that instruments of monetary policy and fiscal policy do influence the financing decisions of the firm. M2, tax revenue and government debt has a significant effect on the debt ratio of listed firms whereas real interest rate is insignificantly related. Moreover, the relationship between real interest rate, M2 and tax revenue and debt ratio is negative whereas in case of government debt it is positive.

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Shapran, Vitaliy. "Monetary incentives and fiscal policy mutual influence." VUZF Review 6, no. 4 (December 27, 2021): 180–86. http://dx.doi.org/10.38188/2534-9228.21.4.21.

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The article considers the problems and practice of using the tools of monetary and fiscal stimulation of the economy. The main problems of the application of monetary instruments in practice in emerging markets are identified. The author paid special attention to the definition of classical monetary policy instruments and their role in economic growth in emerging markets. Critical assessment of the role of monetary policy instruments in stimulating economic growth is based on the practice of central banks in emerging markets. Recommendations for the analysis of the efficiency of monetary transmission are given. Problems of efficiency of application of fiscal stimulus instruments in emerging markets are raised. The mechanisms of the dependence between fiscal and monetary policies and the strengthening of such dependence in the case of a significant informal sector of the economy and an underdeveloped financial market are demonstrated. The author not only points out the need for coordination in choosing between monetary and fiscal policy but also advocates the idea of having an independent arbitrator between monetary and fiscal authorities in developing countries. The article also focuses on the analyzing algorithm of the use of monetary policy instruments for economic growth effectiveness. The conclusions made in the article will be especially useful for those who are interested in the issue of optimal choice between monetary and fiscal instruments to stimulate economic development in emerging markets.

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Dissertations / Theses on the topic "INSTRUMENTS OF MONETARY POLICY"

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Neyer, Ulrike. "The design of the eurosystem's monetary policy instruments /." Heidelberg [u.a.] : Physica-Verl, 2007. http://swbplus.bsz-bw.de/bsz26625246xcov.htm.

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Marchesini, Camilo. "Optimal Monetary Policy, Macroprudential Instruments, and the Credit Cycle." Thesis, Uppsala universitet, Nationalekonomiska institutionen, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-388488.

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I study optimal monetary and macroprudential policies in a New Keynesian DSGE framework with leverageconstrainedbanks. In particular, I assess the desirability of alternative operational policy rules when theeconomy is hit by mortgage default shocks and show that their implications for inflation dynamics and policytrade-offs depend on whether the shocks originate in the household sector or in the entrepreneurial sector ofthe economy. Moreover, I find that the strategy of ‘leaning against the wind’ (LAW) of credit growth deliverssystematically poorer stabilization outcomes than standard flexible inflation-targeting when there exists anon-trivial trade-off between stabilizing output and inflation, but outperforms conventional monetary policyfor shocks that generate a comovement between the two, irrespective of the real or financial nature of theshock.I show that optimal macroprudential regulation that is as concerned with output as monetary policy candrastically reduce, and in many cases completely eliminate, the incentive to lean against the wind. I arguethat this is due to the ability of full-fledged optimal macroprudential policy to break the favourable complementaritybetween stabilizing credit growth and stabilizing output growth which underlies the incentive tolean against the wind. Macroprudential policy proves a superior substitute to LAW because it can achieve thesame financial stability objectives without systematically imposing costs in terms of price stability.

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Uesugi, Iichiro. "Monetary policy, the banking system, and short-term money instruments /." Diss., Connect to a 24 p. preview or request complete full text in PDF format. Access restricted to UC campuses, 2000. http://wwwlib.umi.com/cr/ucsd/fullcit?p9975049.

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Simpson, A. K. "The instrument problem in monetary policy." Thesis, University of Oxford, 1991. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.305857.

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Geiger, Michael [Verfasser], and Peter [Akademischer Betreuer] Bofinger. "Monetary Policy in China : Institutions, Targets, Instruments and Strategies / Michael Geiger. Betreuer: Peter Bofinger." Würzburg : Universitätsbibliothek der Universität Würzburg, 2012. http://d-nb.info/1021078328/34.

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Picault, Matthieu. "Three essays on the transmission of monetary policy in the euro area." Thesis, Aix-Marseille, 2017. http://www.theses.fr/2017AIXM0136/document.

