Academic literature on the topic 'Monetary policy objectives'

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Journal articles on the topic "Monetary policy objectives"

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

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Cecchetti, S. "Making monetary policy: objectives and rules." Oxford Review of Economic Policy 16, no. 4 (December 1, 2000): 43–59. http://dx.doi.org/10.1093/oxrep/16.4.43.

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

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The article gives full treatment to monetary policy problems which are essential for the transition of the Russian economy to innovation-based development. The necessity for achieving all monetary policy objectives, instead of reducing them to inflation targeting, is justified. Systemic and structural approach to providing promotional monetary policy is suggested. The elaborated package of monetary policy tools allows ensuring higher efficiency of innovation-based economic development. Reasons for the relevance of the Central Bank of Russia discount rate decrease are given. Some general conclusions are drawn about new experience of governmental regulation under the conditions of the world financial crisis.
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Yuan, Huiping, and Stephen M. Miller. "Implementing optimal monetary policy: Objectives and rules." Economic Modelling 27, no. 3 (May 2010): 737–45. http://dx.doi.org/10.1016/j.econmod.2010.01.015.

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Ghandour, Ghassan Farouk. "APPLICATION OF TOOLS OF THE MONETARY POLICY ON ISLAMIC BANKS IN MALAYSIA." International Journal of Research -GRANTHAALAYAH 5, no. 4 (April 30, 2017): 34–42. http://dx.doi.org/10.29121/granthaalayah.v5.i4.2017.1792.

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Monetary policy should be reformulated in a way that is in line with Islamic banking by studying monetary policy tools and their primary and intermediate objectives, which are used for conventional banks to reach final objectives, to know their applicability to Islamic banks, New monetary policy tools that are compatible with the principles of Islamic banking and are capable of achieving two sets of objectives: The objectives of the final monetary policy determined by the monetary authority and choose to achieve rings of primary and intermediate objectives, and be linked to these tools that arm the monetary authority. The objectives of Islamic banks, namely to preserve their capital and maximize their profits, by attracting savings and developing them, and investing them in the legally permissible fields in all sectors of agriculture, industry, trade and services, and providing all banking services with an Islamic template.
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Massaka, Antonio, Pitshu. "Monetary Policy Its Instruments and Convergence of Its Objectives: Case of Angola 2005/2017." Journal of Economics and Public Finance 5, no. 2 (April 11, 2019): 161. http://dx.doi.org/10.22158/jepf.v5n2p161.

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<p><em>This paper proposes a new paradigm for the analysis of monetary policy, and presents the monetary policy framework in Angola which includes the policy instruments, and implementation mechanism the way between instrument and objective.<strong> </strong>To study the Monetary Policy instruments in Angola based on a multiple linear regression model. Before the model was conceived an analogy was made about the politics and instruments of monetary policy from the classical Keynesian model in the matter, but also less important also to analyze the concrete objective of monetary policy if the authors agree connected with those currents of economic thought. For the estimation of the equation for the monetary aggregate M2 that represents the money supply by the Central Bank in Angola The author applied the current implementation and the existing theories to display the Angola monetary tools such as basic interest rate for monetary policy orientation (tbna), open market operation, Lending Facility, coefficient of required reserve, net international reserves, and the Gross Domestic Product, the reference oil price to brent. Most of the variables present the expected results.</em></p>
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Fahr, Stephan, and John Fell. "Macroprudential policy – closing the financial stability gap." Journal of Financial Regulation and Compliance 25, no. 4 (November 13, 2017): 334–59. http://dx.doi.org/10.1108/jfrc-03-2017-0037.

