Journal articles: 'Monetary policy objectives'

1

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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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. 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.

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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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Laureys, Lien, Roland Meeks, and Boromeus Wanengkirtyo. "Optimal simple objectives for monetary policy when banks matter." European Economic Review 135 (June 2021): 103719. http://dx.doi.org/10.1016/j.euroecorev.2021.103719.

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12

Roldugin, Valery I. "Latvia’s Monetary Policy during the 2000s." Regional Formation and Development Studies 8, no. 3 (January 25, 2022): 190–201. http://dx.doi.org/10.15181/rfds.v7i2.2374.

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The main purpose of this article is twofold. The first objective is to follow the main trends in the development in the Latvian’s monetary policy and the European Monetary system accession process, with a focus on the local currency stability problems. It discusses the process and strategies for choice of the strategy as well as the main issues that have arisen in the accession process. The second objective of this article is to investigate the on-going monetary policy of the Bank of Latvia, to analyse the basic principles of its operations and influence on national economic growth. Both objectives fully corresponding to the article’s research object, i.e. to a monetary policy of the Bank of Latvia. Regarding the developed countries the general monetary policy objectives deals not only with maintenance of stability of the exchange rate and general price level, but also with stimulation of economic development, growth of employment and incomes of the citizens. The period from 2003 till 2010 is being investigated. We use a wide range of research methods, such as: grouping method, method of comparison of financial ratios and etc.

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13

Fabris, Nikola. "Challenges for Modern Monetary Policy." Journal of Central Banking Theory and Practice 7, no. 2 (May 1, 2018): 5–24. http://dx.doi.org/10.2478/jcbtp-2018-0010.

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Abstract The first central banks were founded in the XVII century and monetary policy has been evolving ever since. Knowledge on monetary economy has improved significantly over the last couple of decades and a consensus has been reached in a number of areas. As a result, hyperinflations have been extremely rare over the past decades. The global financial crisis challenged traditional monetary policy that was based on the approach involving one instrument (reference interest rate) and one goal (price stability). It is obvious that we need a new approach to monetary policy and I believe that changes will happen gradually in the future. This paper consists of two parts. The first part covers the traditional monetary policy and deals with issues where consensus has been reached, as well as with issues on monetary policy objectives, transparency, and macroprudential policy. The second part addresses the issues that pose a challenge for monetary policy and for which there is no complete consensus. This part elaborates on the dilemma involving rules versus discretions, a new approach to banking supervision, monetary policy during a crisis, the role of econometric models, and the need for international coordination of monetary policy.

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Pestova, A. "Monetary policy regimes in Russia: Guidelines for furtherquantitative studies." Voprosy Ekonomiki, no. 4 (April 20, 2017): 38–60. http://dx.doi.org/10.32609/0042-8736-2017-4-38-60.

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This paper analyzes the basic parameters of monetary policy in 2000-2015 in Russia. We provide the overview of tools and objectives of monetary policy of the Bank of Russia and identify the periods of homogeneity of monetary policy regimes: from money base targeting to exchange rate targeting and finally, to interest rates policy. On the basis of this research we develop the recommendations for further quantitative research aimed at estimation of monetary policy effects in Russia.

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Knyazeva, E., A. Nurgazina, and M. Zholamanova. "THE OBJECTIVES OF MONETARY POLICY AND THE CENTRAL BANKS’ ACTIVITY." Journal of Economic Research & Business Administration 124, no. 2 (2018): 24–35. http://dx.doi.org/10.26577/be-2018-2-2111.

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Araújo, Eurilton. "Monetary policy objectives and Money’s role in U.S. business cycles." Journal of Macroeconomics 45 (September 2015): 85–107. http://dx.doi.org/10.1016/j.jmacro.2015.03.007.

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17

Hayat, Zafar. "Pakistan’s Monetary Policy: Some Fundamental Issues." Pakistan Development Review 56, no. 1 (March 1, 2017): 31–58. http://dx.doi.org/10.30541/v56i1pp.31-58.

