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Journal articles on the topic 'Monetary policy Economic stabilization'

Author: Grafiati

Published: 4 June 2021

Last updated: 4 February 2022

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1

Filipenko, Anton. "STABILIZATION POLICY: MACROECONOMIC DIMENSIONS." Actual Problems of International Relations, no. 128 (2016): 105–14. http://dx.doi.org/10.17721/apmv.2016.128.0.105-114.

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The article studies models and conceptions of stabilization policy that aims to reduce the severity of economic fluctuations in the short term. According to the economic science, production and employment fluctuate around their natural levels in the long run. The paper reveals, that stabilization policies are designed to defuse the business cycle phases, bringing production and employment to its natural level. It uncovers, that the main function of stabilization policy is to limit short-term deviations in the system of long-term market equilibrium. This is done in the form of aggregate supply

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2

Krushelnytska, Taisiya, Olena Kakhovska, Oleksandr Kurinnyi, and Olga Matveieva. "Main features of Ukrainian monetary policy during the post-crisis economy reformation." Banks and Bank Systems 12, no. 4 (2017): 189–202. http://dx.doi.org/10.21511/bbs.12(4-1).2017.07.

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The article is devoted to the Ukrainian monetary policy in the period of post-crisis structural reformation. Overcoming consequences of the deepest in Ukraine’s new history economic, social and political crisis become a starting point for modernization of the whole administration system and policy provided. In that period, monetary policy has been changed significantly. It was provoked by necessity for state regulator to respond to act on complex of unexpected challenges. Main features of monetary policy in 2013–2016 (active regulation, stabilization and maintaining proper equilibrium in the e

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O. Agbonkhese, Abraham, and Blessing O. Oligbi. "Monetary – Fiscal Policy Mix: A Tool for Economic Stabilization in Nigeria." International Journal of Social Sciences Perspectives 6, no. 1 (2020): 11–29. http://dx.doi.org/10.33094/7.2017.2020.61.11.29.

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Berentsen, Aleksander, and Christopher Waller. "OPTIMAL STABILIZATION POLICY WITH SEARCH EXTERNALITIES." Macroeconomic Dynamics 19, no. 3 (2013): 669–700. http://dx.doi.org/10.1017/s1365100513000564.

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We study optimal monetary stabilization policy in a DSGE model with microfounded money demand. A search externality creates “congestion,” which causes aggregate output to be inefficient. Because of the informational frictions that give rise to money, households are unable to insure themselves perfectly against aggregate shocks. This gives rise to a welfare-improving role for monetary policy that works by adjusting the nominal interest rate in response to these shocks. Optimal policy is determined by choosing a set of state-contingent nominal interest rates to maximize the expected lifetime uti

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Momirović, Dragan, Zoran Simonović, and Aleksandar Kostić. "ECB monetary policy during COVID-19." Ekonomika 67, no. 2 (2021): 13–22. http://dx.doi.org/10.5937/ekonomika2102001p.

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This paper aims to point out the monetary policy measures that the European This paper aims to point out the monetary policy measures that the European Central Bank has taken since the outbreak of the COVID-19 crisis. In the Eurozone, at the start of the COVID-19 crisis, financial conditions deteriorated sharply, potentially threatening to worsen the economic outlook, deepen market fragmentation, jeopardize monetary policy transmission, encourage a downward inflationary trajectory, weaken prices and undermine public and private stability. Aware of the new situation of the ECB, it responded qui

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6

Gupta, G. S. "Economic Fluctuations and Stabilization Policies." Vikalpa: The Journal for Decision Makers 28, no. 1 (2003): 1–10. http://dx.doi.org/10.1177/0256090920030101.

