Relevant bibliographies by topics / Monetary policy interest rate

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  1. Journal articles
  2. Dissertations / Theses
  3. Books
  4. Book chapters
  5. Conference papers
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Academic literature on the topic 'Monetary policy interest rate'

Author: Grafiati
Published: 4 June 2021
Last updated: 1 February 2022

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Journal articles on the topic "Monetary policy interest rate"

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Gupta, Paras. "Monetary Policy and Interest Rate Factors." CFA Digest 40, no. 1 (February 2010): 33–34. http://dx.doi.org/10.2469/dig.v40.n1.68.

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Buetow, Gerald W., Frank J. Fabozzi, and Brian J. Henderson. "Monetary Policy and Interest Rate Factors." Journal of Fixed Income 19, no. 2 (September 30, 2009): 63–70. http://dx.doi.org/10.3905/jfi.2009.19.2.063.

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Nsafoah, Dennis, and Apostolos Serletis. "Monetary Policy and Interest Rate Spreads." Open Economies Review 31, no. 3 (December 12, 2019): 707–27. http://dx.doi.org/10.1007/s11079-019-09572-4.

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Kurovskiy, G. "Disentanglement of natural interest rate shocks and monetary policy shocks nexus." Applied Econometrics 59 (2020): 128–43. http://dx.doi.org/10.22394/1993-7601-2020-59-128-143.

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Kimball, Miles S. "Negative Interest Rate Policy as Conventional Monetary Policy." National Institute Economic Review 234 (November 2015): R5—R14. http://dx.doi.org/10.1177/002795011523400102.

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As long as all interest rates move in tandem – including the rate of return on paper currency – economic theory suggests no important difference between interest rate changes in the positive region and interest rate changes in the negative region. Indeed, in standard models, only the real interest rate and spreads between real interest rates matter. Thus, in most respects, negative interest rate policy is conventional. It is only (a) what needs to be done with paper currency, (b) difficulties in understanding negative rates or (c) institutional features interacting with negative rates that make negative interest rate policy unconventional.
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Gerlach-Kristen, Petra. "Monetary policy committees and interest rate setting." European Economic Review 50, no. 2 (February 2006): 487–507. http://dx.doi.org/10.1016/j.euroecorev.2004.05.002.

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Kobayashi, Teruyoshi. "Monetary policy uncertainty and interest rate targeting." Journal of Macroeconomics 26, no. 4 (December 2004): 725–35. http://dx.doi.org/10.1016/j.jmacro.2003.06.004.

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Chong, Beng Soon. "Interest rate deregulation: Monetary policy efficacy and rate rigidity." Journal of Banking & Finance 34, no. 6 (June 2010): 1299–307. http://dx.doi.org/10.1016/j.jbankfin.2009.11.026.

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Wibowo, Buddi, and Eduardo Lazuardi. "Uji Empiris Mekanisme Transmisi Kebijakan Moneter: Interest Rate Pass-through Sektor Perbankan Indonesia." Jurnal Ekonomi dan Pembangunan Indonesia 16, no. 2 (January 1, 2016): 187–204. http://dx.doi.org/10.21002/jepi.v16i2.629.

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Empirical Evidence of Monetary Policy Transmission Mechanism: Indonesia Banking Sector Interest Rate Pass-throughRobust measurement of interest rates speed of adjustment to monetary policy changes is very important to obtain acomprehensive understanding on the monetary transmission process and the eectiveness of monetary policy. The speed of adjustment are determined by number of frictions that interfere with the transmission of monetary policy.We measure Indonesia interest rate pass-through which have distinct characteristics in terms of banking competition, segmented banking market and concentrated structure. Interest rate pass-through is measured by using Vector Error Correction Model (VECM) and Mean Adjusted Lags (MAL). This paper shows the interest rate adjustment did take a relatively long time.Keywords: Interest Rate Pass-through; Bank; Monetary; VECM; MALAbstrakPengukuran kecepatan penyesuaian suku bunga perbankan terhadap perubahan kebijakan moneter sangat penting sehingga diperoleh pemahaman komprehensif atas proses transmisi moneter dan efektivitas kebijakan. Kecepatan perubahan suku bunga deposito dan kredit perbankan ditentukan oleh adanya friksi-friksi transmisi kebijakan moneter ke sektor perbankan dan sektor riil. Penelitian ini mengukur interest rate pass-through perbankan Indonesia yang memiliki karakteristik khas dalam hal tingkat kompetisi perbankan, segmentasi pasar, dan struktur industri perbankan yang tinggi. Interest rate pass-through diukur dengan menggunakan Vector Error Correction Model (VECM) dan Mean Adjusted Lags (MAL). Hasil uji menunjukkan penyesuaian suku bunga membutuhkan waktu yang lama.
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Xu, Bing, Qiuqin He, and Xiaowen Hu. "Coordination of Monetary and Exchange Rate Policy in China: Market Interest Rate Approach." Journal of Advanced Computational Intelligence and Intelligent Informatics 19, no. 3 (May 20, 2015): 456–64. http://dx.doi.org/10.20965/jaciii.2015.p0456.