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Over the last three decades, the landmark transformation of central banks from secrecy to openness and transparency has significantly enhanced their performance to successfully anchor inflation expectations and achieve price stability. The extent of such a transformation of the State Bank of Pakistan (SBP), especially in terms of statutory objectives, monetary policy mandate, conflicts of interest, disclosures, and dissemination of effective public economic information is assessed vis-à-vis the current popular central banking practices. The assessment indicates that the SBP is yet to be transformed to be able to achieve price stability which is a cornerstone for the achievement of sustainable economic growth. On the statutory front, such a transformation requires amending the SBP Act 1956, in line with the statutes for the best monetary policy frameworks by; (1) making price stability as the overriding objective of the SBP; (2) putting in place a clear mechanism for its accountability against price stability, consistent inflation targets, and; (3) elimination of the cushion for government‘s involvement with the monetary policy decision making processes. Some of the other areas like, institutional capacity building of the SBP, in terms of the relevance and level of the academic qualification, research profiles, and experiences of the Board, higher as well as lower tier management need special attention. Such transformations may not only enhance assimilation, creation, sharing, and funnelling of existing as well as new knowledge into monetary policy formulation, but may help change the static mindset at the SBP, hence allowing the institution to flourish. JEL Classification: E5, E52, E58 Keywords: Statutory Objectives, Conflicts of Interest, Disclosures, SBP

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18

Mazhar, Ummad, and Fahd Rehman. "Monetary Policy in a Developing Country: A Case of Pakistan." Asian Journal of Management Cases 18, no. 2 (August 9, 2021): 144–55. http://dx.doi.org/10.1177/09728201211028719.

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The State Bank of Pakistan (SBP) has to fulfil multiple objectives in Pakistan’s monetary policy. The choice of policy objectives is an old theme that acquired a renewed importance after the financial crisis of 2007–2009. Most of the textbooks do not discuss the debate around objectives, rather they discuss monetary policy objectives from the lens of a developing country. The choice of objectives should be seen in the context of the country’s overall level of economic development. With historical illustration of Pakistan during the 1970s and 1980s, the case has shown how the credit-starved sectors were helped through government-directed credit. With the opening of the trade and financial sector, the economic liberalization reforms increased the private sector’s role, and authorities adopted a more market-based approach towards monetary management. Various small businesses and entrepreneurs are faced with credit constraints. Private sector financial institutions cannot relax these credit constraints given their concern with creditworthiness, a condition that small businesses and entrepreneurs cannot satisfy. The SBP Act states that it has to pursue potentially conflicting goals of economic development and stable prices. The conflicting goals create tension in the case of whether SBP should control credit supply to various sectors of the economy or determine the cost of credit through interest rate targeting. It compares the two intermediate targets: monetary and interest rate. Finally, it also highlights the difficult trade-offs faced by policymakers in developing countries.

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Abbas, Kalbe, and Tariq Mahmood. "Fiscal Effects of Monetary Seigniorage: A Case Study of Pakistan." Pakistan Development Review 33, no. 4II (December 1, 1994): 1113–19. http://dx.doi.org/10.30541/v33i4iipp.1113-1119.

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The effects of monetary policy on key macro variables have been studied in the literature. In Pakistan most of these studies concentrate on exploring the interdependence of money supply, national income, inflation etc.1 One important, but neglected issue of monetary policy, is its fiscal effects. The fiscal and monetary authorities being parts of the total economic policy machinery, the role of monetary instruments in achieving fiscal objective should not be ignored. In countries like Pakistan where the central bank is under direct control of the government, fiscal policy is often made under the assumption that the monetary policy will be adjusted accordingly.2 There are a number of ways in which monetary policy may lead to fulfilment of some fiscal objectives. These include devaluation, change in interest rate and change in monetary base.

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Judy, Haidar Hamza, and Noufel Smaili . "Governance of Central Banks as an Entry Point to Establish the Credibility of Monetary Policy." Iraqi Administrative Sciences Journal 1, no. 2 (June 30, 2017): 120–42. http://dx.doi.org/10.33013/iqasj.v1n2y2017.pp120-142.

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Since the recent Global Financial Crisis, Central Banks Have extensive Powers and Objectives include both Monetary Sability and Financial Stability. Which required new arrangements for the Governance of Central Banks and the design of a new Institutional Framework to restrict the use of power by focusing on Independence, Accountability and Transparency. Perception of individuals to risks resulting from shifts in Monetary Policy because of the change in the multiple goals weakens the degree of the effectiveness and acceptance. As the Central Bank is responsible for Monetary Policy management, identify orientations, objectives and choose the appropriate means, it works to ensure the effectiveness of Monetary Policy, and for that warrant provided on the Independence, Accountability, and Respect for the Principles of Transparency, So the application of Banking Governance..