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Economic fluctuations refer to ups and downs in the levels and/or rates of changes in the economic goal variables like real national income (GOP), inflation rate, and the rate of unemployment. Stabilization policies are the tools in the hands of the policy-makers to counter economic fluctuations and these include fiscal policy, monetary policy, and foreign exchange rate policy. This paper analyses the extent and depth of all major fluctuations (business cycles) across the G-7 countries, India, China, Malaysia, and the world as a whole during the Great Oepression and the last 40 years, identifi

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Díaz-Roldán, Carmen, José Luis Parada-Rodríguez, and Nieves Carmona-González. "Austerity policies in the Eurozone: How they affect youth unemployment?" Central European Review of Economics and Management 3, no. 2 (2019): 7. http://dx.doi.org/10.29015/cerem.753.

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Aim: Analyse the effects of stabilization policies on youth unemployment, using government deficit besides the use of fiscal policy by the supply side; aimed to characterize the economic framework conditions under which fiscal policy could reduce youth unemployment. Design/Research methods: We consider an economic framework featuring the use of monetary and fiscal rules within a monetary union. In this scenario, that should be representative of the Eurozone, we will analyse the effects of stabilization policies when dealing with a financial crisis which produces contractive effects on output a

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Dmitrieva, O. "The Creation of Stabilization Funds: Premises and Consequences." Voprosy Ekonomiki, no. 8 (August 20, 2006): 17–30. http://dx.doi.org/10.32609/0042-8736-2006-8-17-30.

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The article analyzes the international experience of the stabilization funds creation, the place of these funds in the budgetary practice of Russia and other countries, their role in the monetary policy. An emphasis is put on the examination of the influence of the stabilization fund on the level of inflation (with examples drawn from Russian economic policy).

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9

Miller, Marcus H. "MONETARY STABILIZATION POLICY IN AN OPEN ECONOMY." Scottish Journal of Political Economy 32, no. 3 (1985): 220–33. http://dx.doi.org/10.1111/j.1467-9485.1985.tb00794.x.

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10

Galí, Jordi. "Monetary Policy and Rational Asset Price Bubbles." American Economic Review 104, no. 3 (2014): 721–52. http://dx.doi.org/10.1257/aer.104.3.721.

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I examine the impact of alternative monetary policy rules on a rational asset price bubble, through the lens of an overlapping generations model with nominal rigidities. A systematic increase in interest rates in response to a growing bubble is shown to enhance the fluctuations in the latter, through its positive effect on bubble growth. The optimal monetary policy seeks to strike a balance between stabilization of the bubble and stabilization of aggregate demand. The paper's main findings call into question the theoretical foundations of the case for “leaning against the wind” monetary polici

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11

GASPAR, VITOR, FRANK SMETS, and DAVID VESTIN. "MONETARY POLICY OVER TIME." Macroeconomic Dynamics 10, no. 2 (2006): 207–29. http://dx.doi.org/10.1017/s1365100506050127.

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Progress in stochastic macroeconomic modeling justifies revisiting Milton Friedman's program on the relation between macroeconomic stability and active stabilization policies. In the lecture, we use a standard new Keynesian model but depart from rational expectations by assuming that agents behave in line with adaptive learning, which increase the potential for instability in the economy.Optimal policy under adaptive learning displays some similarity with optimal policy under commitment in the rational expectations setting. Specifically, we find that optimal policy responds in a persistent man

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Al-shawarby, Sherine, and Mai El Mossallamy. "Monetary-fiscal policies interactions and optimal rules in Egypt." Review of Economics and Political Science 4, no. 2 (2019): 138–57. http://dx.doi.org/10.1108/reps-03-2019-0033.

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Purpose This paper aims to estimate a New Keynesian small open economy dynamic stochastic general equilibrium (DSGE) model for Egypt using Bayesian techniques and data for the period FY2004/2005:Q1-FY2015/2016:Q4 to assess monetary and fiscal policy interactions and their impact on economic stabilization. Outcomes of monetary and fiscal authority commitment to policy instruments, interest rate, government spending and taxes, are evaluated using Taylor-type and optimal simple rules. Design/methodology/approach The study extends the stylized micro-founded small open economy New Keynesian DSGE mo

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Makrevska, Trajanka, and Gorica Popovska Nalevska. "MONETARY POLICY IN SMALL OPEN ECONOMY." Knowledge International Journal 28, no. 1 (2018): 143–46. http://dx.doi.org/10.35120/kij2801143m.