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Après Septembre 2008, du fait du gel du marché interbancaire, d’un manque de liquidité, d’une perte de confiance et des difficultés des institutions financières, la transmission de la politique monétaire au sein de la zone euro a été sévèrement altérée. La Banque Centrale Européenne (BCE) a donc dû avoir recours à des politiques monétaires non-conventionnelles. En considérant, au sein de la zone euro, les contraintes imposées à la banque centrale et la fragmentation des marchés financiers, l’objectif de cette thèse empirique est d’évaluer les canaux de transmission des politiques monétaires conventionnelles et non-conventionnelles de la BCE. Les comportements de prêts des banques étant liés à leurs coûts de financement, le premier essai se focalise sur le canal de transmission des prêts bancaires. Il étudie l’évolution des activités de prêts syndiqués d’institutions financières européennes et leur réaction aux politiques de la BCE. La communication de la banque centrale revêt une importance toute particulière dans une union monétaire. Les deuxième et troisième essais se concentrent sur le canal des signaux. Le deuxième essai étudie sur la communication durant les conférences de presse mensuelles ainsi que ses effets sur la prévisibilité des décisions de politique monétaire et sur les rendements et la volatilité des marchés financiers. Le dernier essai se focalise sur l’utilisation du guidage des taux d’intérêt futurs, une communication non-conventionnelle informant les marchés du niveau futur des taux d’intérêt de court-terme. Il étudie l’efficacité de cette annonce et sa capacité à influencer les prévisions de taux d’intérêt faites par les acteurs de marché
After September 2008, due to a frozen interbank market, shortage of liquidity, loss of confidence, and collapsing financial institutions, the monetary policy transmission in the euro area was severely impaired. Under thus exceptional circumstances, the European Central Bank (ECB) had to turn to non-standard monetary policy measures. Considering, in the euro area, the constrained range of actions and fragmented financial markets, the objective of this empirical thesis is to assess the transmission channels of ECB standard and non-standard monetary policies and their effects on both financial markets and the economy.As banks’ lending behaviors are related to their financing costs, the first essay focuses on bank lending channel. It studies the evolution of lending activities of European financial institutions on the syndicated loan market and its reaction to the ECB standard and non-standard policies. The communication of the central bank is of utmost importance in a monetary union with heterogeneous, in terms of economic situations and cultures, countries. The second and third essays study the signaling channel of monetary policy. The second essay focuses on the communication during monthly press conferences and their effects on the predictability of monetary policy decisions and on financial markets returns and volatility. The last essay concentrates exclusively on the use of \textit{forward guidance} on interest rate, a non-standard central bank communication providing information on future short-term interest rates. It discusses its effectiveness and ability to lower market participants expected interest rates

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Daudignon, Sandra. "Three essays in monetary and financial economics." Thesis, Paris 1, 2020. http://www.theses.fr/2020PA01E063.