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Awad, Fadhel Jawid. "Impact of monetary policy on economic growth in developing countries for 1990-2015 (Malaysia model)." Tikrit Journal For Political Science, no. 16 (July 2, 2019): 16. http://dx.doi.org/10.25130/poltic.v0i16.138.

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Monetary policy is an important part in the general economic policy, most countries seek various economic doctrines to make the tools of monetary policy leads compatible with its objectives, including economic policy and the adequacy of work to do so. The economic growth highlights the importance of a key indicator of economic activity in the country and whether it was in favor of the recession or prosperity and that the basic outcome of the development process, it is important that the study of the effect of monetary policy in the economic growth achieved. Perceived from the facts that there was a relationship between the nature of the monetary policy adopted in the country and the economic growth achieved by it, the core of the problem of research is the following question: is there an effect of monetary policy in the growth performance and the nature of the impact, if any. In the same subject, Malaysia is one of those states that seek to achieve development and economic growth. And there is a strong correlation between the success of monetary policy in the use of tools to achieve its objectives on the one hand and between economic growth and development, on the other.

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Purnomo, Joko Hadi. "Uang Dan Moneter Dalam Sistem Keuangan Islam." Journal of Sharia Economics 1, no. 2 (November 25, 2019): 80–100. http://dx.doi.org/10.35896/jse.v1i2.71.

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Money is a tool that can be used in conducting exchanges or transactions both goods and services in a certain area. Money is the standard of use found in goods and labor. Therefore, money is defined as a tool to measure the value of each item and service. There are two main policies in the economy called fiscal and monetary policies. Monetary policy is a policy that is carried out to control the supply and demand of money (money circulating in the community), the available money supply, the stability of the currency's value and the direction in which money will be allocated using appropriate monetary tools or instruments in order to achieve the objectives from monetary policy itself. The fiscal policy is a policy that is used to move the steps to obtain state income including tax revenue and control the direction of fiscal policy and control the amount of government spending and expenditure using fiscal tools, so that the objectives of the policy can be achieved fiscal itself in the economy. In this study, the author only focuses on discussing monetary policy and its implications for economic development in an Islamic perspective. Keywords: money, monetary, Islamic finance system

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Tai Nguyen, Trong, Thuy Duong Phan, and Ngoc Anh Tran. "Impact of fiscal and monetary policy on inflation in Vietnam." Investment Management and Financial Innovations 19, no. 1 (March 1, 2022): 201–9. http://dx.doi.org/10.21511/imfi.19(1).2022.15.

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High and sustainable growth of gross domestic product with stable inflation is one of the objectives of the most macroeconomic policies both in the world and in Vietnam. Therefore, price stability plays a vital role in assuring GDP growth. In order to stabilize prices, fiscal and monetary policies need to be appropriately managed. The aim of this study is to assess the impact of the monetary and fiscal policies on inflation in Vietnam during the period from 1997 to 2020. This study has applied the vector autoregression (VAR) model along with data gathered from the World Bank and General Statistics Office of Vietnam. The research results indicate that Vietnam’s inflation is positively influenced by a fiscal deficit (2.943), money supply (2.672), government expenditure (8.347), and interest rate (3.187). Among the factors, government expenditure has the biggest influence on inflation. Besides, trade openness (–0.311) also influences inflation, but the effect is negative and negligible. Finally, the policy implications are focused on coordinating fiscal and monetary policies maintaining a moderate level of inflation for economic growth. AcknowledgmentThis article is funded from the funding source of the research: “Solutions to deal with the risk of financial instability from support packages to fight economic recession caused by the covid-19 pandemic” with code B2022-MHN-02 by Vietnam Misnistry of Education and Training.

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Walsh, Carl E. "Endogenous objectives and the evaluation of targeting rules for monetary policy." Journal of Monetary Economics 52, no. 5 (July 2005): 889–911. http://dx.doi.org/10.1016/j.jmoneco.2005.07.003.

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Rotemberg, Julio J. "The Federal Reserve׳s abandonment of its 1923 objectives of monetary policy." Research in Economics 69, no. 4 (December 2015): 475–93. http://dx.doi.org/10.1016/j.rie.2015.06.005.

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Siklos, Pierre L. "Managed floating as a strategy to achieve selected monetary policy objectives." Journal of Economics and Business 58, no. 5-6 (October 2006): 447–64. http://dx.doi.org/10.1016/j.jeconbus.2006.06.008.