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Money and stabilization are the central problems of macroeconomics and macroeconomic policy today. Since the Great Depression money policy has been getting significant meaning. Dirigible money is created in the true sense of the word, i.e. money that is fully subordinated to the purposes of the national economic policy.By leaving the automatism of the golden rule regarding the mechanism of the monetary regulation, not just inside the economy but also in the external economy, it led to taking over the responsibility of the state for the development of internal monetary situation and a system of

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14

Richard, Kabanda, Peter W. Muriu, and Benjamin Maturu. "Relative Effectiveness of Monetary and Fiscal Policies on Output Stabilization in Developing Countries: Evidence from Rwanda." International Journal of Economics and Finance 10, no. 1 (2017): 220. http://dx.doi.org/10.5539/ijef.v10n1p220.

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The aim of this study was to explain the relative effectiveness of monetary and fiscal policies in explaining output in Rwanda. The study used a sample of quarterly data for the period 1996-2014. Applying a recursive VAR, the study used 12 variables, including 5 endogenous and 7exogenous variables to the benchmark model and other two specifications were attempted to capture the true contribution of monetary and fiscal policies to variations in nominal output. Obtained results using impulse responses and variance decomposition provide evidence that monetary policy is more effective than fiscal

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15

Tillmann, Peter. "The stabilization bias and robust monetary policy delegation." Journal of Macroeconomics 31, no. 4 (2009): 730–34. http://dx.doi.org/10.1016/j.jmacro.2008.09.008.

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16

Moiseev, S. R. "Monetarism’s “renaissance”: How the well-known theorylived in 2000-2018." Voprosy Ekonomiki, no. 1 (January 28, 2018): 26–44. http://dx.doi.org/10.32609/0042-8736-2018-1-26-44.

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The classical monetarism passed away. However it was substituted by a new school that rose in 2005-2010 under the name of “new” monetarism. The new direction is rather young and its area of influence is limited to modeling. Several ideas of “old” monetarism are used in the practice of monetary policy: for example, monetary policy rules, monetary targeting in developing economies and using of money as an economic variable in the monetary analysis. Some important principles of monetarism have remained in the modern macroeconomic analysis. In particular, price stability is the ultimate, but not u

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17

Ikeda, Daisuke, and Takushi Kurozumi. "Slow Post-financial Crisis Recovery and Monetary Policy." American Economic Journal: Macroeconomics 11, no. 4 (2019): 82–112. http://dx.doi.org/10.1257/mac.20160048.

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Post-financial crisis recoveries tend to be slow and accompanied by slowdowns in total factor productivity (TFP) and permanent losses in GDP. To prevent them, how should monetary policy be conducted? We address this issue by developing a model with endogenous TFP growth in which an adverse financial shock can induce a slow recovery. In the model, a welfare-maximizing monetary policy rule features a strong response to output, and the welfare gain from output stabilization is much larger than when TFP expands exogenously. Moreover, inflation stabilization results in a sizable welfare loss, while

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18

Sukharev, Alexander, Olga Smirnova, and Nelly Orlova. "Fiscal And Monetary Policy: Problems Of Coordination (Theory And Experience Of Russia)." REICE: Revista Electrónica de Investigación en Ciencias Económicas 8, no. 15 (2020): 242–57. http://dx.doi.org/10.5377/reice.v8i15.9956.

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The issues of interaction between monetary and financial authorities in the framework of effective policy aimed at achieving stabilization and development of the economy are considered. Coordination of actions of monetary and financial authorities is considered in the context of anti-cyclical and non-cyclical economic policy. Special attention is paid to coordinating actions in this area between the Central Bank of the Russian Federation and the Government of the Russian Federation

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19

Montoro, Carlos. "OIL SHOCKS AND OPTIMAL MONETARY POLICY." Macroeconomic Dynamics 16, no. 2 (2012): 240–77. http://dx.doi.org/10.1017/s1365100510000106.