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Le premier chapitre analyse l'impact de la compensation centrale des swaps, obligatoire depuis 2013, sur l'activité de dérivés des banques américaines. Une partie des banques traitées, c'est-à-dire des banques qui ne sont pas éligibles à la « end-user exception », réallouent leur portefeuille en substituant les options de taux d'intérêt OTC aux swaps de taux d'intérêt OTC. Cela suggère que ces banques pourraient se livrer à un arbitrage réglementaire. Le deuxième chapitre incorpore un taux d'intérêt naturel avec tendance stochastique dans un modèle nouveau keynésien et étudie comment cela modifie la politique monétaire optimale. Il montre que des augmentations systématiques du taux d'inflation optimal se justifient en réponse à des chocs négatifs sur le niveau de long terme du taux naturel, une fois que celui-ci passe en dessous de 1 \%. Néanmoins, une règle qui cible un niveau des prix constant continue de fournir une bonne approximation de la politique optimale, tant que le niveau de long terme du taux naturel reste positif. Le troisième chapitre étudie le lien entre l'incertitude microéconomique, définie comme la dispersion des niveaux de productivité idiosyncratique, et l'allocation du crédit entre les firmes. Il analyse l'équilibre d'un marché de la dette garantie où les banques et les investisseurs financiers interagissent en présence de sélection adverse et signalement. Le modèle prédit qu'une augmentation de l'incertitude micro peut générer un changement du régime d'information et se traduire par une contraction du crédit. Dans ce cas, une forte incertitude micro rétablit l'allocation optimale, car les banques ne financent que des projets de bonne qualité
The first chapter analyses the impact of the central clearing requirement for swaps, which entered into force in 2013, on the derivatives activity of US banks. Part of treated banks, ie banks that are not eligible to the "end-user exception", reallocate their portfolio by substituting OTC interest rate swaps (regulated products) for OTC interest rate options (unregulated products). This suggests that these banks might engage in regulatory arbitrage. The second chapter allows for an integrated natural rate of interest in a new Keynesian mode! and studies its implications for optimal monetary policy under commitment. It shows that systematic increases in the optimal rate of inflation become warranted in response to downward shocks to the long-run natural rate, once this drifts below 1%. Nevertheless a constant price level targeting rule of the form put forward in Eggertsson and Woodford (2003) continues providing a good approximation to optimal commitment, as long as the long-run natural rate remains in positive territory. The third chapter investigates the link between micro-uncertainty, defined as the cross sectional dispersion of firms' idiosyncratic productivity, and the allocation of credit across firms. It analyses the equilibrium of a collateralized debt market where banks and financial investors internet in presence of adverse selection and signaling. The mode) predicts that a jump in micro uncertainty may generate a change of the information regime which may translate into a credit crunch. In this case, a high micro uncertainty restores the efficient allocation of credit as banks finance only high quality projects

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Hüfner, Felix. "Foreign exchange intervention as a monetary policy instrument : evidence for inflation targeting countries ; with 23 tables /." Heidelberg : Physica-Verlag, 2004. http://www.loc.gov/catdir/toc/fy044/2004298653.html.

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Zhang, Qiao. "Three essays in monetary economics : central bank transparency and macroeconomic Implications of financial frictions." Thesis, Strasbourg, 2014. http://www.theses.fr/2014STRAB010/document.

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Dans cette thèse, l'objectif de mes recherches, s'inscrivant dans la lignée de la littérature qui donne un rôle prééminent aux intermédiaires financiers dans les modèles macroéconomiques,consiste à comprendre les mécanismes qui ont permis à l'intermédiation financière imparfaite et parfaite d'affecter la dynamique de l'économie et la transmission de la politique monétaire, et de fournir une nouvelle formulation théorique pour l'évaluation de la politique monétaire non conventionnelle. Pour ce faire, j'ai d'abord considéré l'impact de l'intermédiation financière sur l'analyse des effets de la transparence de la banque centrale (chapitre 2). Dans le chapitre 3, je me suis concentré sur le rôle joué par l'intermédiation financière imparfaite et les frictions financières dans la transmission des chocs : par quels mécanismes, la présence d'intermédiaires financiers contraints par leur bilan affecte l'effet des chocs sur la macroéconomie? Enfin, dans le quatrième chapitre, je construis un modèle théorique pour analyser une question importante : le mécanisme de transmission des effets de l'achat à grande échelle de la banque centrale de titres adossés, qui n'a pas été effectué dans la littérature existante
In this dissertation, my research aims at dwelling on the questions, at understanding and explaining -- as a follow of current strand of literature on financial frictions -- the mechanisms that allowed the imperfect and perfect credit intermediation to affect the dynamics of economy and the transmission of monetary policy, and providing a new theoretical formulation for evaluating the unconventional monetary policy. To do this, I first considered the impact of financial intermediation on the analysis of central bank transparency issue (Chapter 2). ln Chapter 3, I focused on the role played by the imperfect financial intermediation/financial frictions in the transmission of shocks : through which mechanisms, do the presence of balance-sheet constraint financial intermediaries affect the effect of shocks on the macroeconomy? Finally, in Chapter 4, 1 construct an theoreticalmodel to analyze an important issue which have net been carried out in existing literature: the transmission mechanism of the central bank's large-scale purchase of mortgage-backed securities. ln this chapter, I first simulated a financial crisis to see if the model is able to replicate some of the most important stylized facts of the Great Recession. Then, basing on the simulated crisis, I examine the efficacy and transmission mechanism of large scale purchases of MBS through comparing these purchases to the purchases of corporate bonds. This experiment is conducted in two credit market configurations, i.e., a partially and a totally segmented credit market. The latter case of market condition is considered by many economists as main obstacle that impedes the nominal functioning of the financial markets. ln this work, we have obtained rich and important findings for guiding the use of unconventional monetary policy. The following parts briefly present the findinqs of the thesis

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Vošková, Martina. "Deflácia a menová politka." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-263838.