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27

Hetzel, Robert L. "A proposal to clarify the objectives and strategy of monetary policy." Journal of Macroeconomics 54 (December 2017): 72–89. http://dx.doi.org/10.1016/j.jmacro.2017.03.004.

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KONYAEV, Aleksei A. "The Relationship Between Monetary Policy and Banking Policy to Manage Macro-Financial Flows of the Russian Banking Sector." Finance and Credit 27, no. 8 (August 30, 2021): 1790–812. http://dx.doi.org/10.24891/fc.27.8.1790.

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Subject. This article analyzes the current state of the relationship between monetary policy and banking policy to manage macro-financial flows of the banking sector of Russia. Objectives. The article aims to assess how closely monetary policy and banking policy are linked in order to manage the macro-financial flows of the Russian banking sector. Methods. For the study, I used normative and integrated approaches, and general scientific and special methods of scientific knowledge. Results. The article assesses the relationship between monetary policy and banking policy to manage macro-financial flows of the banking sector of Russia. Conclusions. The Bank of Russia's monetary policy transmission mechanism needs to be developed and improved. Developing a new channel of influence, i.e. the digital channel of the transmission mechanism, is a promising area to improve it.

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Lepushynskyi, Volodymyr. "A Strategic Document on Monetary Policy for the Period of the Inflation Targeting Adoption in Ukraine." Visnyk of the National Bank of Ukraine, no. 233 (September 29, 2015): 24–38. http://dx.doi.org/10.26531/vnbu2015.233.024.

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The article explains why the Main Guidelines of Monetary Policy need to be adopted in a new format: A monetary policy strategy for 2016-2020. This document must combine the program component (goals, objectives and ways of achieving them) and communication component (explanations in understandable format). Based on international experience of inflation targeting central banks in devising strategic documents on monetary policy, the article offers a format of this document for Ukraine and the key provisions it should include. In particular, it explains the approaches to setting the document’s goals, use of the instruments necessary to achieve these goals, decision making procedures, declarations and application of an exchange rate regime, and also communication of monetary decision-making.

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Friedman, Benjamin M. "Lessons on Monetary Policy from the 1980s." Journal of Economic Perspectives 2, no. 3 (August 1, 1988): 51–72. http://dx.doi.org/10.1257/jep.2.3.51.

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The half-decade running from mid-1982 to mid-1987 was a pretty good era for U.S. monetary policy, as these things go. Even the severe 1981-82 recession served its intended purpose of substantially restoring price stability. At least as judged by the outcomes for the standard objectives of macroeconomic policy, U.S. monetary policy was a distinct success. Economists hoping to say something useful about monetary policy in the 1980s have had a tougher time. The quantitative relationships connecting income and price movements to the growth of familiar monetary aggregates, including especially the M1 measure of the money stock that had been the chief focus of monetary policy during 1979-82, utterly fell apart during this period. It is difficult to escape the conclusion that there is now a conceptual vacuum at the center of the U.S. monetary policymaking process. In the meanwhile, the Federal Reserve System has not ceased operations. Nor should it be inclined to do so, in light of the performance of both income and prices during the past half-decade.

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Laptev, S. V. "ON THE IMPACT OF MONETARY POLICY ON THE ECONOMIC DEVELOPMENT OF RUSSIA." Vestnik Universiteta, no. 11 (December 27, 2019): 140–45. http://dx.doi.org/10.26425/1816-4277-2019-11-140-145.

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The approaches of various authors to the assessment of the impact of monetary policy on the development of the economy have been considered. The main factors of positive and negative influence of interest rate monetary policy on economic development have been established. Features of influence of monetary policy on development of the developed and developing States have been revealed. It has been defined, that the strength of the influence of individual factors on the effectiveness of monetary policy in individual countries varies, and the appropriateness of using monetary policy to support economic growth is determined by the ratio of the total positive and total negative impact. Recommendations on the construction of monetary policy taking into account its positive and negative impact on the development of the economy have been given. They aim at a gradual transition to the use of monetary policy to support growth, to take into account all the factors of influence and the integrated use of all instruments of monetary and fiscal policy to stimulate growth, the achievement of other strategic objectives.

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Ali, Shorsh Qadir. "The impact of using the digital currency in monetary policy." Journal of University of Human Development 5, no. 1 (January 28, 2019): 72. http://dx.doi.org/10.21928/juhd.v5n1y2019.pp72-78.