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We propose a unique time-varying identification approach to the market interest rate based on Taylor Rule for coordinating the monetary and exchange rate policies. The significant differences exist between real and market interest rates — 2001 and 2009 are high real interest rates, and 2004-2005 and 2010-2012 low real interest rates — that identify monetary and exchange rate policy conflicts in China. These conflicts derive from the indirect effect of monetary factor through interest rate inertia and expected output gap in 2001; the indirect effect of exchange rate factor through interest rates and inflation inertia in 2004-2005; the direct effects of monetary and the exchange rate factors and the indirect effects through interest rate and inflation inertia, and the expected inflation and output gap since 2009. Our empirical results provide decision support for the monetary and exchange rate policy for reforming Chinese market interest rates.
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Dissertations / Theses on the topic "Monetary policy interest rate"

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Kamati, Reinhold. "Monetary policy transmission mechanism and interest rate spreads." Thesis, University of Glasgow, 2014. http://theses.gla.ac.uk/5883/.

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In contemporary times, monetary policy is evaluated by examining monetary policy shocks represented by changes in nominal interest rates rather than changes in the money supply. In this thesis, we studied three interrelated concepts: the monetary policy transmission mechanism, interest rate spreads and the spread adjusted monetary policy rule. Chapter 1 sets out a theoretical background by reviewing the evolution of monetary policy from money growth targeting to the standard approach of interest rate targeting (pegging) in the new consensus. The new consensus perspective models the economy with a system of three equations: the dynamic forward-looking IS-curve for aggregate demand, an inflation expectation-augmented Phillips curve and the interest rate rule. Monetary policy is defined as fixing the nominal interest rate in order to exert influences on macroeconomic outcomes such as output and expected inflation while allowing the money supply to be determined by interest rate and inflation expectations. Having set out this background, Chapter 2 empirically investigates long-standing questions: how does monetary policy (interest rate policy) affect the economy and how effective is it? This chapter seeks to answer these questions by modelling a monetary policy framework using macroeconomics data from Namibia. Using the new consensus macroeconomic view, this empirical analysis starts from the assumption that money is endogenous, and thus it identifies the bank rate (i.e. Namibia’s repo rate) as the policy instrument which starts the monetary transmission mechanism. We estimated a SVAR and derived structural impulse response functions and cumulative impulse response functions, which showed how output, inflation and bank credit responded to structural shocks, specifically the monetary policy and credit shocks in the short run and the long run. We found that in the short run quarterly real GDP, inflation and private credit declined significantly in response to monetary policy shocks in Namibia. Monetary policy shocks as captured by an unsystematic component of changes in the repo rate considerably caused a sharp decrease for more than three quarters ahead after the first impact in quarterly real GDP. Furthermore, structural impulse response functions showed that real GDP and inflation increased in response to one standard deviation in the private credit shock. In the long run, the cumulative impulse response functions showed that inflation declined and remained below the initial level while responses in other variables were statistically insignificant. South African monetary policy shock caused significant negative responses in private; however, the impacts on quarterly GDP were barely statistically significant in the short run. In all, this empirical evidence shows that the monetary policy of changing the level of repo rate is effective in stabilising GDP, inflation rate and private credit in the short run; and in the long run domestic monetary policy significantly stabilises inflation too. The structural forecast error variance decompositions show that the variations of output attributed to interest rate shock show that the interest rate channel is relatively strong compared with the credit channel. This is substantiated by the fact that repo rate shocks account for a large variation in output compared with the variation attributed to private credit shock. We conclude in this chapter that domestic monetary policy through the repo rate is effective, while the effects from the South African policy rate are not emphatically convincing in Namibia. Therefore, the Central Bank should keep independent monetary policy actions in order to achieve the goals of price stability. In Chapter 3 we investigate the subject of ‘interest rate spreads’, which are seen as the transmitting belts of monetary policy effects in the economy. While it is widely acknowledged that the monetary policy transmission mechanism is very important, it is also clear that the successes of monetary policy stabilisation are influenced by the size of spreads in the economy. Interest spreads are double-edged swords, as they amplify and also dampen monetary effects in the economy. Hence, we investigate the unit root process with structural breaks in interest rate spreads, and the macroeconomic and financial fundamentals that seem to explain large changes