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Purpose The global financial crisis demonstrated that monetary policy alone cannot ensure both price and financial stability. According to the Tinbergen (1952) rule, there was a gap in the policymakers’ toolkit for safeguarding financial stability, as the number of available policy instruments was insufficient relative to the number of policy objectives. That gap is now being closed through the creation of new macroprudential policy instruments. Both monetary policy and macroprudential policy have the capacity to influence both price and financial stability objectives. This paper develops a framework for determining how best to assign instruments to objectives. Design/methodology/approach Using a simplified New-Keynesian model, the authors examine two sets of policy trade-offs, the first concerning the relative effectiveness of monetary and macroprudential policy instruments in achieving price and financial stability objectives and the second concerning trade-offs between macroprudential policy instruments themselves. Findings This model shows that regardless of whether the objective is to enhance financial system resilience or to moderate the financial cycle, macroprudential policies are more effective than monetary policy. Likewise, monetary policy is more effective than macroprudential policy in achieving price stability. According to the Mundell (1962) principle of effective market classification, this implies that macroprudential policy instruments should be paired with financial stability objectives, and monetary policy instruments should be paired with the price stability objective. The authors also find a trade-off between the two sets of macroprudential policy instruments, which indicates that failure to moderate the financial cycle would require greater financial system resilience. Originality/value The main contribution of the paper is to establish – with the help of a model framework – the relative effectiveness of monetary and macroprudential policies in achieving price and financial stability objectives. By so doing, it provides a rationale for macroprudential policy and it shows how macroprudential policy can unburden monetary policy in leaning against the wind of financial imbalances.
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Javid, Muhammad, and Kashif Munir. "The Price Puzzle and Monetary Policy Transmission Mechanism in Pakistan: Structural Vector Autoregressive Approach." Pakistan Development Review 49, no. 4II (December 1, 2010): 449–60. http://dx.doi.org/10.30541/v49i4iipp.449-460.

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The prime objective of economic policies is to increase the welfare of the general public and the monetary policy supports this broad objective by focusing its efforts to promote price stability. The growing importance of monetary policy stabilisation efforts may reflect both political and economic realities. Understanding the transmission mechanism of monetary policy to inflation and other real economic variables is imperative for central bankers to conduct monetary policy effectively. High inflation reduces growth by reducing investment and productivity growth which reduces the welfare, gives a theoretical foundation for the choice of price stability as an objective of monetary policy. These arguments about monetary policy objectives lead to the choice of price stability as the single or primary objective of monetary policy. Monetary policy is one of the important tools with the monetary authorities to achieve the objectives of price stability. There is extensive theoretical as well as empirical literature available on the effects of monetary policy shocks on the real economic aggregates and prices.
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Givens, Gregory E., and Michael K. Salemi. "Inferring monetary policy objectives with a partially observed state." Journal of Economic Dynamics and Control 52 (March 2015): 190–208. http://dx.doi.org/10.1016/j.jedc.2014.11.008.

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Avouyi-Dovi, Sanvi, and Jean-Guillaume Sahuc. "On the welfare costs of misspecified monetary policy objectives." Journal of Macroeconomics 33, no. 2 (June 2011): 151–61. http://dx.doi.org/10.1016/j.jmacro.2011.01.004.

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Dissertations / Theses on the topic "Monetary policy objectives"

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Nika, Pamela. "ECB monetary policy and supervisory powers : competing objectives and policy conflicts." Thesis, University of Reading, 2018. http://centaur.reading.ac.uk/80256/.

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The intertwined relationship between the objectives of banking supervision and monetary policy remained for a long-time part of a rather theoretical debate. It took a major GFC for the policymakers to realise that there were gaps in the existing regulatory and supervisory framework, which subsequently opened the way for the central banks’ involvement in both micro- and macro-prudential supervision at international and EU level. Prior to the 2007-2009 financial crisis, the optimal model of central banking governance and institutional framework at both international and EU level, focused on monetary policy objectives. Part of the same orthodoxy was the prominence given to central bank independence and to institutional arrangements focused primarily on inflation targeting. The European Central Bank (ECB), being a creature of its time, was designed as a purely monetarystability-oriented central bank and was also granted a high level of independence. However, housing monetary policy and banking supervision under the ECB’s roof, has radically changed its role and the balance between existing and new powers within the EU banking framework. To this end, this thesis critically examines the centralisation of banking supervision in the EU, by exploring the nexus between monetary policy and banking supervision, and the compatibility of their combination within the existing legislative framework. Having examined the historical context of the debate, recent developments and underlying policy concerns in the pre- and post- Great Financial Crisis (GFC) era, this thesis concludes that the conferral of supervisory tasks on ECB has created a complex system of cooperation between national and supranational level, and between existing and newly established tasks and objectives. This has resulted in stretching the role of ECB beyond its original mandate as set by EU primary law, exceeding the wording of Article 127(6), TFEU. Therefore, drawing on the particular synergies involved, this thesis suggests that the only avenue in transforming the ECB into a truly supranational supervisor with full discretion, is the amendment of the Treaty and the empowered of the ECB with direct supervisory powers.
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Kavaliou, Aliaksandr. "Makroekonomický vývoj Běloruska v letech 2000 - 2011 a hodnocení úspěšnosti monetární politiky centrální banky." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-113792.