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It is known that the digital currency is not supported by any official entity and is used by the Internet only within the scope of institutions, companies and individuals that prefer to deal with them, and can be exchanged in paper currencies such as dollars, euros and others .The purpose of this research is to explain the impact of digital currencies in monetary policy, beginning with the concept of digital currency and its origin and types, on the one hand, and then explain the monetary policy and its goals and objectives used to achieve economic balance in any country on the other hand , The research adopted a descriptive analytical method to determine the effect of the digital currency in monetary policy. The research reached a number of conclusions, the most important of which is that the digital currency affects the tools and objectives of monetary policy negatively and that the digital currency affects the function of the central bank in controlling and directing credit because digital currencies are difficult to control Or direct them .

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Fedorova, E., and A. Lysenkova. "Assessing the impact of the instruments of monetary policy on achieving objectives of the central bank of RF." Voprosy Ekonomiki, no. 9 (September 20, 2013): 106–18. http://dx.doi.org/10.32609/0042-8736-2013-9-106-118.

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In this paper, using an econometric model (the model with Markov switchings), monetary policy of the Russian Federation in 2001—2011 is studied, based on the Taylor rule. CBR’s policy priorities in relation to inflation and the exchange rate in the given period are identified. Monetary tools are revealed, which support the mode selected by the CBR.

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Gurvich, E. "Fiscal and Monetary Policy under External Volatility." Voprosy Ekonomiki, no. 3 (March 20, 2006): 4–27. http://dx.doi.org/10.32609/0042-8736-2006-3-4-27.

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Specific requirements on macroeconomic policy, stemming from the impact of external volatility on trade balance and fiscal revenues are studied. Income gains or losses of the Russian economy due to variation in the commodity prices are found to range from -9 to +12% of GDP over the last decade. Contribution of the government and the Central Bank to neutralizing windfall revenues is evaluated, an approach to sharing their functions is suggested. It is demonstrated that monetary policy in the post-crisis period has been aimed rather at restraining ruble appreciation, than at smoothing the effect of external volatility. Expediency to formulate fiscal policy objectives and budget rules in terms of structural deficit (adjusted for windfall revenues) is argued.

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Krstevska, Aneta. "Monetary Policy Objectives During the Crisis: An Overview of Selected Southeast European Countries." Journal of Central Banking Theory and Practice 4, no. 1 (January 1, 2015): 35–46. http://dx.doi.org/10.1515/jcbtp-2015-0003.

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Abstract The recent global crisis brought many challenges to the central bankers worldwide, including the issue of monetary policy objectives. In this view, besides price stability maintenance, a special attention by central bankers during the crisis was given to the output stabilization. This paper explores this issue on the case of a group of countries from Southeast Europe (SEE). For this purpose, rather simple analysis of the policy rate and output gap as well as output gap variability by countries have been provided, aimed at giving some initial insights of the monetary policy and output stabilization during the crisis. Our findings pointed that the central banks in the analysed SEE countries paid attention to the output stabilization, specifically during the crisis period and that was presumably enabled by controllable inflation developments.

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DASHKIN, Renat M., and Igor' A. KOKH. "How the U.S. monetary policy affects the corporate investment by emerging market companies." Finance and Credit 27, no. 7 (July 29, 2021): 1513–39. http://dx.doi.org/10.24891/fc.27.7.1513.

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Subject. The article addresses the transmission mechanisms of the U.S. monetary policy. Objectives. Our aim is to evaluate the transmission mechanisms of the U.S. monetary policy. Methods. The paper analyzes how the investment activities of 3,983 companies of the eight non-financial industries (mining, construction, manufacturing, transportation, information sector, trade, and agriculture) of 23 emerging economies respond to the monetary policy decisions for 2010–2017. Results. Investment activities of companies are influenced by monetary policy decisions through the transmission mechanism of financial markets. We found that American companies are more exposed to the monetary policy decisions than other emerging market companies, while Asian companies are indifferent to them. We confirm that capital-intensive and large companies, as well as debt-laden companies are more sensitive to monetary policy decisions. We also confirm that companies at different stages of their development react differently to the said decisions. The article can be valuable for the scientific community as part of the study of issues related to emerging market and monetary policy implications, for representatives of investment community, considering the potential investments in the assets of emerging countries, and for monetary authorities, responsible for the consistent monetary policy and its effects on the real economy, while constructing better models of monetary policy transmission. Conclusions. We show that companies of EMEA, Asia and America macro-regions and firms from different industries react differently to the monetary policy changes.