in spreads in Namibia. Firstly, descriptive statistics show that spreads always exist and gravitate around the mean above zero and that their paths are significantly amplified during crisis periods. Secondly, the Lanne, Saikkonen and Lutkepohl (2002) unit root test for processes with structural breaks shows that spreads have unit root with structural breaks. Most significant endogenous structural breaks identified coincide with the 1998 East Asia financial crisis period, while the global financial crisis only caused a significant structural break in quarterly GDP. Thirdly, using the definitions of the changes in base spread and retail spread, we find that inflation, unconditional inflation, economic growth rate and interest rate volatilities, and changes in the bank rate and risk premium and South Africa’s spread are some of the significant macroeconomic factors that explain changes in interest rate spread in Namibia. Whether we define interest spread as the retail spread, that is, the difference between average lending rate and average deposit rate, or the base spread, which is the difference between prime lending rate and the bank rate, our empirical results indicate that there macroeconomics and financial fundamentals play a statistically significant role in the determination of interest rate spreads. In the last chapter, we estimate the monetary policy rule augmented with spread - the so called Spread-adjusted Taylor Rule (STR). The simple Spread-adjusted Taylor rule is suggested in principle to be used as simple monetary policy strategy that responds to economic or financial shocks, e.g. rising spreads. In an environment of stable prices or weak demand, rising spreads have challenged current new consensus monetary policy strategy. As a result, the monetary policy framework that attaches weight to inflation and output to achieve price stability has been deemed unable to respond sufficiently to financial stress in the face of financial instability. In response to this challenge, the STR explicitly takes into account the spread to address the weakness of the standard monetary policy reaction in the face of financial instability. We apply the Bayesian method to estimate the posterior distributions of parameters in the simple STR. We use theory-based informed priors and empirical Bayesian priors to estimate the posterior means of the STR model. Our results from this empirical estimation show that monetary policy reaction function can be adjusted with credit spread to caution against tight credit conditions and therefore realise the goal of financial stability and price stability simultaneously. The estimated coefficients obtained from the spread-adjusted monetary policy are consistent with the calibrated parameters suggested by (McCulley & Toloui, 2008) and (Curdia & Woodford, 2009). We find that, on average, a higher credit spread is associated with the probability that the policy target will be adjusted downwards by 55 basis points in response to a marginal increase of one per cent in equilibrium spread. This posterior mean is likely to vary between -30 and -79 basis points with 95% credible intervals. Altogether in this chapter we found that a marginal increase in the rate of inflation above the target by one per cent is associated with probability that the repo rate target will be raised by an amount within the range of 42 to 75 basis points, while little can be said about central banks’ reaction to a marginal increase in output.
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Sagir, Serhat. "Effects Of Monetary Policy On Banking Interest Rates: Interest Rate Pass-through In Turkey." Master's thesis, METU, 2011. http://etd.lib.metu.edu.tr/upload/12613717/index.pdf.

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In this study, the effects of CBRT monetary policy decisions on the consumer, automobile, housing and commercial loans of the banks during the period from the early of 2004 to the middle of 2011 are examined. In order to perform this study, it is benefited from weekly weighted average loan interest rate data of the banks, which is the data having the highest frequency that could be obtained from the electronic data distribution system of CBRT. Monetary policy instruments of Central Bank may change in the course of time or monetary policy could be executed by more than one instrument. Therefore, as the political interest rate would be insufficient in the calculation of the effect of monetary policy on loan interest rates of the banks, Government Dept Securities&rsquo
premiums are used instead of the political interest rates in this study to make it reflect the policies of central bank more clearly as a whole. Among the Government Dept Securities that have different maturity structure, benchmark bonds that are adapted to the expected political interest rate changes and that react to the unexpected interest rate changes at the high rate (reaction coefficient 0.983) are used. In order to weight the cointegration relation between interest rates, unrestricted error correction model is established and it is determined by Bound Test that there is a long-term relation between each interest rate and interest rate of benchmark bond. After a cointegration relation is determined among the serials, autoregressive distributed lag model is used to determine the level of transitivity and it is determined that monetary policy decisions affect the banking interest rate at 77% level and by 13 weeks delay on average.
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Skallsjö, Sven. "Essays on term structure and monetary policy." Doctoral thesis, Handelshögskolan i Stockholm, Finansiell Ekonomi (FI), 2004. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-548.

