Journal articles: 'Monetary environment'

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Hammami, Yacine. "Monetary environment and market inefficiency." International Journal of Monetary Economics and Finance 5, no. 1 (2012): 24. http://dx.doi.org/10.1504/ijmef.2012.044465.

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Mitsui, Toshihide, and Shinichi Watanabe. "Monetary growth in a turnpike environment." Journal of Monetary Economics 24, no. 1 (1989): 123–37. http://dx.doi.org/10.1016/0304-3932(89)90020-2.

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French, Doug. "The dutch monetary environment during tulipmania." Quarterly Journal of Austrian Economics 9, no. 1 (2006): 3–14. http://dx.doi.org/10.1007/s12113-006-1000-6.

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Kolios, Bill. "Australian household debt and the macroeconomic environment." Journal of Economic Studies 48, no. 1 (2020): 21–34. http://dx.doi.org/10.1108/jes-10-2019-0460.

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PurposeThis paper aims to investigate the effect of labour market conditions and monetary policy on households' attitude towards debt in the Australian context.Design/methodology/approachIn doing so, household debt is categorised into housing, and consumer debt and the relationship is empirically tested through the use of a vector error correction model.FindingsConsumer debt is found to be highly dependent on consumption with employment income and unemployment having a statistically insignificant effect, whilst monetary policy showing an inverse relation to consumer debt. The findings suggest that household consumption appears to be the primary determinant for consumer debt, which then behaves as a wage substitute. In terms of housing debt, income and monetary policy positively affect households' decisions with consumption and unemployment having a negative impact on the level of housing debt. The empirical results suggest that housing debt behaves as a proxy for household investment.Originality/valueThis paper empirically investigates the impact of selected macroeconomic variables on housing and personal debt separately. The findings suggest that monetary policy and labour market conditions have different impacts on the two separate debt types.

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Bernanke, Ben S., and Jean Boivin. "Monetary policy in a data-rich environment." Journal of Monetary Economics 50, no. 3 (2003): 525–46. http://dx.doi.org/10.1016/s0304-3932(03)00024-2.

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Faria, João Ricardo. "Environment, growth and fiscal and monetary policies." Economic Modelling 15, no. 1 (1998): 113–23. http://dx.doi.org/10.1016/s0264-9993(97)00016-3.

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Felices, Guillermo, and Vicente Tuesta. "Monetary policy in a dual currency environment." Applied Economics 45, no. 34 (2013): 4739–53. http://dx.doi.org/10.1080/00036846.2013.804165.

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Varlik, Serdar, and M. Hakan Berument. "Monetary policy under a multiple‐tool environment." Bulletin of Economic Research 72, no. 3 (2019): 225–50. http://dx.doi.org/10.1111/boer.12219.

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Shirai, Sayuri. "Japan’s monetary policy in a challenging environment." Eurasian Economic Review 4, no. 1 (2014): 3–24. http://dx.doi.org/10.1007/s40822-014-0006-1.

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Hodula, Martin, and Lukáš Pfeifer. "Fiscal-Monetary-Financial Stability Interactions in a Data-Rich Environment." Review of Economic Perspectives 18, no. 3 (2018): 195–224. http://dx.doi.org/10.2478/revecp-2018-0012.

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Abstract In this paper, we shed some light on the mutual interplay of economic policy and the financial stability objective. We contribute to the intense discussion regarding the influence of fiscal and monetary policy measures on the real economy and the financial sector. We apply a factor-augmented vector autoregression model to Czech macroeconomic data and model the policy interactions in a data-rich environment. Our findings can be summarized in three main points: First, loose economic policies (especially monetary policy) may translate into a more stable financial sector, albeit only in the short term. In the medium term, an expansion-focused mix of monetary and fiscal policy may contribute to systemic risk accumulation, by substantially increasing credit dynamics and house prices. Second, we find that fiscal and monetary policy impact the financial sector in differential magnitudes and time horizons. And third, we confirm that systemic risk materialization might cause significant output losses and deterioration of public finances, trigger deflationary pressures, and increase the debt service ratio. Overall, our findings provide some empirical support for countercyclical fiscal and monetary policies.

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Cagan, Phillip, and William G. Dewald. "Monetary Policy in a Changing Financial Environment: Introduction." Journal of Money, Credit and Banking 17, no. 4 (1985): 565. http://dx.doi.org/10.2307/1992589.

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BOUTROS, MICHAEL, and JONATHAN WITMER. "Monetary Policy Implementation in a Negative Rate Environment." Journal of Money, Credit and Banking 52, no. 2-3 (2019): 441–70. http://dx.doi.org/10.1111/jmcb.12605.

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Pierce, Thomas J., and Ken Rebeck. "SHORT-RUN MONETARY POLICY AND THE MACROECONOMIC ENVIRONMENT." Contemporary Economic Policy 19, no. 4 (2001): 434–43. http://dx.doi.org/10.1093/cep/19.4.434.