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The diploma Thesis objective is analysis of macroeconomic development of Belarus during years 2000-2011. I've decided to focus on the effects of monetary policy that was executed by the central bank in particular years. The final outcome of the macroeconomic analysis is the evaluation of the success of monetary policy executed by the central bank.
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Baranovaitė, Marina. "Lietuvos pinigų politika." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2005. http://vddb.library.lt/obj/LT-eLABa-0001:E.02~2005~D_20050528_141240-36597.

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The object of the study – Lithuanian monetary policy. The purpose of the work – to estimate the level of achieved objectives of Lithuanian monetary policy and to forecast perspectives after joining to European Union. The main tasks: 1. to investigate the objectives, means and results of monetary policy; 2. to establish the main objectives, means and results of Lithuanian monetary policy during the period from recovering states independence till nowdays; 3. to establish the main objectives, means and results of Lithuanian monetary policy after joining to European Union. Methods of the research – the analysis of the laws, which regulate the activity of the Bank of Lithuania and its monetary policy, analysis of scientific literature, statistical analysis, comparative analysis, logical analysis and synthesis. The period of research is 1993 - 2004 year.
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Malecha, Martin. "Použití měnových nástrojů České národní banky." Master's thesis, 2021. http://www.nusl.cz/ntk/nusl-446936.

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Use of the monetary instruments of the Czech National Bank Abstract The aim of the thesis is to chronologically analyze the use of the monetary instruments of the Czech National Bank with emphasis on the issue of changing the primary objective of our central bank in the legislation order and answer the question whether there was a change in the use of the monetary instruments of the CNB or not. The thesis uses mainly descriptive method, analytical method, and comparative method. The sources of this thesis are mainly professional economic publications (professional articles, textbooks), legal regulations, including the case law of the Constitutional Court, and freely available data listed on the website of the CNB or the website of the Czech Statistical Office. The first chapter of my thesis defines the term "Monetary Policy". It theoretically analyses the basic types of the monetary policy and functions. This includes the processes that lead from the use of the monetary instruments to influence the economy. The emphasis here is mainly on explaining the term "inflation targeting" and its use. The second chapter presents the monetary instruments that central banks can use in their monetary policy. The chapter divides monetary instruments into direct and indirect and conventional and unconventional. The third...
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Books on the topic "Monetary policy objectives"

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Malik, Wasim Shahid. Monetary policy objectives in Pakistan: An empirical investigation. Islamabad: Pakistan Institute of Development Economics, 2007.

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Bisignano, Joseph. Varieties of monetary policy operating procedures: Balancing monetary objectives with market efficiency. Basle, Switzerland: Bank for International Settlements, Monetary and Economic Dept., 1996.

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Canada, Bank of. Identifying policy-makers' objectives: An application to the Bank of Canada. Ottawa: Bank of Canada, 2000.

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Chile, Banco Central de. Monetary policy of the Central Bank of Chile: Objectives and transmission. Chile]: The Bank, 2000.

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Silva, Jorge Marshall. Banco central: Concepto, evolución y objectivos. Santiago: Universidad de Chile, Facultad de Ciencias Económicas y Administrativas, Editorial de Economía y Administración, 1991.

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Kieler, Mads. The ECB's inflation objective. [Washington, D.C.]: International Monetary Fund, European I Department, 2003.