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The thesis aims to explain different theoretical approaches to definition of deflation, categorize deflation, define positive and negative connotations typical for each economical school, define the role of monetary policy in relation to price stability and monetary instruments with an emphasis on unconventional. The last part applies theoretical knowledge on Swiss situation, describes the interventions between years 2009 and 2016 and presents their initially predicted and subsequently real, graphically illustrated impact on economy. The theoretical part of diploma concludes that mainstream economy perception is the most suitable for definition of deflation, therefore perceive it as a negative phenomenon and calls for elimination. Each step of SNB monetary policy was controversial. The author opens the question of the necessity of intervention from 2009, explains the reasons of SNB steps from 2011 and exit strategy from 2015. However, the author do not forget on negative connotations. In the final part, thesis outlines the most discussed topics raised by Swiss interventions and opens the topic of negative rates as unconventional monetary instrument.

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Books on the topic "INSTRUMENTS OF MONETARY POLICY"

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Menkhoff, Lukas. Monetary policy instruments for European monetary union. Berlin: Springer, 1997.

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Menkhoff, Lukas. Monetary Policy Instruments for European Monetary Union. Berlin, Heidelberg: Springer Berlin Heidelberg, 1997. http://dx.doi.org/10.1007/978-3-662-03412-5.

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Caprio, Gerard. Monetary policy instruments for developing countries. Washington, DC (1818 H St., NW, Washington 20433): Country Economics Dept., World Bank, 1990.

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Friedman, Benjamin M. Targets and instruments of monetary policy. Cambridge, MA: National Bureau of Economic Research, 1988.

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McCallum, Bennett T. Targets, indicators, and instruments of monetary policy. Cambridge, MA: National Bureau of Economic Research, 1989.

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Atkeson, Andrew. The advantage of transparent instruments of monetary policy. [Minneapolis, MN]: Federal Reserve Bank of Minneapolis, Research Dept., 2001.

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Atkeson, Andrew. The advantage of transparent instruments of monetary policy. Cambridge, MA: National Bureau of Economic Research, 2001.

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The design of the Eurosystems monetary policy instruments. New York, NY: Physica, 2007.

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Baliño, Tomás, Charles Enoch, and William Alexander. The Adoption of Indirect Instruments of Monetary Policy. Washington, D.C.: International Monetary Fund, 1995. http://dx.doi.org/10.5089/9781557754899.084.

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La politique monétaire: Institutions, instruments et mécanismes. Paris: Lavoisier, 2011.

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Book chapters on the topic "INSTRUMENTS OF MONETARY POLICY"

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Herger, Nils. "Monetary-Policy Instruments." In Understanding Central Banks, 65–82. Cham: Springer International Publishing, 2019. http://dx.doi.org/10.1007/978-3-030-05162-4_4.

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Fisher, Douglas. "Objectives, Instruments, Targets and Indicators." In Monetary and Fiscal Policy, 226–59. London: Palgrave Macmillan UK, 1988. http://dx.doi.org/10.1007/978-1-349-05733-7_7.

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Chandavarkar, Anand. "Monetary Policy: Instruments and Issues." In Central Banking in Developing Countries, 29–57. London: Palgrave Macmillan UK, 1996. http://dx.doi.org/10.1057/9780230371507_3.

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Schmid, Peter. "Monetary Policy: Targets and Instruments." In Inside the Bundesbank, 32–44. London: Palgrave Macmillan UK, 1998. http://dx.doi.org/10.1007/978-1-349-26476-6_4.

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Wehner, Burkhard. "New Instruments for Monetary Policy." In Towards the Next Revolution in Central Banking, 37–48. Cham: Springer International Publishing, 2021. http://dx.doi.org/10.1007/978-3-030-85766-0_3.

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Menkhoff, Lukas. "Measuring the instruments against the goals." In Monetary Policy Instruments for European Monetary Union, 41–120. Berlin, Heidelberg: Springer Berlin Heidelberg, 1997. http://dx.doi.org/10.1007/978-3-662-03412-5_3.