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Bernanke, Ben S., Michael T. Kiley, and John M. Roberts. "Monetary Policy Strategies for a Low-Rate Environment." AEA Papers and Proceedings 109 (May 1, 2019): 421–26. http://dx.doi.org/10.1257/pandp.20191082.

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In low-rate environments, policy strategies that involve holding rates “lower for longer” (L4L) may mitigate the effects of the effective lower bound (ELB). However, these strategies work in part by managing the public's expectations, which is not always realistic. Using the Fed's large-scale macroeconometric model, we study the effectiveness of L4L policies when financial market participants are forward-looking but other agents are not. We find that the resulting limited ability to manage expectations reduces but does not eliminate the advantages of L4L policies. The best policies provide adequate stimulus at the ELB while avoiding sizable overshoots of inflation and output.

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Monacelli, Tommaso. "Monetary Policy in a Low Pass-Through Environment." Journal of Money, Credit, and Banking 37, no. 6 (2005): 1047–66. http://dx.doi.org/10.1353/mcb.2006.0007.

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Reinhart, Vincent. "Monetary Policy in a Low‐Interest‐Rate Environment." NBER International Seminar on Macroeconomics 6, no. 1 (2009): 346–53. http://dx.doi.org/10.1086/648714.

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Lastauskas, Povilas, and Julius Stakėnas. "Labor market reforms and the monetary policy environment." European Economic Review 128 (September 2020): 103509. http://dx.doi.org/10.1016/j.euroecorev.2020.103509.

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Blanchard, Olivier J., and Lawrence H. Summers. "Automatic Stabilizers in a Low-Rate Environment." AEA Papers and Proceedings 110 (May 1, 2020): 125–30. http://dx.doi.org/10.1257/pandp.20201075.

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In a world where monetary policy cannot assume responsibility for stabilization policy, there is a strong need for fiscal policy to address stabilization issues. In this context, we argue for “semi-automatic stabilizers,” aimed at reducing unemployment slumps rather than output recessions. We show that the hole left by the limits on monetary policy implies a large role for fiscal policy in general and for semi-automatic stabilizers in particular. Finally, we argue that the design of stabilizers, whether they focus on mechanisms that rely primarily on income or on intertemporal substitution effects, depends crucially on the general design of discretionary policy.

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Mahmood, Saima, and Asad Zaman. "Monetary and Non-monetary Gift Exchange." Pakistan Development Review 49, no. 4II (2010): 719–40. http://dx.doi.org/10.30541/v49i4iipp.719-740.

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A standard labour contract has two important components, agreed upon wage from principal and efforts that in return is provided by agent. On one hand both principal and agent have full knowledge of wage, while information on provided effort level is always incomplete due to its abstract nature. Principal can only observe output of agent, which is joint function of effort, skill level and work environment [Green (1992)]. Assuming economic agents strictly follow their material gain, the game theoretic model predicts that agent will utilise minimum possible effort level. Similarly, the principal will pay minimum wages, since additional wages cannot extract additional effort. In contrast, the gift exchange model (GEM) is based on the critical assumption that reciprocal behaviour creates a positive relationship between wages and workers‘ effort levels [Akerlof (1982, 1984)]. Workers are assumed to reciprocate higher wage levels from firms by increasing their effort (positive reciprocity) and /or by decreasing their effort in retaliation for low wage (negative reciprocity). In labour market as partial gift exchange, the loyalty of workers is exchanged for higher wage, and this loyalty then can be translated to higher productivity through effective management. Experimental evidence has supported the reciprocity hypothesis both in laboratory [Fehr and Falk (2008); Fehr, et al. (1993); Fehr and Tougareva (1995); Fehr and Falk (1999); Fehr, et al. (1998); Fehr, Gächter, and Kirchsteiger (1997)] and in the field [Falk (2007); Henning- Schmidt, et al. (2005); Bellemare and Shearer (2007)].

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WANG, Rui. "Estimating the Monetary Policy Measures of Japan in Shadow/ZLB Term Structure Model." Applied Economics and Finance 6, no. 6 (2019): 126. http://dx.doi.org/10.11114/aef.v6i6.4577.

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In this paper, we follow the estimation methodology proposed by Krippner (2015) and use Japanese government bond yield curve data to estimate a shadow/ZLB term structure model. This model provides three estimated monetary policy measures, SSR, ETZ and EMS, which can be used to gauge the stance of monetary in a consistent way in both ZLB and non-ZLB environment. Japan has experienced a long period of the ZLB since 1999. The policy rate has already lost its function as an appropriate quantitative measure of monetary policy. The SSR estimated from the shadow/ZLB term structure model can evolve to negative level in the ZLB environment and provide consistent view of the stance of monetary policy as the positive short policy interest rate dose in the normal non-ZLB environment. The ETZ answers the question that how long the short interest rate will be expected to be restricted by the ZLB, which can be useful for the central bank as a reference for exit strategy of unconventional monetary easing or forward guidance on public expectation formation. The EMS measures the stance of monetary policy, relatively tight or relatively loose, in a consistent and comparable way under both ZLB and non-ZLB environment. The analysis shows that all three measures exhibit very good traceability of monetary policy in Japan, which can also be used as the proxy variables for the stance of monetary policy in other econometric procedures for policy evaluation.