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This paper studies how monetary policy should react to oil shocks in a microfounded model with staggered price-setting and oil as an input in a CES production function. In particular, we extend Benigno and Woodford [Journal of the European Economic Association 3 (6) (2005), 1–52] to obtain a second-order approximation to the expected utility of the representative household when the steady state is distorted and the economy is hit by oil price shocks. The main result is that oil price shocks generate an endogenous trade-off between inflation and output stabilization when oil has low substitutab

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20

Loužek, Marek. "100 Years since the Birth of Milton Friedman." Review of Economic Perspectives 12, no. 3 (2012): 185–203. http://dx.doi.org/10.2478/v10135-012-0008-4.

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Abstract The paper deals with the economic theory of Milton Friedman. Its first part outlines the life of Milton Friedman. The second part examines his economic theories - “Essays in Positive Economics” (1953), “Studies in the Quantity Theory of Money“ (1956), “A Theory of the Consumption Function” (1957), “A Program for Monetary Stability” (1959), “A Monetary History of the United States 1897 to 1960” (1963), and “Price Theory” (1976). His Nobel Prize lecture and American Economic Association lecture in 1967 are discussed, too. The third part analyzes Friedman’s methodology. Milton Friedman w

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21

Aarle, Bas Van. "STABILIZING MACROECONOMIC FLUCTUATIONS IN THE EMU." Macroeconomic Dynamics 5, no. 1 (2001): 56–80. http://dx.doi.org/10.1017/s136510050101803x.

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Macroeconomic performance in the Economic and Monetary union (EMU) will be impaired if national fiscal policy flexibility and monetary flexibility of the ECB is limited, goods markets adjust sluggishly, labor mobility is low, and automatic stabilization from federal taxes and government spending is low. This paper analyzes the stabilization of output fluctuations induced by symmetric and asymmetric macroeconomic shocks in the EMU. It is shown how national fiscal flexibility and flexibility of the monetary policy of the ECB can stabilize fluctuations of the average EU business cycle that are ge

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22

Musella, Marco. "Moneta e politica monetaria nella teoria di Kaldor*." Journal of Public Finance and Public Choice 7, no. 1 (1989): 99–109. http://dx.doi.org/10.1332/251569298x15668907344730.

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Abstract This article focusses on the foundations of Kaldor’s monetary theory. It deals with his view that in modern economic systems the supply of money is an endogenous variable while the demand for money tends to be unstable.These ideas were presented in several essays written in the early 1980’s which emphasized Kaldor’s disagreement with monetarism. The theoretical background of his views was however also presented in previous contributions.Finally the article underlines the implications of Kaldor’s view on money for the role of monetary authorities in macroeconomic stabilization policy.

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23

Schnabl, Gunther, and Nils Sonnenberg. "Monetary Policy, Financial Regulation and Financial Stability: A Comparison between the Fed and the ECB in the Wake of the Global Financial Crisis." ORDO 71, no. 1 (2020): 180–210. http://dx.doi.org/10.1515/ordo-2021-0002.

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Abstract The paper discusses in light of Austrian and Keynesian economic theory the impact of conventional and unconventional monetary policies as therapies for financial crises. It reviews the financial market stabilization measures of the Federal Reserve System and the Eurosystem in response to the US subprime crisis and the European financial and debt crisis. It shows that stabilization measures both in the US and the euro area are based on Keynesian thinking, whereas longer-term consequences of financial stabilization measures tend to be neglected. It is argued that the Federal Reserve Sys

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24

Bernanke, Ben S. "The New Tools of Monetary Policy." American Economic Review 110, no. 4 (2020): 943–83. http://dx.doi.org/10.1257/aer.110.4.943.