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Obradović, Jelena, and Marina Đorđević. "Monetary Policy Transmission on Real Trends in Serbia – VAR Analysis." Economic Themes 58, no. 1 (March 1, 2020): 53–73. http://dx.doi.org/10.2478/ethemes-2020-0004.

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AbstractThe efficiency of channels of monetary transmission varies from country to country and is conditioned by a number of factors that determine the economic and financial system of a country. In order to achieve the set monetary policy objectives, а central bank takes certain measures and employs instruments of monetary policy. Those instruments, however, act indirectly and with a certain lag. Due to these limitations in monetary policy effects, the analysis of the monetary transmission is of essence in every country as it enables its designers to determine an optimum monetary regime. In this paper, an analysis of monetary transmission in the Republic of Serbia is made using the Vector autoregressive model (VAR model). The research conducted is significant due to a current issue of the impact of monetary policy on actual economic trends, both in the developed and developing countries. On the basis of the research it is concluded that, in the time period under observation, the biggest impact on the fluctuations in industrial production in Serbia is that of monetary aggregate, whereas the biggest impact on the fluctuation in prices is that of key policy rate movements. The results of the analysis provide guidelines to monetary authorities to take necessary steps to shorten a lag period and eliminate restrictions in transmitting monetary impulses into real economic values.

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Yunita, Mela, Noer Azam Achsani, and Lukytawati Anggraeni. "Pengujian Trilemma Conditions pada Perekonomian Indonesia." Jurnal Ekonomi dan Pembangunan Indonesia 17, no. 2 (January 1, 2017): 151–68. http://dx.doi.org/10.21002/jepi.v17i2.718.

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Testing the Trilemma Conditions of Indonesian EconomyThe key challenge for monetary policy in emerging market countries is simultaneously maintain monetary independence, exchange rate stability, and join with financial integration. This reseach explain the interaction of monetary policy in Indonesia over time to answer those three challenge with a Trilemma conditions. This research evaluate the Bank Indonesia’s decision to change the exchange rate regime and apllied ”inflation targeting”. The methods include to build the Trilemma’ index and testing the Trilemma with constant regression. The results indicate that Bank Indonesia has tradeoff in determining the combination of monetary policy objectives. Tradeoff for Bank Indonesia more heavy under free floating due to fear of floating’s problem and tradeoff lighter when inflation targeting applied.Keywords: Trilemma Hyphotesis; Different Exchange Rate Rezim; Inflation Targeting AbstrakTantangan utama kebijakan moneter di negara berkembang adalah secara bersamaan dapat mempertahankan independensi moneter, menjaga stabilitas nilai tukar, dan terlibat dalam integrasi keuangan global. Penelitian ini menjelaskan bagaimana kombinasi kebijakan moneter di Indonesia dari waktu ke waktu dapat menjawab ketiga tantangan tersebut dengan memenuhi kondisi Trilemma. Penelitian ini mengevaluasi keputusan Bank Indonesia mengubah rezim nilai tukar dan keputusan menerapkan target inflasi. Metode yang digunakan yaitu membangun indeks Trilemma dan mengujinya menggunakan constant regression. Hasilnya menunjukkan bahwa Bank Indonesia menghadapi tradeoff dalam menentukan kombinasi tujuan kebijakannya. Tradeoff lebih berat ketika periode rezim free floating karena adanya masalah fear of floating, sedangkan tradeoff lebih ringan ketika penerapan inflation targeting.

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Goodfriend, Marvin. "How the World Achieved Consensus on Monetary Policy." Journal of Economic Perspectives 21, no. 4 (November 1, 2007): 47–68. http://dx.doi.org/10.1257/jep.21.4.47.