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Kozetinac, Gradimir. "The role of money in monetary policy design of modern central banks." Medjunarodni problemi 59, no. 4 (2007): 560–78. http://dx.doi.org/10.2298/medjp0704560k.

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This paper considers the role of money, particularly the role of monetary analysis in monetary policy-making. During the last three decades, many central banks changed their monetary policy considerably. In the late 1970s money and the long-run effects of its movements on inflation were in the center-stage of economic policy. Given the breakdown of the relationship between monetary aggregates and goal variables such as inflation, many countries in the world have recently adopted inflation targeting as their monetary policy regime. The direct control of money supply lost importance. Central bankers operate in an environment of high uncertainty regarding the functioning of the economy. In such a complex environment, a single model or a limited set of indicators is not a sufficient guide for monetary policy. Monetary aggregates continue to be an important indicator variable concludes the author.

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Latsos, Sophia, and Gunther Schnabl. "Determinants of Japanese Household Saving Behavior in the Low-Interest Rate Environment." Economists’ Voice 18, no. 1 (2021): 81–99. http://dx.doi.org/10.1515/ev-2021-0005.

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Abstract This paper scrutinizes the role of prolonged, expansionary monetary policy on the saving behavior of Japanese households, focusing on the dramatic change of the household savings rate since 1998, from high to low saving. The literature generally attributes this change to the country’s shift from high-growth to low-growth and its demographic change. This paper empirically examines changes in the incentives for saving and the ability to save connected to monetary policy. It finds that monetary policy had a significant impact on Japan’s household saving behavior via the interest rate channel but not the labor income channel. There is also evidence that rising government deficits come along with declining household saving and that rising wealth boosts saving.

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Hanif, Muhammad Nadim. "Central Banking and Monetary Management in Islamic Financial Environment." Journal of Independent Studies and Research-Management, Social Sciences and Economics 8, no. 2 (2010): 57–68. http://dx.doi.org/10.31384/jisrmsse/2010.08.2.5.

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Triandhari, Risna, Sugiharso Safuan, M. Syamsudin, and Halim Alamsyah. "Optimal Monetary and Macroprudential Policies Under Risk Taking Environment." EUROPEAN RESEARCH STUDIES JOURNAL XX, Issue 4B (2017): 211–26. http://dx.doi.org/10.35808/ersj/886.

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Guthrie, Cynthia P., and Eileen Z. Taylor. "Whistleblowing on Fraud for Pay: Can I Trust You?" Journal of Forensic Accounting Research 2, no. 1 (2017): A1—A19. http://dx.doi.org/10.2308/jfar-51723.

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ABSTRACT The SEC whistleblower bounty program's effectiveness in increasing external reports of illegal acts suggests that employers might increase internal whistleblowing by offering monetary awards. We propose and test a model that explores how monetary incentives affect trust, and ultimately whistleblowing intent, in both high and low retaliation threat environments. Results of a 2 (high/low retaliation threat) × 2 (money/no money) experimental study of 295 U.S. adults confirm that low (high) retaliation threat positively (negatively) relates to whistleblowing intent, mediated by trust. Monetary incentives moderate the relationship between retaliation threat and trust such that when retaliation threat is low, money increases organizational trust, leading to higher whistleblowing intent, but when retaliation threat is high, monetary incentives do not significantly influence trust. We also find that in a high retaliation threat environment with monetary incentives present, intrinsically motivated individuals report significantly lower levels of trust compared to trust levels reported by extrinsically motivated individuals. Our findings help managers understand how and when monetary incentives may be effective in increasing internal whistleblowing. Data Availability: Data are available from the first author.

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Breitfuß, Sebastian, Florian Huber, and Martin Feldkircher. "Changes in US Monetary Policy and Its Transmission over the Last Century." German Economic Review 20, no. 4 (2019): 447–70. http://dx.doi.org/10.1111/geer.12154.

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Abstract In this paper, we investigate US monetary policy and its time-varying effects over more than 130 years. For that purpose, we use a Bayesian time-varying parameter vector autoregression that features modern shrinkage priors and stochastic volatility. Our results can be summarized as follows: First, we find that monetary policy transmits jointly through the interest rate, credit/bank lending and wealth channels. Second, we find evidence for changes of both responses to a monetary policy shock and volatility characterizing the macroeconomic environment. Effects on the macroeconomy are significantly lower in the period from 1960 to 2013 than in the early part of our sample, whereas responses of short- and long-term interest rates are nearly unaltered throughout the sample. Changes in the way the Fed conducts monetary policy and different economic environments may account for that.