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To overcome the limits on traditional monetary policy imposed by the effective lower bound on short-term interest rates, in recent years the Federal Reserve and other advanced-economy central banks have deployed new policy tools. This lecture reviews what we know about the new monetary tools, focusing on quantitative easing (QE) and forward guidance, the principal new tools used by the Fed. I argue that the new tools have proven effective at easing financial conditions when policy rates are constrained by the lower bound, even when financial markets are functioning normally, and that they can

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25

Bryson, Jay H. "Macroeconomic stabilization through monetary and fiscal policy coordination: Implications for European Monetary Union." Open Economies Review 5, no. 4 (1994): 307–26. http://dx.doi.org/10.1007/bf01000717.

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26

Jaksic, Miomir. "Central bank and the monetary commitment." Ekonomski anali 44, no. 160 (2004): 91–106. http://dx.doi.org/10.2298/eka0460091j.

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The central bank as the key monetary institution has to assure monetary policy credibility, which is of vital importance in the process of macroeconomic stabilization. The author analyses the concepts of central bank independence and accountability as a basis for successful macroeconomic policy, and the concept of monetary commitment which is of essential importance for monetary regime and formulation of monetary rules.

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Nyumuah, Felix S. "An Empirical Analysis of the Monetary Policy Reaction Function." International Journal of Economics and Finance 10, no. 3 (2018): 30. http://dx.doi.org/10.5539/ijef.v10n3p30.

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Monetary policy decisions usually follow a policy rule which shows a consistent response of policy instruments to variations in inflation and economic growth. The aim of this study is to establish the nature of monetary policy in developing countries through the analysis of policy reaction functions. This study uses macroeconomic data from Ghana, a typical developing country. The study employs the Dynamic Ordinary Least Squares Estimation techniques and finds the central bank to follow a backward-looking Taylor rule. The evidence is that the central bank follows some form of policy rule and fo

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Justiniano, Alejandro, Giorgio E. Primiceri, and Andrea Tambalotti. "Is there a Trade-Off between Inflation and Output Stabilization?" American Economic Journal: Macroeconomics 5, no. 2 (2013): 1–31. http://dx.doi.org/10.1257/mac.5.2.1.

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We find that the answer is no in an estimated DSGE model of the US economy in which exogenous movements in workers' market power are not a major driver of observed economic fluctuations. If they are, the tension between the conflicting stabilization objectives of monetary policy increases, but with negligible effects on the equilibrium behavior of the economy under optimal policy. (JEL E12, E23, E24, E31, E32, E52)

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Abbas, Kalbe. "Rolf J. Langhammer and Lúcio Vinhas de Souza (eds). Monetary Policy and Macroeconomic Stabilization in Latin America. Heidelberg: Springer-Verlag. 2005. ix+254 pages. Hardback. Price not given." Pakistan Development Review 44, no. 2 (2005): 219–22. http://dx.doi.org/10.30541/v44i2pp.219-222.

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Monetary Policy plays a crucial role in macroeconomic stabilisation of a country. Latin American countries have faced successive waves of economic instability causing hyper-inflation and currency and financial crises leading to losses in output. This book is a collection of papers presented at the conference on “Monetary Policy and Macroeconomic Stabilization in Latin America”, held at the Kiel Institute for World Economics (IFW), in Kiel, Germany, on September 11-12, 2003. Well-known speakers from major multilateral policy institutions and the monetary authorities of Latin American economies

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Ghartey, Edward E., and Tom M. Amonde. "Stabilization Effects of Narrative-based Monetary Policy in Jamaica." International Economic Journal 27, no. 3 (2013): 463–86. http://dx.doi.org/10.1080/10168737.2012.676059.

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Karim, Zulkefly Abdul, and Bakri Abdul Karim. "Interest Rates Targeting of Monetary Policy: An Open Economy SVAR Study of Malaysia." Gadjah Mada International Journal of Business 16, no. 1 (2014): 1. http://dx.doi.org/10.22146/gamaijb.5464.