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Crockett, Andrew. Strengthening the international monetary system: Exchange rates, surveillance and objective indicators. Washington: International Monetary Fund, 1987.

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1944-, Goldstein Morris, and International Monetary Fund, eds. Strengthening the international monetary system: Exchange rates, surveillance, and objective indicators. Washington, D.C: International Monetary Fund, 1987.

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Buiter, Willem H. The elusive welfare economics of price stability as a monetary policy objective: Should new keynesian central bankers pursue price stability? Cambridge, Mass: National Bureau of Economic Research, 2004.

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Buiter, Willem H. The elusive welfare economics of price stability as a monetary policy objective: Should new Keynesian central bankers pursue price stability? Cambridge, MA: National Bureau of Economic Research, 2004.

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Book chapters on the topic "Monetary policy objectives"

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

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Okina, Kunio. "The Policy Objectives and the Optimal Institutional Framework of a Central Bank." In Towards More Effective Monetary Policy, 403–26. London: Palgrave Macmillan UK, 1997. http://dx.doi.org/10.1007/978-1-349-25382-1_13.

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Goodhart, C. A. E. "The Objectives for, and Conduct of, Monetary Policy in the 1990s (1992)." In The Central Bank and the Financial System, 216–35. London: Palgrave Macmillan UK, 1995. http://dx.doi.org/10.1057/9780230379152_10.

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Weinschenck, Gunther. "Implications of Non-Monetary Objectives in the Agricultural Policy of the European Community." In Agriculture and International Relations, 135–51. London: Palgrave Macmillan UK, 1985. http://dx.doi.org/10.1007/978-1-349-07981-0_8.

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Robbins, Lord. "Objectives of monetary policy." In Policy Makers on Policy, 33–44. Routledge, 2020. http://dx.doi.org/10.4324/9781003061250-4.

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Axilrod, Stephen H. "Basic Monetary Policy Objectives." In The Federal Reserve, 28–40. Oxford University Press, 2013. http://dx.doi.org/10.1093/acprof:oso/9780199934485.003.0003.

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Axilrod, Stephen H. "Basic Monetary Policy Objectives." In The Federal Reserve. Oxford University Press, 2013. http://dx.doi.org/10.1093/wentk/9780199934485.003.0003.

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What are the Fed’s basic objectives? As noted in the preceding chapter, the goals set for monetary policy in the Federal Reserve Act are maximum employment, stable prices, and low, long-term interest rates. The Fed’s other very important objective, the maintenance of systemic stability...
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Tuori, Klaus. "Monetary Policy (objectives and instruments)." In The EU Law of Economic and Monetary Union. Oxford University Press, 2020. http://dx.doi.org/10.1093/oso/9780198793748.003.0027.

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Monetary policy became the exclusive competence of the Community in the Maastricht Treaty, but the Treaty was not very explicit on what this exclusive monetary policy competence included. The Treaty provisions on monetary policy did rely on some general idea of what monetary policy consisted of and what it did not. However, instead of trying to assess what this ‘consensus’ view on monetary policy was in the early 1990s, it is more convenient to look directly at the key concepts related to monetary policy and how they were manifested in the setting-up and actual conduct of monetary policy by the Eurosystem. In this regard, three different but interlinked concepts need to be clarified: the monetary policy strategy, the monetary policy transmission mechanism, and the operational framework. Monetary policy strategy describes the way the Eurosystem sees its role in the economy and how it achieves the objectives it has been assigned. The monetary policy transmission mechanism is embedded in the monetary policy strategy. It seeks to explain how the central bank policy decision are transmitted to the economy and how they help to fulfil central bank’s objectives, particularly price stability. The operational framework facilitates this transmission by setting up the framework through which the Eurosystem interacts with financial markets and ultimately the economy at large.
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"New Objectives of Monetary Policy." In Series on Chinese Economics Research, 91–130. WORLD SCIENTIFIC, 2016. http://dx.doi.org/10.1142/9789814704809_0004.

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"Macroeconomic objectives and monetary policy." In Economic Policy in the Age of Globalisation, 249–83. Cambridge University Press, 2005. http://dx.doi.org/10.1017/cbo9780511753947.012.