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Machado, Luciana Maia Campos, and William Eid. "Are academic studies reliable in Brazil? Financial variables in an inflationary environment." Independent Journal of Management & Production 10, no. 2 (2019): 459. http://dx.doi.org/10.14807/ijmp.v10i2.851.

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After the stabilization of inflation rates in Brazil, Monetary Correction for financial data was extinguished. Since then, the distinct reflections of prices variations on monetary and non-monetary variables presented on balance sheets are no longer considered. From 2004 to 2013, however, the cumulative inflation reaches 226%. In this situation, questions about the reliability of the greatest tools we have in the finance research world - financial data of companies - emerges. This work compared financial indicators and empirical models built with data adjusted for inflation and original data issued by firms. A database of 143 Brazilian companies traded on Bovespa were adjusted for inflation, from 2004 to 2013, on the precepts of the extinct Monetary Correction. We obtained two different samples: the first containing financial data adjusted for inflation and the second corporate data originally released. Statistical tests showed that financial indicators such as ROI, Asset Turnover, Debt and Market-to-book are significantly higher when we do not consider the effects of inflation. In addition, the panel regression models, when adjusted, had higher predictable power (greater R²) and representative changes of significance on the variables and coefficients. The results indicated that inflation is essential in the analysis of financial data and must be considered in the preparation of reliable databases, although assumed as stable in recent years.

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Mahmood, Haider, Anass Hamadelneel Adow, Muzafar Abbas, Asim Iqbal, Muntasir Murshed, and Maham Furqan. "The Fiscal and Monetary Policies and Environment in GCC Countries: Analysis of Territory and Consumption-Based CO2 Emissions." Sustainability 14, no. 3 (2022): 1225. http://dx.doi.org/10.3390/su14031225.

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Expansionary monetary and fiscal policies are necessary for economic and environmental development. The present research studies the impact of monetary policy and fiscal policy on Territory-Based CO2 (TBC) and Consumption-Based CO2 (CBC) emissions in Gulf Cooperation Council (GCC) economies from 1990–2019. The cointegration is corroborated through various tests, and long-term relationships are found in both TBC and CBC models. Government expenditures have long-term positive effects on both TBC and CBC emissions and short-term positive effects on TBC emissions in the region. Money supply negatively affects the TBC and CBC emissions in the long run and positively affects TBC and CBC emissions in the short run. Hence, monetary policy needs a long time to have positive ecological effects in the GCC region. Moreover, fiscal policy in both the long and short run and monetary policy in the short run have scale effects in GCC economies. Therefore, we recommend reducing fiscal measures and encouraging monetary policy in the long run to have positive environmental outcomes in the region.

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Mangla, Inayat U., and Muslehud Din. "The Impact of the Macroeconomic Environment on Pakistan’s Manufacturing Sector." LAHORE JOURNAL OF ECONOMICS 20, Sspecial Edition (2015): 241–60. http://dx.doi.org/10.35536/lje.2015.v20.isp.a11.

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This paper analyzes the impact of the macroeconomic environment on Pakistan’s manufacturing sector, emphasizing in particular the role of fiscal and monetary policies in shaping incentives for industrial investment. Arguably, Pakistan’s macroeconomic fundamentals in the last two decades have remained fragile, resulting in severe macroeconomic imbalances that have contributed to macroeconomic instability and hampered private investment in aggregate as well as in the manufacturing sector. Furthermore, macroeconomic stabilization policies have often failed to produce the desired results owing to the lack of coordination between monetary and fiscal policies. Pakistan’s economy has thus lived on borrowed money and time and on rent-seeking behavior. Although some recent macroeconomic indicators have improved slightly, fundamental weaknesses remain. In particular, the recent improvement in the current account deficit was driven largely by the high inflow of remittances, coupled with financial engineering such as loan payments from the International Monetary Fund, “friendly” money, European Union bonds, and Islamic sukuk. It is imperative to think about the consequences of a leveraged reliance on remittances in the aftermath of falling oil prices and global deflation. Prudent macroeconomic management aimed at consolidating public finances and controlling inflationary pressures is essential to boost industrial investment and yield sustainable growth.

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Myskiv, Galina, Nazarii Grygoryshyn, and Olha Levytska-Revutska. "Efficiency of Ukraine’s monetary policy in the context of achieving monetary security." Zeszyty Naukowe Wyższej Szkoły Bankowej w Poznaniu 92, no. 1 (2021): 13–31. http://dx.doi.org/10.5604/01.3001.0014.9150.

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The article explores the effectiveness of monetary policy by identifying its main criteria and analyzing indicators of monetary security. The authors draw conclusions about the state of monetary policy and its impact on Ukraine’s economic security. The analysis indicates that the country’s monetary policy is sufficiently effective to achieve the monetary goals and guarantee economic security. Four groups of monetary threats to economic security were identified, related to monetary policy, banking, investment and institutional environment, which were rated on a scale from 0 to 5 for 2010, 2015 and 2020. At the beginning of 2020 Ukraine’s economic security was mainly threatened by excessive dollarization of the economy and a small share of long-term loans in all total loans granted by banks. The authors argue that effective monetary policy at the present stage should focus on stabilizing, modernizing and restructuring the industry.