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This paper examines the implementation of monetary policy during the interest rates targeting in a small-open economy (i.e. Malaysia) by using an open-economy structural VAR (SVAR) study. It tests the effect of foreign shocks upon domestic macroeconomic fluctuations and monetary policy, and examines how effective monetary policy is in influencing macroeconomic variables. The results show that during interest rates targeting, monetary policy plays a significant role in affecting macroeconomics variables. This finding suggests that monetary policy has an important role as a stabilization policy

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J. Ditimi, Amassoma, P. I. Nwosa, and Eberu Rume Michelle. "An Appraisal of Monetary Policy and its Effect on Macro Economic Stabilization in Nigeria." Journal of Economics Theory 5, no. 2 (2011): 44–49. http://dx.doi.org/10.3923/jeth.2011.44.49.

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Ezeibekwe, Obinna Franklin. "Monetary Policy and Domestic Investment in Nigeria: The Role of the Inflation Rate." Economics and Business 34, no. 1 (2020): 139–55. http://dx.doi.org/10.2478/eb-2020-0010.

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AbstractEconomic theory suggests that monetary policy can be used to stabilize an economy. However, the ability of monetary policy targets—interest rates and money supply—to stabilize an economy depends on their ability to achieve price stability. Using data from 1981 to 2018 and applying the vector error correction model, this paper seeks to determine how the changes in the inflation rate affect the ability of monetary policy tools to stabilize the Nigerian economy and stimulate investment. Empirical results suggest that the impact of the interest rates on investment depends on the level of t

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Yun, Tack. "Optimal Monetary Policy with Relative Price Distortions." American Economic Review 95, no. 1 (2005): 89–109. http://dx.doi.org/10.1257/0002828053828653.

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This paper analyzes optimal monetary policy in a sticky price model with Calvo-type staggered price-setting. In the paper, the optimal monetary policy maximizes the expected utility of a representative household without having to rely on a set of linearly approximated equilibrium conditions, given the distortions associated with the staggered price-setting. It shows that the complete stabilization of the price level is optimal in the absence of initial price dispersion, while optimal inflation targets respond to changes in the level of relative price distortion in the presence of initial price

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Zamrazilová, Eva. "Monetary Policy: Short-Term Stabilization versus Long-Term Risks." Politická ekonomie 62, no. 1 (2014): 3–31. http://dx.doi.org/10.18267/j.polek.935.

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van Aarle, Bas, Lans Bovenberg, and Matthias Raith. "Monetary and fiscal policy interaction and government debt stabilization." Journal of Economics 62, no. 2 (1995): 111–40. http://dx.doi.org/10.1007/bf01226006.

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Kuncoro, Haryo. "Does the Credible Fiscal Policy Support the Prices Stabilization?" Review of Economic Perspectives 15, no. 2 (2015): 137–56. http://dx.doi.org/10.1515/revecp-2015-0014.

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Abstract This paper aims at analyzing the co-movement between fiscal policy and monetary policy rules in the context of price stabilization. More specifically, we observe the potential impact of fiscal policy credibility on the price stabilization in the inflation targeting framework. Motivated by the fact that empirical studies concerning this aspect are still limited, we take the case of Indonesia over the period 2001-2013. Based on the quarterly data analysis, we found that the impact of credibility typically depends on characteristics of fiscal rules commitment. On one hand, the credibilit

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Hardi, Eja Armaz. "Uang Fiat dan Operasi Pasar Terbuka: Tinjauan Ekonomi Islam." Al-Intaj : Jurnal Ekonomi dan Perbankan Syariah 6, no. 1 (2020): 21. http://dx.doi.org/10.29300/aij.v6i1.2788.