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Bindseil, Ulrich, and Alessio Fotia. "Unconventional Monetary Policy." In Introduction to Central Banking, 53–65. Cham: Springer International Publishing, 2021. http://dx.doi.org/10.1007/978-3-030-70884-9_4.

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AbstractThis chapter introduces the reader to unconventional monetary policy, i.e. monetary policy using instruments going beyond the steering of short-term interest rates as described in the previous chapter. We start by providing the rationale of unconventional monetary policy, i.e. essentially pursuing an effective monetary policy when conventional policies are not able to provide the necessary monetary accommodation because of the zero lower bound. We then discuss negative interest rate policies, and explain why rates slightly below zero have proven to be feasible despite the existence of banknotes. We also discuss possible unintended side-effects of negative interest rates. We continue with a discussion of non-conventional credit operations: lengthening of their duration, the use of fixed-rate full allotment, the widening of the access of counterparties to the central bank’s credit operation, targeted operations, credit in foreign currency, and widening the collateral set. Finally, we turn to the purposes and effects of securities purchase programmes. We end the chapter by revisiting the classification of central bank instruments in three categories: conventional, unconventional, and lender of last resort.

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Menkhoff, Lukas. "Introduction." In Monetary Policy Instruments for European Monetary Union, 1–6. Berlin, Heidelberg: Springer Berlin Heidelberg, 1997. http://dx.doi.org/10.1007/978-3-662-03412-5_1.

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Menkhoff, Lukas. "The monetary policy instruments of the European Central Bank." In Monetary Policy Instruments for European Monetary Union, 7–39. Berlin, Heidelberg: Springer Berlin Heidelberg, 1997. http://dx.doi.org/10.1007/978-3-662-03412-5_2.

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Menkhoff, Lukas. "Discussion of alternative concepts." In Monetary Policy Instruments for European Monetary Union, 121–33. Berlin, Heidelberg: Springer Berlin Heidelberg, 1997. http://dx.doi.org/10.1007/978-3-662-03412-5_4.

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Conference papers on the topic "INSTRUMENTS OF MONETARY POLICY"

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Trung, Bui Thanh. "Measuring monetary policy in emerging economies." In The European Union’s Contention in the Reshaping Global Economy. Szeged: Szegedi Tudományegyetem Gazdaságtudományi Kar, 2020. http://dx.doi.org/10.14232/eucrge.2020.proc.5.

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Measuring the stance of monetary policy is of importance for the analysis and implementation of monetary policy. The existence of multiple instrument framework as well as the significance of the interest rate and exchange rate channel in emerging economies imply that monetary condition index can play an important role in evaluating whether monetary policy is restrictive or expansive in these economies. In this paper, we use the VAR model to evaluate the role of monetary condition index as an overall measure of monetary policy in emerging economies. The weight of components of monetary condition index is derived from the inflation equation in the VAR estimation. The empirical results suggest that a contraction in monetary policy causes a reduction in inflation. The finding implies that monetary condition index is a useful indicator that can predict the stance of monetary policy and predict the trend of inflation in emerging economies.

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Tufaner, Mustafa Batuhan, Kamil Uslu, and İlyas Sözen. "The Effect of the Interest Rate Corridor Implementation to Central Bank Policies." In International Conference on Eurasian Economies. Eurasian Economists Association, 2016. http://dx.doi.org/10.36880/c07.01666.

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Central banks fulfill missions like financing governments, contributing the improvement of the financial market and implement monetary policy. Because of these important functions, instruments of the central bank has become a subject of ongoing debate over the years. The Central Bank's monetary policies instruments are important in terms of achieving the set macroeconomics targets. In recent years to become a major focus of attention of the interest rate corridor instrument has led to examine the structure of the central banks. The interest rate corridor primarily, provides flexibility advantages through interest rate to the central banks. The opinion that the central banks which have a flexible structure are more successful on ensuring the price stability and implementing macro policies with evading the political effects became stronger. In this context, in this study to examine the contributions of a flexible central bank to price stability and financial stability. In this bulletin different policy instruments of central banks are compared and critically assessed various determinants of central bank flexibility. In addition, comparing of the legislation of major central banks and various interest rate corridor implementations are examined.