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Praščević, Aleksandra, and Milutin Ješić. "Modeling Macroeconomic Policymakers’ Interactions under Zero Lower Bound Environment: The New Keynesian Theoretical Approach." Journal of Central Banking Theory and Practice 8, no. 1 (2019): 5–38. http://dx.doi.org/10.2478/jcbtp-2019-0001.

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Abstract The paper examines how the implicit coordination mechanisms between the policymakers could help in overcoming negative macroeconomic consequences which are provoked by the problem of zero lower bound (ZLB) on the nominal interest rates. For the long period of time, before the global recession started, the ZLB problem was not found to be interesting for researchers. Immediately after the crisis outbreak, more attention was put on that problem within different approaches since conventional monetary policy faced substantial limitation in overcoming business cycles. Many authors have proposed new unconventional measures in both monetary policy and fiscal policy sphere. The theoretical approaches to the ZLB problem include many different aspects. In the paper we chose to use regime switching models adjusted to simulate occasionally binding constraints in order to investigate different scenarios within the New Keynesian framework. We found that coordination between more passive monetary policymaker and more active fiscal policymaker is crucial in the ZLB environment. Central bank has to follow monetary policy rule in which both inflation stabilization and output stabilization have certain positive weight. However, credible policy-making which is supported by the relevant institutions is a necessary precondition for implicit coordination, which substantially decrease the losses occurred as a consequence of ZLB on interest rates.

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Brink, Alisa G., D. Jordan Lowe, and Lisa M. Victoravich. "The Public Company Whistleblowing Environment: Perceptions of a Wrongful Act and Monetary Attitude." Accounting and the Public Interest 17, no. 1 (2017): 1–30. http://dx.doi.org/10.2308/apin-51681.

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ABSTRACT The passage of the Sarbanes-Oxley (SOX) and Dodd-Frank Acts created a unique environment for whistleblowing at public companies. SOX requires public companies to establish anonymous reporting channels, and Dodd-Frank outlines substantial monetary incentives for reporting securities law violations directly to the SEC. In response to these provisions, this study examines whether the type of securities law violation (fraudulent financial reporting versus insider trading), individuals' psychological assessments of the wrongdoing, and individuals' monetary attitude influence intentions to report to an internal hotline and to the SEC. We find internal reporting is driven by increased perceptions of responsibility to report a wrongful act, whereas external reporting to the SEC is driven by increased perceptions of seriousness regarding the wrongful act. Finally, we find that individuals' attitude toward money explains reporting intentions; however, we do not find any evidence that monetary attitude leads to increased reporting to the SEC. Data Availability: Data used in this study are available from the authors upon request.

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Garcia-Feijoo, Luis, and Gerald R. Jensen. "THE MONETARY ENVIRONMENT AND LONG-RUN REVERSALS IN STOCK RETURNS." Journal of Financial Research 37, no. 1 (2014): 3–26. http://dx.doi.org/10.1111/jfir.12026.

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Pill, Huw. "Monetary Policy in a Low‐Interest‐Rate Environment: A Checklist." NBER International Seminar on Macroeconomics 6, no. 1 (2009): 335–45. http://dx.doi.org/10.1086/648713.

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Deekor, LeeLee N. "Impact of Monetary Policy Shocks on Macroeconomic Fundamentals: The Role of Asymmetry and Uncertainty in Nigeria." Advances in Social Sciences Research Journal 6, no. 11 (2019): 110–29. http://dx.doi.org/10.14738/assrj.611.7235.

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That monetary policy is made in an environment of substantial uncertainty is only a commonplace knowledge. But for the peculiar vulnerability of monetary authorities to exogenous conditions in developing economies, we hypothesized for the role of uncertainty in the asymmetry effect of monetary policy. Essentially, we explore both money supply and interest rate process using linear and non-linear ARDL to show that political pressure such as variability in government borrowing has the potential to accelerate the asymmetry effect of monetary policy. We also observe the asymmetry effect of monetary policy to be sensitive to the choice of monetary policy indicator. These findings suggest that monetary authorities must consider not only the effectiveness or otherwise of monetary policy instruments to affect the target policy goals, but also the fact that not all the target variables react in a similar way to expansionary and contractionary monetary policy shocks.

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Neupauerová, Marianna. "The optimal monetary rule for the Slovak republic." Panoeconomicus 53, no. 1 (2006): 79–87. http://dx.doi.org/10.2298/pan0601079n.

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The optimal monetary rules should help to economic agents to fortify their anticipation about monetary policy. At the same time they should make application of monetary policy by central bank more effective. Consequently numerous central banks as well as other economic agents try to determinate an optimal monetary rule responding to given macroeconomic conditions. However this can be very difficult especially for transition economies or post-transition countries. This is the case of the Slovak Republic; its time series are relatively short and macroeconomic environment has to face different shocks. Thus, a monetary rule should be just some kind of recommendation for monetary authority that does not have to be followed as a binding commitment.