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This article aims to discuss monetary policy in Indonesia, namely Open Market Operations (OPT) on Islamic economics perspective. OPT known as the monetary instrument, which most often used to achieve policy objectives. In general, monetary targets aimed to stimulate the economic growth and inflation stabilization. OPT’s policy products included Bank Indonesia Certificates (SBI), Sharia Bank Indonesia Certificates (SBIS), Bank Indonesia Wadiah Certificates (SWBI), Government Securities (SUN), Sukuk, Private Bonds, Rupiah Interventions (IR), and Loan Facilities Bank Indonesia (FASBI) which is tr

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Skibińska-Fabrowska, Ilona. "Powrót do przedkryzysowej polityki pieniężnej a stabilność systemu finansowego." Kwartalnik Kolegium Ekonomiczno-Społecznego. Studia i Prace, no. 1 (November 26, 2017): 190–200. http://dx.doi.org/10.33119/kkessip.2017.1.12.

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Faced with the financial crisis in 2008, the central banks used conventional monetary policy instruments. However, the problem of zero lower bond forced them to use unconventional monetary policy instruments - quantitative easing carried out as part of the so-called central bank balance sheet politics and relying on the buying by the central bank of di&erent kinds of financial assets - resulting in stabilization of the situation on financial markets in conditions of low long-term interest rates. Balance sheet totals of the central banks rose repeatedly. Their structure also changed. At pre

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Šehović, Damir. "The Impact of the Great Recession on Monetary and Fiscal Policy in Developed Market Economies." Business Systems Research Journal 6, no. 1 (2015): 56–71. http://dx.doi.org/10.1515/bsrj-2015-0004.

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Abstract Background: With the occurrence of the crisis in 2007, which caused the largest economic contraction since the Great Depression in the thirties, it has become evident that the previous understanding of strategies, effects and roles of monetary and fiscal policy should be redefined. Objectives: The aim of this paper is to illustrate a possible expected change in monetary and fiscal policy in developed market economies that could occur as a consequence of the Great Recession. Methods/Approach: The paper provides a comparative analysis of various primary economic variables related to the

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REZNIKOVA, NATALIIA, Volodymyr PANCHENKO, and Oksana IVASHCHENKO. "FROM THE REVISION OF THE ECONOMIC THEORY TO THE REVISION OF THE ECONOMIC POLICY: THE TRAPS OF THE NEW MACROECONOMIC CONSENSUS." Economy of Ukraine 2021, no. 3 (2021): 19–40. http://dx.doi.org/10.15407/economyukr.2021.03.019.

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Following on from categories of theoretical and empirical levels of learning, the revision of the modern economic policy instruments is made for the purpose of their compliance with the directions of the (macro)economic theories, determination of the objectives of its actualization, and also revealing its stabilizing and allocative functions in the process of its acquisition of the international economic policy attributes. It’s established that economic theory, which is per se a dynamic, open, and unstable system of the economic knowledge that is based on corresponding assumptions and presumes

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Gnocchi, Stefano. "Monetary Commitment and Fiscal Discretion: The Optimal Policy Mix." American Economic Journal: Macroeconomics 5, no. 2 (2013): 187–216. http://dx.doi.org/10.1257/mac.5.2.187.

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We study a noncooperative policy game between monetary and fiscal policy, where only monetary policy can commit to future actions. The equilibrium outcome of the game depends on the strategies available to the monetary policymaker. If strategies are left unrestricted, the central bank can alter the incentives of the fiscal authority in a way that replicates the full commitment solution. If the central bank cannot commit to respond to fiscal policy, the fiscal authority generates fluctuations in government expenditure that undermine the stabilization goals of the central bank. (JEL E12, E23, E3

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Andersen, Torben M. "Fiscal stabilization policy in a monetary union with inflation targeting." Journal of Macroeconomics 27, no. 1 (2005): 1–29. http://dx.doi.org/10.1016/j.jmacro.2003.08.001.

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REZNIKOVA, NATALIIA, Volodymyr PANCHENKO, and Oksana IVASHCHENKO. "FROM THE SYNTHESIS OF ECONOMIC THEORIES TO POLITICAL CONSENSUS: MONETARY AND FISCAL DILEMMAS OF MACROECONOMIC STABILIZATION IN THE CONTEXT OF THE CORONAVIRUS CRISIS." Economy of Ukraine 2021, no. 4 (2021): 3–29. http://dx.doi.org/10.15407/economyukr.2021.04.003.