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This dissertation treats two different themes. The first, addressed in Chapter 1, regards the pricing of interest rate swaps. The second, studied in the remaining two chapters, regards the implications of monetary policy for the term structure of interest rates.The pricing of interest rate swaps An interest rate swap is an agreement between two parties to exchange fix for floating interest rate payments for a certain period of time. Floating rate payments are made at a floating-rate index, e.g. the three-month interbank rate, while the fixed rate payment, the swap rate, is determined on the market. The swap rate may include a compensation for credit risk depending on the counterparty's credit quality, but in the standard agreement there is no exchange of principal, only interest is transacted, and this effectively reduces concerns about credit risk. The swap spread for a given maturity is the difference between the swap rate and the risk-free rate, measured as the yield on a government bond with similar cash flows. If the standard swap agreement entails negligible credit risk one might expect swap spreads to be low and stable, but market swap spreads vary over time. There are periods when swap spreads are low in accordance with the general theory, but there are also periods when swap spreads reach levels that seem high.The first chapter of this dissertation examines a setting where a positive swap spread arises as part of an equilibrium in a perfectly competitive capital market. The model is one of insurance under adverse selection. A firm that seeks debt financing can insure itself against interest rate risk either by borrowing long-term or by borrowing short-term and entering a pay fix - receive float interest rate swap. The latter alternative allows for a partial hedge as the firm can choose to swap only a fraction of the nominal amount. In this setting, if firms' credit quality and interest rate risk tolerance are correlated creditors can use the pricing of interest rate swaps as a screening device. A low-risk firm, being a firm with favorable private information, selects short-term borrowing and partial insurance. A high-risk firm, being a firm with less favorable prospects, is by assumption also less risk tolerant. It therefore has a higher demand for insurance and the equilibrium swap spread is set such that the high-risk firm finds it more beneficial to borrow long-term at a cost that exceeds the expected cost from short-term financing, but that provides a full insurance to interest rate risk. Monetary policy and the term structure of interest rates Taken separately monetary policy and term structure modeling are two well-established research areas each comprising a substantial amount of research. But relatively few attempts have been made to integrate the two. The last two chapters of this dissertation take the view that the conduct of monetary policy is an essential element in the determination of the term structure of interest rates, and that explicitly considering the role of amonetary authority in the analysis has a potential of enhancing our understanding of term structure dynamics, and its relation to macro-economic fundamentals in particular. This approach to the term structure is supported by the fact that the analytical framework developed in the literature on optimal monetary policy translates conveniently into a setting well suited for term structure analysis. Chapter 2 makes the point in the simplest setting. A standard model of optimal monetary policy is reformulated in continuous time. Combined with a parameterized form for the market price of risk this produces a standard term structure model with well-known characteristics. This model is estimated on US data for the period 1987 - 2002, treating state variables as latent factors of the term structure. The parameters that are estimated comprise parameters describing the monetary transmission mechanism, parameters describing the monetary authority's preferences and parameters describing the market price of risk. Our estimation technique differs from comparable estimations in the monetary policy literature as these typically take state variables to be directly observable measures of macro-economic aggregates. The results using term structure data are both similar and different to previous findings. The main difference when using term structure data is that the central bank's estimated policy is more aggressive, i.e. more responsive to changes in the underlying state variables.Chapter 3 is devoted to the zero bound on nominal interest rates. While the zero bound is well recognized in the literature on term structure modeling, not much has been said about term structure dynamics under the special circumstance that the short rate is close to zero. I find the optimal monetary policy approach to be particularly well suited for this analysis. The chapter studies a continuous time reduced form version of the monetary transmission mechanism. The monetary authority's optimization problem is formed according to two specifications, interest rate stabilization and interest rate smoothing. For the former the optimization problem is solved analytically, while numerical procedures are adopted forthe latter. The chapter then turns to study implications for the term structure under risk-neutrality. Term structure equations are solved numerically and implications for the term structure are discussed. Data for a low-interest rate country like Japan for 1996 - 2003 exhibits s-shaped yield curves and yield volatility curves. This shape is found to be consistent with a smoothing objective for the short rate.