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Aursulesei, Tudor Mugurel, and Stefan Catalin Topliceanu. "OPTIMAL MONETARY AREAS AND MONETARY POLICY. AN ANALYSIS OVER WORLD POWER CENTERS." Oradea Journal of Business and Economics 4, special (2019): 19–28. http://dx.doi.org/10.47535/1991ojbe064.

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The phenomenon of power in international relations has always caused interest. The current international environment is extremely amplified and interconnected, and developments in recent decades have led to the foundation of a multipolar system. At present, the competition between power centers in the world economy is manifested at all levels of power, especially from an economic perspective. There is a clear desire for the Western European states that are members of the European Union and the BRICS to detach from their financial dependence on the US dollar and the United States financial instruments. We propose to analyze whether there are correlations between the monetary policies adopted by these entities and the characteristics of the optimal monetary areas. If monetary policy moves closer to the optimal monetary area specifications, then does that global influence increase?

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Naqvi, Mishal Hasnain, Sun Guoyan, and Muhammad Hasnain Abbas Naqvi. "Measuring the Influence of Web Features in the Online Gamification Environment: A Multimediation Approach." Wireless Communications and Mobile Computing 2021 (January 2, 2021): 1–17. http://dx.doi.org/10.1155/2021/3213981.

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Considering the increasing importance of user experience and the influence of gamification techniques in the online business environment. This research explores the antecedents and outcomes of user experience in the context of website features. We proposed a multimediation conceptual framework integrating several constructs to test the user response about online gamification. This study used PLS-SEM to measure the direct and mediating relationship among hedonic features and utilitarian features user experience, monetary value, experiential value, satisfaction, and behavioral consequences in the online gamification environment. The findings indicate that hedonic features and utilitarian features directly affect user experience, further influencing user satisfaction, intention to use, and recommendation. Moreover, experiential value and monetary value also have a significant effect on user experience and user satisfaction. The study also confirmed the mediating effect of user experience, monetary value, experiential, and user satisfaction. Hence, this study’s results can help web managers provide users’ memorable experiences of using such gamification websites, which in turn increase their satisfaction and arouse expected behavioral intentions.

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Mbarek, Lassaâd, Hardik A. Marfatia, and Sonja Juko. "Time-varying response of treasury yields to monetary policy shocks." Journal of Financial Regulation and Compliance 27, no. 4 (2019): 422–42. http://dx.doi.org/10.1108/jfrc-11-2018-0146.

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Purpose This paper aims to examine the Treasury bond yields response to monetary policy shocks in Tunisia under a heterogeneous economic environment. Design/methodology/approach Using a traditional fixed coefficient model, the impact of monetary policy changes on the term structure of interest rates for the whole period from January 2006 to December 2016 is estimated first. Then the stability of this relationship by distinguishing two sub-periods around the revolution of January 2011 is studies. To investigate how the relationship between the monetary policy and the Treasury yield curve evolves over time, a time-varying parameter model is estimated. Findings The results show that the impact of monetary policy is more pronounced at the short end of the yield curve relative to the longer end. Furthermore, this impact declines significantly across all maturities following the revolution and exhibits wide time variation. This evidence supports the negative influence of high levels of uncertainty on monetary policy effectiveness and highlights the desirability of more active monetary policy, especially in turbulent environment. Research limitations/implications The impact of uncertainty on the effectiveness of monetary policy shocks needs to be explored further in future research to understand the structural sources of uncertainty and their dynamic interactions with monetary policy and risk aversion in asset markets. Practical implications A more active role of the central bank to influence the yield curve mainly through Treasury bond purchases covering medium and long maturities may be warranted. Communication also needs to be reinforced to ensure predictability of the monetary policy stance. Originality/value This paper extends the empirical literature on the pass-through of monetary policy to interest rates for an emerging country in context of transition by estimating a state-space model to test the time-varying behavior and examine the influence of increased economic uncertainty on monetary policy effectiveness.

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Ilyana, Sariyatul, and Mahfud Sholihin. "The Effect of Incentives and Leadership Styles on Creative Performance." Journal of Indonesian Economy and Business 36, no. 1 (2021): 14. http://dx.doi.org/10.22146/jieb.59893.