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3

Cui, Chang. "Identification of the Dynamic Effect of Monetary Policy Instruments Shocks Based on SVAR Model." In 2009 International Conference on Computational Intelligence and Software Engineering. IEEE, 2009. http://dx.doi.org/10.1109/cise.2009.5364932.

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4

Kaya, Zekayi, and Erkan Tokucu. "Developments in Monetary Policies before and after the Recent Financial Crisis and the Change in the Role of Central Banks." In International Conference on Eurasian Economies. Eurasian Economists Association, 2014. http://dx.doi.org/10.36880/c05.00899.

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During the historical process, application of the monetary policies and the roles of the central banks have changed within the framework of the developments in the world economy, problems encountered and the economic policies as a solution to these problems. The financial crises after 1990 and the recent financial crisis as the biggest experienced one after 1930s, caused an increase in the importance of the task of providing financial stability besides price stability and in this context in the function of “lender of last resort” of the central bank. The crisis required using new policy instruments in addition to interest rate instrument which was not sufficient enough in providing financial stability and the roles of the central banks in providing financial stability changed. In this study, applications of monetary policies and the changing role of the central banks will be examined. Within this framework, traditional and non-traditional instruments will be explained and the problems that can be confronted by a central bank when providing price stability besides financial stability will be remarked.

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5

Bracanović, Slobodan N. "SOME FACTORS OF CONTEMPORARY FINANCIAL BUSINESS OPERATIONS." In Sixth International Scientific-Business Conference LIMEN Leadership, Innovation, Management and Economics: Integrated Politics of Research. Association of Economists and Managers of the Balkans, Belgrade, Serbia, 2020. http://dx.doi.org/10.31410/limen.2020.207.

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Contemporary forms of funding business entities are developed. Financial instruments of the capital market are built. Optimal financial strategies and tactical-operational activities are a necessity. Financial managerial management and decision-making structures are of special significance. Financial capital is dominant in contemporary conditions. A credit-monetary policy is an important economic policy system.

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Utami, Eka Febrianti. "The Role of Monetary and Macroprudential Policy Instruments on Macroeconomic Stability in Southeast Asian Countries." In International Conference on Management, Business, and Technology (ICOMBEST 2021). Paris, France: Atlantis Press, 2021. http://dx.doi.org/10.2991/aebmr.k.211117.001.

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Syarifuddin, Ferry. "Monetary Policy Response on Exchange Rate Dynamics: The Case of Indonesia." In International Conference on Eurasian Economies. Eurasian Economists Association, 2017. http://dx.doi.org/10.36880/c08.01829.

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Bank Indonesia has been implementing Enhanced Inflation Targeting Framework (EITF) since few years ago. The main monetary instrument is short term policy interest rate. The policy interest rate, in this regard, may also have significant role in driving the exchange rate to its desired level. Setting appropriate the interest rate to drive the exchange rate is important to drive the actual inflation to its official target. In order to see the response of policy interest rate to exchange rate dynamics as well as the impact of exchange-rate dynamics to macroeconomic indicators, Structural Co-integrating Vector Auto Regression (SC-VAR) in an open economy model, is implemented. Its finding shows that exchange rate dynamic of USD/IDR has significantly positive relationship with domestic interest rate. The increase of the USD/IDR (depreciation) will then push domestic interest rate to increase.

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Cecrdlova, Andrea. "THE FOREIGN EXCHANGE INTERVENTIONS OF THE CNB AS AN UNCONVENTIONAL INSTRUMENT OF MONETARY POLICY." In 10th Economics & Finance Conference, Rome. International Institute of Social and Economic Sciences, 2018. http://dx.doi.org/10.20472/efc.2018.010.007.

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Shifa, Mutiara, Dede Ruslan, and Fitrawaty. "Analysis the Effect of Dual Monetary Policy Instrument on Index Industrial Productial in Indonesia." In Unimed International Conference on Economics Education and Social Science. SCITEPRESS - Science and Technology Publications, 2018. http://dx.doi.org/10.5220/0009494203980406.

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Ganiev, Junus, Damira Baigonushova, and Nevin Aydın. "The Relationship between Exchange Rate, Official Reserves and Money Supply in Kyrgyzstan." In International Conference on Eurasian Economies. Eurasian Economists Association, 2017. http://dx.doi.org/10.36880/c08.01836.