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The worldwide progress in monetary policy is a great achievement and, especially considering the situation 30 years ago, a remarkable success story. I describe how the world achieved a working consensus on the core principles of monetary policy by the late 1990s. I survey the muddled state of affairs in the 1970s, and then ask: What happened in Federal Reserve policy to produce an understanding of the practical principles of monetary policy? How did formal institutional support for targeting low inflation abroad follow from an international acceptance of these ideas? And how did a consensus theoretical model develop in academia? I explain how the modern theoretical consensus—known alternatively as the New Neoclassical Synthesis or the New Keynesian model of monetary policy—reinforces key advances: the priority for price stability; the targeting of core rather than headline inflation; the importance of credibility for low inflation; and preemptive interest rate policy supported by transparent objectives and procedures. Of course, a working consensus does not constitute complete agreement. Accordingly, the conclusion identifies important monetary policy issues that remain to be explored.

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Bofinger, Peter. "The European Central Bank: the time is ripe for a major revision of its strategy." European Journal of Economics and Economic Policies: Intervention 18, no. 2 (September 23, 2021): 163–76. http://dx.doi.org/10.4337/ejeep.2021.02.05.

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A revision of the European Central Bank's (ECB) strategy is urgently needed. For the new strategy, it is important to define the inflation target explicitly in symmetrical terms. Environmental policy objectives can in principle be reconciled with the ECB's mandate as long as they do not conflict with the objective of monetary stability. An essential element of any strategy is a heuristic that makes it relatively easy for the public to monitor whether monetary policy decisions are in line with the mandate. Among the possible heuristics, monetary targeting and the Taylor rule have to be ruled out while ‘inflation targeting’ offers a relatively simple navigation system for monetary policy discussions.

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NELYUBINA, Alena S. "Differential region-level effects of monetary policy: A country profile." Finance and Credit 28, no. 2 (February 28, 2022): 440–65. http://dx.doi.org/10.24891/fc.28.2.440.

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Subject. This article examines the factors of differential impact of monetary policy on economic activity of the regions. Objectives. The article aims to identify the factors of differential effects of the general monetary policy on economic activity of the regions and develop recommendations to even out them. Methods. For the study, I used the methods of economic analysis, comparison, expert assessment, content analysis, scientific skepticism, and analogy. Results. The article identifies and describes the main factors leading to the emergence of regional heterogeneity, and offers recommendations and measures to smooth out the impacts of the differential effects of the general monetary policy on the economic activity of the regions, which can be useful to the authorities making decisions in the field of monetary policy in advanced and emerging economies.

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Garifollaevna, Ilyasova Gulmira, and Bekmukhametova Assemgul Bauirzhanovna. "MONETARY POLICY OF THE REPUBLIC OF KAZAKHSTAN." Humanities & Social Sciences Reviews 7, no. 5 (September 28, 2019): 103–10. http://dx.doi.org/10.18510/hssr.2019.7514.

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Purpose: Currently due to Kazakhstan's high vulnerability to external shocks, Kazakhstan needs new growth factors to accelerate and provide more inclusive growth. The National Bank of Kazakhstan, as the central bank, is responsible for the development and implementation of state monetary and credit policy within the framework of powers provided by current legislation. Objectives of monetary policy are primarily carried out to achieve this goal. Restoration of trust to actions of economic authorities is possible only if a balanced and responsible policy, supported by concrete actions and results, is implemented. Methodology: This study provides a literature review of domestic and foreign authors, who conducted the study of monetary policy of Central Banks of countries in various aspects of international experience. The study gives an analytical overview of the current monetary policy of the Republic of Kazakhstan. Main Findings: The study discusses the importance of Kazakhstan’s monetary-credit regulation as only by means of effective monetary policy state can mitigate economic crises, restrain inflation growth and stimulate investments in various sectors of country's economy. The studies are systematized theoretical and methodological research aspects of the monetary policy of Kazakhstan of which the conclusions and recommendations proposed to improve the economy of our country. Implications/Applications: This suggests that we should work in the near future, look for drivers of growth, so as to ensure not just an anti-crisis manual management of the economy, but to enter the rails of sustainable development.

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Wahyuni, Amalia. "ANALYSIS OF MONETARY POLICY ON ECONOMIC GROWTH IN INDONESIA DURING THE OUTBREAK OF COVID-19." die 13, no. 1 (March 29, 2022): 1–10. http://dx.doi.org/10.30996/die.v13i1.6365.