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Conference papers on the topic "Monetary policy objectives"

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Lv, Yueying, and Decun Guo. "Research on the Effect of Real Estate Price to Intermediate Objectives of Monetary Policy Based on ECM." In 2010 International Conference on E-Business and E-Government (ICEE). IEEE, 2010. http://dx.doi.org/10.1109/icee.2010.637.

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Syarifuddin, Ferry. "Governance Aspect of Foreign-Exchange Policy in Indonesia." In International Conference on Eurasian Economies. Eurasian Economists Association, 2015. http://dx.doi.org/10.36880/c06.01288.

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While most recent central bank’s foreign-exchange interventions have been directed at mitigating speculative currency pressures and reducing risks to price instability, as well as curbing volatility in capital flows, the good governance implementation plays significant role in making the foreign-exchange operations done in efficient and effective way. For Bank Indonesia, the implementation of foreign exchange policy strategy followed governance principle is essential and geared toward price and financial system stability. In practice, the objective is reached through foreign-exchange intervention policy combined with other monetary and macroprudential policy called policy mix.
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Rençber, Yağmur. "The Contribution of Macro Prudential Policies to Country Economies in the Financial Stability Process." In International Conference on Eurasian Economies. Eurasian Economists Association, 2021. http://dx.doi.org/10.36880/c13.02563.

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After the global financial crisis, in addition to providing price stability, which was the primary objective of the Central Banks, the goal of maintaining financial stability has taken its place among the basic monetary policies all over the world. Because, with the effect of globalization, the aim of monetary policy to provide price stability alone is not enough to ensure sustainable growth and welfare. In this sense, macro prudential policies have been developed within the framework of Basel III, the basis of which is formed by BIS. These macro prudential policies are basically defined as precautionary policy tools that limit the disruption of financial services that create serious problems in the real economy by preventing all financial risks, whether systematic or unsystematic. The definition and scope of macro prudential policies will be discussed in the first part of the article. In the second part of the study, annual data will be presented within the framework of BIS on the scope and development of macro prudential policies implemented worldwide between 2000-2020. On the other hand, it is aimed to present a detailed analysis on the macro-prudential policies implemented in Turkey, which will include Central Bank data based on its development over the years. In the last section, it is aimed to provide macro-prudential policies accompanied by data, as well as its high role in determining systemic risks, and to present optimum policy recommendations that include monetary policy, fiscal policy, micro-prudential policies, competition policy and, when applied together, support the aim of financial stability.
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Ibrahim, Mohamed Isse. "Foreign Direct Investment as an Important Source of External Development Financing: New Evidence in Turkey." In International Conference on Eurasian Economies. Eurasian Economists Association, 2019. http://dx.doi.org/10.36880/c11.02247.

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Foreign direct investment is a critical source of external instruments for financing development for Turkey, FDI can contribute to technology diffusion, Economic growth, Employment generation and Sustainable development. However; the Objective of this research is to examine whether foreign direct investment as an external source of financing effects economic growth in Turkey, based on time series data from 2003 to 2016 during the Erdoğan administration. This study employed Harrod-domar growth model using under OLS method. The paper considerate main variables foreign direct investment, Exchange rate and labor force. Based on empirically investigated the study confirmed that foreign direct investment and Labor force has a positive significant relationship to economic growth in Turkey while exchange rate has a negative significant relationship to economic growth in Turkey. So this paper recommends that movement of Turkey should promote policies encourage and creation of a good microeconomic and macroeconomic a friendly environment and utilization of the careful of loose monetary policy to economic performance.
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Trpeski, Ljube, Bogoljub Jankoski, and Vesna Kondratenko. "Central Banks on the Cross Roads - The Case of Macedonia." In International Conference on Eurasian Economies. Eurasian Economists Association, 2014. http://dx.doi.org/10.36880/c05.01122.