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Introduction/Main Objectives: This study investigates whether the type of incentives offered and leadership styles interact to affect creative performance. Background Problems: Creativity is highly needed by companies to survive in a volatile business environment. Prior research found that management control systems and the leadership style were able to stimulate creativity. It is still unclear which type of incentives and leadership styles are able to stimulate creativity. Therefore, this research proposes a research question, what kind of management control systems and leadership style can improve creative performance? Novelty: This research focuses on comparing monetary and non-monetary incentives, based on competition, to produce the most creative ideas, but empirical studies into the context of creativity are still limited. Furthermore, this study investigates two different leadership styles and it sheds light on the fact that the leadership styles needed in a creative environment differ from those styles used in a non-creative environment. Research Methods: This study was conducted using a 2x2 between subject experimental design with two incentive treatments (tournament and recognition) and two leadership style treatments (directive and empowering). Finding/Results: Consistent with Lourenco (2016), monetary incentives (including tournaments) and non-monetary incentives (recognition) are substitutive. Furthermore, the empowering leadership style leads to a greater creative performance than the directive style does. The results indicate that, in the condition of a tournament incentive, empowering leadership is able to produce a higher creative performance than directive leadership can. Conclusion: There is no significantly difference between the effect of monetary incentives and non-monetary incentives on creative performance. This study’s result is consistent with the situational leadership theory, certain types of leadership are appropriate for certain environmental conditions. For improved creative performance, employees need to be empowered because they need the authority and freedom to develop ideas. This study provides knowledge about the impact of incentives and leadership styles on creative performance. Furthermore, this study provides practical knowledge for companies on how to improve creativity in the work environment by using certain incentives and leadership styles.

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Hu, Xiaowen, Chengchen Hu, Zhixiang Tang, and Zhen Li. "Modeling the Effects of Coordinating Macro-Prudential Rule and Monetary Policy." Journal of Advanced Computational Intelligence and Intelligent Informatics 23, no. 4 (2019): 686–94. http://dx.doi.org/10.20965/jaciii.2019.p0686.

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We develop a new Keynesian model featuring a dual-pillar monetary policy. We employ this framework to analyze the effects of coordinating macro-prudential rule and monetary policy in China using different tools. The simulation results show that: (1) adopting macro-prudential rule and monetary policy simultaneously can achieve a more stable economic environment than using monetary policy alone; (2) a price-based monetary policy is more effective in stabilizing economic fluctuations than a quantity-based monetary policy when considering the macro-prudential policy; (3) the combination of quantity-based monetary policy and macro-prudential rule can stabilize housing prices and credit growth better than the price-based tools. The study shows that when house prices rise rapidly owing to external shocks, adopting the quantity-based policy instruments and macro-prudential policy is a wise choice. When the financial condition is stable, the combination of price-based instruments and macro-prudential rule is better.

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Kabundi, Alain, and Nonhlanhla Ngwenya. "ASSESSING MONETARY POLICY IN SOUTH AFRICA IN A DATA-RICH ENVIRONMENT." South African Journal of Economics 79, no. 1 (2011): 91–107. http://dx.doi.org/10.1111/j.1813-6982.2011.01265.x.

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BLINDER, ALAN S. "Revisiting Monetary Policy in a Low-Inflation and Low-Utilization Environment." Journal of Money, Credit and Banking 44 (February 2012): 141–46. http://dx.doi.org/10.1111/j.1538-4616.2011.00481.x.

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Yudaeva, K. "On the Opportunities, Targets and Mechanisms of Monetary Policy under the Current Conditions." Voprosy Ekonomiki, no. 9 (September 20, 2014): 4–12. http://dx.doi.org/10.32609/0042-8736-2014-9-4-12.

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The paper describes the operational mechanism of monetary policy of the Central Bank of Russian Federation under the inflation targeting regime. Special focus is made on interconnections between interest rates as operational targets, liquidity and foreign exchange interventions. The paper also discusses how monetary policy goals can be formulated in the current environment.

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Saraceno, Francesco, and Roberto Tamborini. "Quantitative easing in a monetary union." Oxford Economic Papers 72, no. 1 (2019): 124–48. http://dx.doi.org/10.1093/oep/gpz031.

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Abstract The long season of unconventional monetary policies in advanced economies seems to be coming to an end. How can quantitative easing (QE) be effective where conventional monetary policy fails? How does it work in the peculiar environment of a monetary union? We study this latter case modelling a monetary union as the aggregate of two countries characterized by New Keynesian output and inflation relationships, with a Tobinian money market equation. QE is operated by the single central bank by expanding money supply in exchange for risky assets throughout the union. We assess the stabilization capacity of QE under different types of symmetric and asymmetric shocks, in which case fiscal accommodation at the country level should also intervene.

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Rahat, Sarmad, and Muhammad Shoaib Khan Pathan. "Sustainable Climate Approach and in Context of Environment Economy: A Classical Analyze Matters." Neutron 21, no. 1 (2021): 40–45. http://dx.doi.org/10.29138/neutron.v21i1.133.

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 In the worldwide world, the climate has become a scant asset. Since the economy is tied in with adapting to asset shortage, the climate and the economy are interconnected. Then again, it is additionally evident that the economy, which types both confident and negative outwardness, effects the environment. Hence, it is unconceivable to imagine handling ecological issues from the out of the economy. Today, there are some monetary movements, for example, increasing use reliant on spending middles, city reestablishment, fast public growth, and so on one method of tackling the economy is to assurance that the expenditures and compensations of natural events are adjusted. While it is hard to appraise the expenditures and rewards, there is a developing interest for this to occur before monetary movement. Monetary and usual goals are frequently seen as opposing. It is putative that a choice must be made amongst one and the additional, and this can't be talented concurrently. To alteration this discernment, certain actions must be occupied at both the community and international levels. Now, a real usual review is important consistently to assurance a green economy. In this investigation, we drive look at what has been complete on the earth as to the green economy. In this specific circumstance, we will take a gander at what we need to do in Turkey as far as enactment.