Diss. Stockholm : Handelshögskolan, 2004

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Tse, Ching-biu Alan. "The Hong Kong Government's interest rate policy : a political and economic perspective /." [Hong Kong : University of Hong Kong], 1986. http://sunzi.lib.hku.hk/hkuto/record.jsp?B12323378.

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Kulish, Mariano. "Money, interest rates, and monetary policy." Thesis, Boston College, 2005. http://hdl.handle.net/2345/49.

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Thesis advisor: Peter N. Ireland
This dissertation contains two independent and self contained essays in monetary economics. Chapter 1: "The New Keynesian Model and The Term Structure of Interest Rates" The first essay studies the ability of a standard New Keynesian model to reproduce the behavior of the term structure of interest rates for the U.S. economy. The model is consistent with important features of the data. The version of the expectations hypothesis embodied in the model does a good job in explaining the patterns of correlations between nominal interest rates of various maturities. Other aspects, such as the volatility of, both nominal and real, long-term interest rates as well as the correlations between nominal interest rates and output, are not appropriately captured by the model. Chapter 2: "Should Monetary Policy Use Long-Term Rates?" The second essay studies two roles that long-term nominal interest rates can play in the conduct of monetary policy in a New Keynesian model. The first role allows long-term rates to enter the reaction function of the monetary authority. The second role considers the possibility of using long-term rates as instruments of policy. It is shown that in both cases a unique rational expectations equilibrium exists. Reacting to movements in long yields does not improve macroeconomic performance as measured by the loss function. However, long-term rates turn out to be better instruments when the relative concern of the monetary authority for inflation volatility is high
Thesis (PhD) — Boston College, 2005
Submitted to: Boston College. Graduate School of Arts and Sciences
Discipline: Economics
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Söderström, Ulf. "Monetary policy under uncertainty." Doctoral thesis, Handelshögskolan i Stockholm, Samhällsekonomi (S), 1999. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-646.

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This thesis contains four chapters, each of which examines different aspects of the uncertainty facing monetary policymakers.''Monetary policy and market interest rates'' investigates how interest rates set on financial markets respond to policy actions taken by the monetary authorities. The reaction of market rates is shown to depend crucially on market participants' interpretation of the factors underlying the policy move. These theoretical predictions find support in an empirical analysis of the U.S. financial markets.''Predicting monetary policy using federal funds futures prices'' examines how prices of federal funds futures contracts can be used to predict policy moves by the Federal Reserve. Although the futures prices exhibit systematic variation across trading days and calendar months, they are shown to be fairly successful in predicting the federal funds rate target that will prevailafter the next meeting of the Federal Open Market Committee from 1994 to 1998.''Monetary policy with uncertain parameters'' examines the effects  of parameter uncertainty on the optimal monetary policy strategy. Under certain parameter configurations, increasing uncertainty is shown to lead to more aggressive policy, in contrast to the accepted wisdom.''Should central banks be more aggressive?'' examines why a certain class of monetary policy models leads to more aggressive policy prescriptions than what is observed in reality. These counterfactual results are shown to be due to model restrictions rather than central banks being too cautious in their policy behavior. An unrestricted model, taking the dynamics of the economy and multiplicative parameter uncertainty into account, leads to optimal policy prescriptions which are very close to observed Federal Reserve behavior.

Diss. Stockholm : Handelshögskolan, 1999

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Rowland, Nils Peter. "Fixed exchange rate systems : monetary characteristics and policy analysis." Thesis, London Business School (University of London), 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.267040.

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Fendel, Ralf. "Monetary policy, interest rate rules, and the term structure of interest rates : theoretical considerations and empirical implications /." Frankfurt am Main [u.a.] : Lang, 2007. http://www.loc.gov/catdir/toc/fy0709/2007416149.html.

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Hörngren, Lars. "On monetary policy and interest rate determination in an open economy." Doctoral thesis, Handelshögskolan i Stockholm, Samhällsekonomi (S), 1986. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-770.