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We focus on the use of unconventional measures implemented during the financial crisis and their impact on operational efficiency and independence of the central banks, including the National bank of Republic of Macedonia (NBRM). Measuring the impact of the new policies on the independence and operational efficiency of the central banks, we try to assess their capacity to maintain the price stability as primary monetary policy objective. In the paper the following methods are used: quantitative method, comparative method, particularly in comparison of the level of operational efficiency and the independence of central banks, as well as econometric method applied in operational efficiency analysis of the selected group of countries (developed, developing countries and countries in transition). As the other central banks, NBRM face the challenge to preserve its role in maintaining price and financial stability and economic strength of the country, without jeopardizing its independence. During the crisis, in coordination with other economic policies, NBRM succeeded to maintain macroeconomic stability and contributed to the mitigation of internal and external economic shocks. Also, NBRM managed to keep very high level of its legal and factual independence, measured by the standard indicators. However, the achievement of these multiple goals, resulted in decrease in the level of its operational efficiency, as it was case with the other central banks analyzed in this paper. Main message is that central banks have to undertake coordinated measures to fulfill their goals but also to take some measures to improve optimal level of efficiency.
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Miladinović, Zoran. "Opšta pravila za osiguranje imovine." In XVI Majsko savetovanje. University of Kragujevac, Faculty of Law, 2020. http://dx.doi.org/10.46793/upk20.199m.

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The rules for property insurance are different from other insurance rules, especially from those regulating the insurance of persons. Compensation for incurred damage and interest to avoid damage are two basic principles of the property insurance. As for the first principle, the property insurance is calculated in an objective way meaning that the insurance claim cannot exceed the amount of the incurred damage. In the property insurance law this principle is known as the principle of indemnification. The other principle, the interest to avoid damage is the subjective principle in property insurance which assumes that the right to insurance is granted only to those persons whose material interest is to avoid damage. These two principles serve as the basis for establishing other general rules (characteristics) of property insurance which are discussed in this paper in details. In order to secure indemnification, the insured person’s has burden of proof to demonstrate that the damage is covered by the policy and specific risk. Double insurance and supplementary insurance are not permitted. In case of sub-insurance, damage claims are proportionally compensated. Cumulative claims (from the insurance company and from the person who caused the damage) are not permitted. Given the fact that the value of the insured property is expressed in monetary terms, and that the purpose of property insurance is the compensation of the damage incurred, the insured value, therefore, is not the important part of the insurance contract and may be omitted. The application of the mentioned insurance rules gives full meaning to the protection of the insured property since by concluding an insurance contract and paying the premium, as the price of service offered by insurance company, the insured person is protected from adverse consequences of property damage.
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Reports on the topic "Monetary policy objectives"

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Buiter, Willem. The Elusive Welfare Economics of Price Stability as a Monetary Policy Objective: Should New Keynesian Central Bankers Pursue Price Stability? Cambridge, MA: National Bureau of Economic Research, October 2004. http://dx.doi.org/10.3386/w10848.

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Blackman, Allen, Jorge Bonilla, and Laura Villalobos. Quantifying COVID-19’s Silver Lining: Avoided Deaths from Air Quality Improvements in Bogotá. Inter-American Development Bank, November 2021. http://dx.doi.org/10.18235/0003787.

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In cities around the world, Covid-19 lockdowns have improved outdoor air quality, in some cases dramatically. Even if only temporary, these improvements could have longer-lasting effects on policy by making chronic air pollution more salient and boosting political pressure for change. To that end, it is important to develop objective estimates of both the air quality improvements associated with Covid-19 lockdowns and the benefits these improvements generate. We use panel data econometric models to estimate the effect of Bogotás lockdown on fine particulate pollution, epidemiological models to simulate the effect of reductions in that pollution on long-term and short-term mortality, and benefit transfer methods to estimate the monetary value of the avoided mortality. We find that in its first year of implementation, on average, Bogotás lockdown cut fine particulate pollution by more than one-fifth. However, the magnitude of that effect varied considerably over the course of the year and across the citys neighborhoods. Equivalent permanent reductions in fine particulate pollution would reduce long-term premature deaths by more than one-quarter each year, a benefit valued at $670 million per year. Finally, we estimate that in 2020-2021, the lockdown reduced short-term deaths by 31 percent, a benefit valued at $180 million.
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