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In recent years, there has been considerable instability in the exchange rates of many countries. This can directly affect macroeconomic stability on one side and monetary policy or rather money supply on the other. Because central banks are making interventions to the foreign exchange market by buying and selling foreign exchange in order to provide stability of exchange rate. As a result, both the official reserves and the money supply are constantly changing. Since Kyrgyzstan is a country dependent on imports in most commodities, the Central Bank of the Kyrgyz Republic sees the exchange rates’ stability as an important instrument of price stabilizing. However, such a policy may deteriorate the stability of the total money supply and adversely affect the economy. Therefore, in this study, it is aimed to examine the relations between exchange rate, money supply and official reserves by using 2002-2016 monthly data and cointegration method. Empirical results have shown that a change in the exchange rate causes opposite changes in both the reserves and the money supply as a result of the central bank’s interventions. However, more concrete recommendations on the effectiveness of monetary policy in Kyrgyzstan are required to make more detailed analysis.

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Reports on the topic "INSTRUMENTS OF MONETARY POLICY"

1

Friedman, Benjamin. Targets and Instruments of Monetary Policy. Cambridge, MA: National Bureau of Economic Research, July 1988. http://dx.doi.org/10.3386/w2668.

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McCallum, Bennett. Targets, Indicators, and Instruments of Monetary Policy. Cambridge, MA: National Bureau of Economic Research, July 1989. http://dx.doi.org/10.3386/w3047.

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Atkeson, Andrew, and Patrick Kehoe. The Advantage of Transparent Instruments of Monetary Policy. Cambridge, MA: National Bureau of Economic Research, December 2001. http://dx.doi.org/10.3386/w8681.

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Hamilton, James. Perspectives on U.S. Monetary Policy Tools and Instruments. Cambridge, MA: National Bureau of Economic Research, May 2019. http://dx.doi.org/10.3386/w25911.

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Fair, Ray. Optimal Choice of Monetary Policy Instruments in a Macroeconometric Model. Cambridge, MA: National Bureau of Economic Research, February 1987. http://dx.doi.org/10.3386/w2150.

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McCallum, Bennett T., and Edward Nelson. Targeting vs. Instrument Rules for Monetary Policy. Federal Reserve Bank of St. Louis, 2004. http://dx.doi.org/10.20955/wp.2004.011.

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McCallum, Bennett, and Edward Nelson. Targeting vs. Instrument Rules for Monetary Policy. Cambridge, MA: National Bureau of Economic Research, July 2004. http://dx.doi.org/10.3386/w10612.

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Atkeson, Andrew, V. Chari, and Patrick Kehoe. On the Optimal Choice of a Monetary Policy Instrument. Cambridge, MA: National Bureau of Economic Research, September 2007. http://dx.doi.org/10.3386/w13398.

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Curdia, Vasco, and Michael Woodford. The Central-Bank Balance Sheet as an Instrument of Monetary Policy. Cambridge, MA: National Bureau of Economic Research, July 2010. http://dx.doi.org/10.3386/w16208.

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López-Piñeros, Martha Rosalba, Norberto Rodríguez-Niño, and Miguel Sarmiento. Política monetaria y flujos de portafolio en una economía de mercado emergente. Banco de la República de Colombia, May 2022. http://dx.doi.org/10.32468/be.1200.

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Portfolio flows are an important source of funding for both private and public agents in emerging market economies. In this paper, we study the influence of changes in domestic and US monetary policy rates on portfolio inflows in an emerging market economy and discriminate among fixed income instruments (government securities and other corporate bonds) and variable income instruments (shares). We employ monthly data on portfolio inflows of non-residents in Colombia during the period 2011-2020 and identify the monetary policy shocks using a SVAR model with long-run restrictions. We find a positive and statistically significant response of portfolio inflows in government securities and corporate bonds to changes in both domestic and US monetary policy rates. Portfolio inflows in the stock market react more to changes in the inflation rate and do not react to changes in monetary policy rates. Our findings are consistent with the predictions of the interest rate channel and reestablish the predominant role of inflation rate in driving portfolio inflows. The results suggest that domestic and US monetary policy actions have an important effect on the behavior of portfolio inflows in emerging economies.

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