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Swedish financial markets, in particular the money market, have developed very rapidly during the 1980s. Concurrently, there has been an equally drastic change in the conduct of monetary policy and a shift away from the previous reliance on regulatory policy instruments. This deregulation of markets and policy is the starting point for this dissertation, which discusses various aspects of the behavior of the money market and how interest rates and other financial variables are affected by monetary policy. A major topic in the dissertation is the question of international interest rate dependence, i.e., the extent to which independent control of domestic monetary variables is possible. This problem, which is important both for monetary policy and for the understanding of the money market in general, is analyzed theoretically using models of international asset pricing. The discussion emphasizes the role of the foreign exchange risk premium in the relation between domestic and foreign interest rates. A detailed study is also made of a currency basket system and its implications for the risk premium and the interest rate dependence. Another important topic is the relation between interest rates on assets with different times to maturity, i.e., the term structure of interest rates. The behavior of the term structure in the Swedish money market is studied with special emphasis on the role of interest rate expectations. Among the problems addressed is also the role of discount window policies, i.e., the conditions under which banks are allowed to borrow reserves from the central bank. The analysis focuses on what these rules imply for the behavior of interest rates and the effects of various policy instruments, and on how discount window policies should be designed to improve monetary control.
Diss. Stockholm : Handelshögsk.
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Davis, Caleb M. "U.S. Monetary Policy and Emerging Market Interest Rate Spreads: Explaining the Risk." Scholarship @ Claremont, 2011. http://scholarship.claremont.edu/cmc_theses/294.

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This paper will attempt to explain fluctuations in emerging market interest rate spreads by examining the implied federal funds effective rates that are derived from federal funds interest rate futures contracts. It will focus on comparing the individual relationships between four widely-used measures of U.S. monetary policy and emerging market interest rate spreads to determine which is the most powerful. The four measures of U.S. monetary policy are as follows: the yield on the U.S. 10-year Treasury, federal funds effective rate, federal funds target rate, and the implied rate from one-month federal funds futures contracts. It will expand upon previous studies that have been conducted on this topic, namely that of which done by Vivek Arora and Martin Cerisola in 2000 that attempted to explain the relationship between U.S. monetary policy, measured by the federal funds effective rate, and emerging market interest rates spreads. I find that the yield on the U.S. 10-year Treasury to be the most powerful driver of changes in emerging market interest rate spreads. However, I also find that the implied rate from federal funds interest rate futures is still highly indicative of spreads, especially when compared to the target and effective federal funds rates.
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Books on the topic "Monetary policy interest rate"

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Montoro, Carlos. Monetary policy committees and interest rate smoothing. London: Centre for Economic Performance, London School of Economics and Political Science, 2007.

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Angeloni, Ignazio, and Riccardo Rovelli, eds. Monetary Policy and Interest Rates. London: Palgrave Macmillan UK, 1998. http://dx.doi.org/10.1007/978-1-349-26891-7.

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Benhabib, Jess. Backward-looking interest-rate rules, interest-rate smoothing, and macroeconomic instability. Cambridge, Mass: National Bureau of Economic Research, 2003.

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Nagayasu, Jun. The term structure of interest rates and monetary policy during a zero-interest-rate period. Washington, D.C: International Monetary Fund, Statistics Dept., 2003.

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Dale, Spencer. Interest rate control in a model of monetary policy. [London]: Bank of England, 1993.

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Murray, John. International interest rate linkages and monetary policy: A Canadian perspective. [Ottawa]: Bank of Canada, 1989.

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John, Murray. International interest rate linkages and monetary policy: A Canadian perspective. [Ottawa]: Bank of Canada, 1989.

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MacDonald, Ronald. Monetary policy and the real interest rate: Some UK evidence. Aberdeen: University of Aberdeen. Department of Economics, 1987.

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Murray, John. International interest rate linkages and monetary policy: A Canadian perspective. [Ottawa]: Bank of Canada, 1989.

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Murray, John D. International interest rate linkages and monetary policy: A Canadian perspective. [Ottawa]: Bank of Canada, 1989.

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Book chapters on the topic "Monetary policy interest rate"

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Pohl, Rüdiger. "Money Supply, Interest Rate and Exchange Rate Targets: Conflicting Issues in an Open Economy." In Monetary Theory and Monetary Policy, 171–85. London: Palgrave Macmillan UK, 1993. http://dx.doi.org/10.1007/978-1-349-23096-9_12.

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Pilbeam, Keith. "Monetary Policy and Interest Rate Determination." In Finance & Financial Markets, 69–97. London: Macmillan Education UK, 2010. http://dx.doi.org/10.1007/978-1-137-09043-0_4.