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An analysis of government programs for macroeconomic stabilization of selected countries is made to establish their compliance with scientific approaches that determine the political choice in favor of the use of monetary and/or fiscal instruments for stimulation of economic activity based on the revision of the substantive provisions of neoclassical synthesis and the new macroeconomic consensus to highlight the peculiarities of interpretation of macroeconomic processes, the nature of cyclical fluctuations and ways to level and adjust them. It is established that the most popular in the politi

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Loisel, Olivier. "The implementation of stabilization policy." Theoretical Economics 16, no. 2 (2021): 677–716. http://dx.doi.org/10.3982/te3322.

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In locally linearized dynamic stochastic rational‐expectations models, I introduce the concepts of feasible paths (paths on which the policy instrument can be expressed as a function of the policymaker's observation set) and implementable paths (paths that can be obtained, in a minimally robust way, as the unique local equilibrium under a policy‐instrument rule consistent with the policymaker's observation set). I show that, for relevant observation sets, the optimal feasible path under monetary policy can be non‐implementable in the new Keynesian model, while constant‐debt feasible paths unde

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Garrison, Roger W., and Lawrence H. White. "Can Monetary Stabilization Policy be Improved by CPI Futures Targeting?" Journal of Money, Credit and Banking 29, no. 4 (1997): 535. http://dx.doi.org/10.2307/2953712.

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DANYLYSHYN, Bohdan, Ivan BOGDAN, and Tetyana BOGDAN. "MODERNIZATION OF UKRAINE’S MONETARY POLICY IN THE CONTEXT OF ECONOMIC STABILIZATION AND POST-CRISIS GROWTH." Economy of Ukraine 2020, no. 6 (2020): 3–19. http://dx.doi.org/10.15407/economyukr.2020.06.003.

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de Jesus, Cleiton Silva, and Fernando Motta Correia. "Active fiscal policy and macroeconomic stability." Journal of Economic Studies 43, no. 5 (2016): 749–62. http://dx.doi.org/10.1108/jes-03-2015-0052.

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Purpose The purpose of this paper is to investigate whether fiscal policy may be a complementary instrument to monetary policy in the macrostabilization process. Design/methodology/approach The authors developed a dynamic system with two linear differential equations in order to verify if an active fiscal policy can be compatible with macroeconomic equilibrium in three monetary policy regimes (conservative, alternative and hybrid). The authors also use numerical simulations because it is impossible to extract analytically full conclusions from the theoretical model. Findings The results sugges

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Monteiro, Sérgio Marley Modesto, and Pedro Cezar Dutra Fonseca. "Credibility and populism: the economic policy of the Goulart administrations in Brazil." Estudos Econômicos (São Paulo) 42, no. 3 (2012): 511–44. http://dx.doi.org/10.1590/s0101-41612012000300004.

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The Goulart Administrations (1961-1964), which consisted of a parliamentary period and a presidential period, are considered typical examples of populism in Brazil. The literature usually defines economic policies advanced by these administrations as "he-sitating", "irrational" or "ambiguous." We use a credibility model to argue that there is actually a consistent pattern in the manner in which economic policy was conducted. The credibility of the economic policies is defined to be the subjective probability that the government is following a monetary rule. Early on, the administrations enacte

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Woodford, Michael. "Robustly Optimal Monetary Policy with Near-Rational Expectations." American Economic Review 100, no. 1 (2010): 274–303. http://dx.doi.org/10.1257/aer.100.1.274.

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The paper considers optimal monetary stabilization policy in a forward-looking model, when the central bank recognizes that private sector expectations need not be precisely model-consistent, and wishes to choose a policy that will be as good as possible in the case of any beliefs that are close enough to model-consistency. It is found that commitment continues to be important for optimal policy, that the optimal long-run inflation target is unaffected by the degree of potential distortion of beliefs, and that optimal policy is even more history-dependent than if rational expectations are assu

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