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Kaplan, Greg, Benjamin Moll, and Giovanni L. Violante. "Monetary Policy According to HANK." American Economic Review 108, no. 3 (2018): 697–743. http://dx.doi.org/10.1257/aer.20160042.

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We revisit the transmission mechanism from monetary policy to household consumption in a Heterogeneous Agent New Keynesian (HANK) model. The model yields empirically realistic distributions of wealth and marginal propensities to consume because of two features: uninsurable income shocks and multiple assets with different degrees of liquidity and different returns. In this environment, the indirect effects of an unexpected cut in interest rates, which operate through a general equilibrium increase in labor demand, far outweigh direct effects such as intertemporal substitution. This finding is in stark contrast to small- and medium-scale Representative Agent New Keynesian (RANK) economies, where the substitution channel drives virtually all of the transmission from interest rates to consumption. Failure of Ricardian equivalence implies that, in HANK models, the fiscal reaction to the monetary expansion is a key determinant of the overall size of the macroeconomic response. (JEL D31, E12, E21, E24, E43, E52, E62)

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Dang, Van Dan. "The Impact of Monetary Policy on Bank Profitability and the Moderating Role of Funding Patterns in Vietnam." Jurnal Institutions and Economies 14, no. 1 (2022): 109–34. http://dx.doi.org/10.22452/ijie.vol14no1.5.

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The study investigates the effect of monetary policy on bank profitability while also taking into account the moderating role of bank funding patterns. Uniquely, the study focuses on disaggregate components of bank profits in an environment containing various monetary policy tools. Using a dataset of commercial banks in Vietnam, the results show that monetary policy drives bank profitability asymmetrically. Concretely, interest rates (i.e., lending rates and policy rates) exert positive effects on net interest income, but negative impacts on non-interest income. For quantitative-based policy tools, including the central bank’s security purchases and foreign exchange reserves, monetary policy is positively correlated with non-interest income but negatively associated with net interest income. The reaction of banks’ net interest income to monetary policy adjustments is translated into overall bank profits. Further analysis indicates that the monetary policy/bank profitability nexus across different proxies is less pronounced at banks with more diversified funding patterns. This finding sheds light on prior arguments attributing financially weaker banks’ greater sensitivity in facing monetary shocks to the limited alternative funding.

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Lo, Melody. "Impacts of Intervention Incorporates with Interest Rate Policy on Taiwan's Economy in E-commerce Environment." Review of Pacific Basin Financial Markets and Policies 05, no. 04 (2002): 453–69. http://dx.doi.org/10.1142/s0219091502000900.

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Fully sterilized intervention, an operation that involves a pure swap of foreign and domestic assets which leaves the money supply unchanged, gained it popularity through the experience among developed countries in the early 1980s. Ideally, it provides an independent policy tool that allows monetary authorities to pursue internal and external stabilization objectives simultaneously. In this paper, we employ a vector error correction model (VECM) to examine the dynamic interactions between exchange rate condition and policy reactions by Taiwanese monetary authorities, as Taiwan is ready to join the WTO and to help businesses take full advantages of e-commerce. We found that little efforts were made to sterilize interventions in the short term after an exchange rate shock occurred. The intention of not to sterilize interventions is to alleviate the exchange rate pressure by drastically changing domestic short term interest rates to force private sectors instantaneously adjust shares between domestic and foreign assets in their portfolios where there are speculative positions. Presumably, this official effort to avoid great fluctuations of exchange rates would offer businesses more freedoms in dealing with challenges in e-commerce environment. The result also suggests that, unlike the experience in developed countries, an independent monetary policy may not always be preferred by policy markers in small open economies.

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Auray, Stéphane, and Aurélien Eyquem. "Welfare Reversals in a Monetary Union." American Economic Journal: Macroeconomics 6, no. 4 (2014): 246–90. http://dx.doi.org/10.1257/mac.6.4.246.

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We show that welfare can be lower under complete financial markets than under autarky in a monetary union with home bias, sticky prices, and asymmetric shocks. Such a monetary union is a second-best environment in which the structure of financial markets affects risk-sharing but also shapes the dynamics of inflation rates and the welfare costs from nominal rigidities. Welfare reversals arise for a variety of empirically plausible degrees of price stickiness when the Marshall-Lerner condition is met. These results carry over a model with active fiscal policies, and hold within a medium-scale model, although to a weaker extent. (JEL E31, E52, E62, F33, F41)

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Journal articles on the topic 'Monetary environment'

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