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Pilbeam, Keith. "Monetary Policy and Interest Rate Determination." In Finance & Financial Markets, 67–93. London: Macmillan Education UK, 2018. http://dx.doi.org/10.1057/978-1-137-51563-6_4.

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Pilbeam, Keith. "Monetary Policy and Interest Rate Determination." In Finance and Financial Markets, 61–95. London: Macmillan Education UK, 2005. http://dx.doi.org/10.1007/978-1-349-26273-1_4.

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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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Tily, Geoff. "Monetary Economics and Monetary Policy." In Keynes's General Theory, the Rate of Interest and 'Keynesian' Economics, 13–36. London: Palgrave Macmillan UK, 2007. http://dx.doi.org/10.1057/9780230801370_2.

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Beggs, Michael, and Luke Deer. "Instruments I: Sterilisation and Interest Rate Controls." In Remaking Monetary Policy in China, 67–82. Singapore: Springer Singapore, 2019. http://dx.doi.org/10.1007/978-981-13-9726-4_6.

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Artis, M. J. "Comments on ‘Money Supply, Interest Rate and Exchange Rate Targets: Conflicting Issues in an Open Economy’ by Rüdiger Pohl." In Monetary Theory and Monetary Policy, 186–87. London: Palgrave Macmillan UK, 1993. http://dx.doi.org/10.1007/978-1-349-23096-9_13.

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Bindseil, Ulrich, and Alessio Fotia. "Conventional Monetary Policy." In Introduction to Central Banking, 29–51. Cham: Springer International Publishing, 2021. http://dx.doi.org/10.1007/978-3-030-70884-9_3.

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AbstractThis chapter introduces conventional monetary policy, i.e. monetary policy during periods of economic and financial stability and when short-term interest rates are not constrained by the zero lower bound. We introduce the concept of an operational target of monetary policy and explain why central banks normally give this role to the short-term interbank rate. We briefly touch macroeconomics by outlining how central banks should set interest rates across time to achieve their ultimate target, e.g. price stability, and we acknowledge the complications in doing so. We then zoom further into monetary policy operations and central bank balance sheets by developing the concepts of autonomous factor, monetary policy instruments, and liquidity-absorbing and liquidity providing balance sheet items. Subsequently we explain how these quantities relate to short-term interest rates, and how the central bank can rely on this relation to steer its operational target, and thereby the starting point of monetary policy transmission. Finally, we explain the importance of the collateral framework and related risk control measures (e.g. haircuts) for the liquidity of banks and for the conduct of central bank credit operations.
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Nilsen, Jeffrey H. "Borrowed Reserves, Fed Funds Rate Targets and the Term Structure." In Monetary Policy and Interest Rates, 80–120. London: Palgrave Macmillan UK, 1998. http://dx.doi.org/10.1007/978-1-349-26891-7_5.

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Conference papers on the topic "Monetary policy interest rate"

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Hu, Xiaowen, Bing Xu, and Shangfeng Zhang. "Interest rate liberalization and monetary policy effectiveness." In International conference on Management Innovation and Information Technology. Southampton, UK: WIT Press, 2014. http://dx.doi.org/10.2495/miit131582.

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Lan, Xiong. "Notice of Retraction: Monetary Policy Shock and Interest Rate." In 2010 Second International Conference on Computer Engineering and Applications (ICCEA 2010). IEEE, 2010. http://dx.doi.org/10.1109/iccea.2010.97.

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Li, Lingjuan. "Time Lag of Monetary Policy at Different Interest Rate Stages." In 4th International Symposium on Business Corporation and Development in South-East and South Asia under B&R Initiative (ISBCD 2019). Paris, France: Atlantis Press, 2020. http://dx.doi.org/10.2991/aebmr.k.200708.010.

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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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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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Wang, Yang-Chao, Jui-Jung Tsai, and Kai-Wei Chen. "Monetary Policy Transmission: The Linkages between Repurchase Operations and Market Interest Rates." In Proceedings of the 2019 International Conference on Contemporary Education and Society Development (ICCESD 2019). Paris, France: Atlantis Press, 2019. http://dx.doi.org/10.2991/iccesd-19.2019.43.

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Černohorská, Liběna, Jana Janderová, and Veronika Procházková. "Monetary Policy Before and After the Financial Crisis and Its Economic and Legislative Impacts – Case of The Czech Republic." In 2nd International Conference on Business, Management and Finance. Acavent, 2019. http://dx.doi.org/10.33422/2nd.icbmf.2019.11.775.

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The article analyses monetary policy response to the world financial crisis and focuses more closely on the monetary policy of the Czech National Bank (CNB) at this time. Until 2007, the implementation of monetary policy in OECD countries was perceived very positively. However, the financial crisis has clearly shown that the world’s financial markets are highly interconnected, and this can have a major impact on individual national economies. Therefore, the monetary policy strategy has changed from a policy based on the so-called flexible inflation targeting. Ensuring price stability is emphasised as part of the monetary policy role of the CNB in the provisions of Article 98 of the Constitution, in the Czech Republic. CNB is perceived as one of the most independent central banks, the contituional dimension of its independence being confirmed by case law of the Czech Constitutional Court. In response to the financial crisis, CNB was forced to pursue unconventional monetary policy in the form of foreign exchange interventions between 2013 and 2017. However, during the time period of these interventions, CNB policy did not lead to achievement of the inflation target. Following the completion of foreign exchange interventions, CNB returned to conventional monetary policy through interest rates.
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Ansari, Leli. "The Effect of Monetary Policy Indicators Analysis by Using Interest Rate and Money Supply Approach to the Inflation in Aceh." In Proceedings of the 1st International Conference on Finance Economics and Business, ICOFEB 2018, 12-13 November 2018, Lhokseumawe, Aceh, Indonesia. EAI, 2019. http://dx.doi.org/10.4108/eai.12-11-2018.2288783.

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Stawska, Joanna. "THE PHENOMENON OF LOW INTEREST RATES IN THE CONTEXT OF MONETARY AND FISCAL INTERACTION (POLICY MIX)." In 4th International Multidisciplinary Scientific Conference on Social Sciences and Arts SGEM2017. Stef92 Technology, 2017. http://dx.doi.org/10.5593/sgemsocial2017/14/s04.100.

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Reports on the topic "Monetary policy interest rate"

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Vegh, Carlos. Monetary Policy, Interest Rate Rules, and Inflation Targeting: Some Basic Equivalences. Cambridge, MA: National Bureau of Economic Research, December 2001. http://dx.doi.org/10.3386/w8684.

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Landier, Augustin, David Sraer, and David Thesmar. Banks' Exposure to Interest Rate Risk and The Transmission of Monetary Policy. Cambridge, MA: National Bureau of Economic Research, February 2013. http://dx.doi.org/10.3386/w18857.

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Thornton, Daniel L. Monetary Policy: Why Money Matters and Interest Rates Don't. Federal Reserve Bank of St. Louis, 2008. http://dx.doi.org/10.20955/wp.2008.011.

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Thornton, Daniel L. Monetary Policy: Why Money Matters, and Interest Rates Don’t. Federal Reserve Bank of St. Louis, 2012. http://dx.doi.org/10.20955/wp.2012.020.

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McCallum, Bennett. Monetary Policy and the Term Structure of Interest Rates. Cambridge, MA: National Bureau of Economic Research, November 1994. http://dx.doi.org/10.3386/w4938.

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Belongia, Michael T., and Mack Ott. The U. S. Monetary Policy Regime, Interest Differentials and Dollar Exchange Rate Risk Premia. Federal Reserve Bank of St. Louis, 1987. http://dx.doi.org/10.20955/wp.1987.009.

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Belongia, Michael, and Peter Ireland. Interest Rates and Money in the Measurement of Monetary Policy. Cambridge, MA: National Bureau of Economic Research, May 2014. http://dx.doi.org/10.3386/w20134.

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Ahn, Byung Chan. Monetary Policy and the Determination of the Interest Rate and Exchange Rate in a Small Open Economy with Increasing. Federal Reserve Bank of St. Louis, 1994. http://dx.doi.org/10.20955/wp.1994.024.

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Svensson, Lars E. O. Monetary Policy with Flexible Exchange Rates and Forward Interest Rates as Indicators. Cambridge, MA: National Bureau of Economic Research, January 1994. http://dx.doi.org/10.3386/w4633.

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Friedman, Benjamin, and Kenneth Kuttner. Implementation of Monetary Policy: How Do Central Banks Set Interest Rates? Cambridge, MA: National Bureau of Economic Research, July 2010. http://dx.doi.org/10.3386/w16165.

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