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Monetary policy is a policy of Bank Indonesia aimed at managing a country's money supply in order to achieve certain objectives such as maintaining monetary stability and increasing employment opportunities. The analysis of monetary policy in Indonesia aims to discover and anticipate the impact of the Covid-19 pandemic on the Indonesian economy. Research uses descriptive qualitative research methods that include different concepts in the research process using content analysis techniques as well as literature search. The results of this study show the monetary policy efforts of the Indonesian government to stabilize the economic system, supported by Bank Indonesia through the role of the Financial Services Authority in Indonesia. At that time, the Indonesian government tried to implement this policy to relieve the Indonesian nation of the economic crisis due to Pademi Covid 19, which has an even greater impact. Keywords : Monetary Policy, Inflation, Money Suppy, Interest Rates, Exchange Rates, GDP (Gross Domestic Product), Economic Growth

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Rimintsiwa, Ibrahim. "How effective have measures by Central Banks been in mitigating the impact of financial crisis." SPIRIT OF SOCIETY JOURNAL 4, no. 2 (March 31, 2021): 76–87. http://dx.doi.org/10.29138/scj.v4i2.1102.

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During the global financial crisis, central banks around the globe implemented a series of unconventional monetary policy measures such as quantitative easing among others to avert the impact of financial crisis on financial system. There exist numerous studies on this area of interest, with each guided by a specific view of the problem and selectively chosen empirical observations with regard to the different developments. This paper reviewed literature to ascertain the effectiveness of conventional monetary policy measures and unconventional monetary measures used in mitigating the impact of the 2007/2008 global financial crisis, specifically by the major central banks including the Federal Reserve, European Central Bank and Bank of England. The study used systematic quantitative assessment technique (SQAT) to determine a high quality of papers that have been reviewed in the study. The result proved that conventional monetary policy measures are still potent to deliver their desired objectives but inadequate in times of acute crisis. Empirical evidences proved that central banks have not practically abandoned the core elements of their pre-crisis monetary policy. Through a complex form of strengthening and reassessment, they have instead complimented, extended and somewhat improved their measures to mitigate the impact of the financial crisis. An important lesson of the crisis is that there is opportunity to reinforce central banks with macro prudential supervision and regulation. This should be seen as complementary to the existing monetary policy measure in order to deliver the twin objectives of price and financial stability.

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Hakes, David R. "The Objectives and Priorities of Monetary Policy under Different Federal Reserve Chairmen." Journal of Money, Credit and Banking 22, no. 3 (August 1990): 327. http://dx.doi.org/10.2307/1992563.

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Ghandour., Dr GhassanFarouk. "THE ROLE OF BANKING SUPERVISION IN ACHIEVING THE OBJECTIVES OF MONETARY POLICY." International Journal of Advanced Research 5, no. 2 (February 28, 2017): 572–81. http://dx.doi.org/10.21474/ijar01/3187.

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Cobham, David. "Multiple Objectives in Monetary Policy: A De Facto Analysis for ‘Advanced’ Countries." Manchester School 83 (April 24, 2015): 83–106. http://dx.doi.org/10.1111/manc.12102.

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Lawler, P. "Monetary policy, central bank objectives, and social welfare with strategic wage setting." Oxford Economic Papers 53, no. 1 (January 1, 2001): 94–113. http://dx.doi.org/10.1093/oep/53.1.94.

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Joyce, Joseph P. "An examination of the objectives of monetary policy in four developing economies." World Development 19, no. 6 (June 1991): 705–9. http://dx.doi.org/10.1016/0305-750x(91)90204-u.

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CHOW, HWEE KWAN, PETER NICHOLAS KRIZ, ROBERTO S. MARIANO, and AUGUSTINE H. H. TAN. "MONETARY POLICY COOPERATION TO SUPPORT ASIAN ECONOMIC INTEGRATION." Singapore Economic Review 55, no. 01 (March 2010): 83–101. http://dx.doi.org/10.1142/s0217590810003626.

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This paper considers the form of monetary policy coordination and regional exchange rate arrangement that would best support economic and financial integration in East Asia. In view of the region's economic diversity, we propose a graduated program of informal policy cooperation from weak forms of cooperation to more intensive modes of cooperation such as the adoption of common monetary policy objectives. An array of informal monetary arrangements rooted to the degree of institutional development can improve the effectiveness of both sovereign and regional institutions, and promote integration in East Asia. Drawing upon the European experience with the Exchange Rate Mechanism (ERM), we conclude that East Asia should first embark on other forms of integration to aid in the development of a high degree of real and nominal convergence amongst the regional countries. Only then would an ERM-type system that employs a regional monetary unit become more sustainable and less susceptible to speculative currency attacks in the region.

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Journal articles on the topic 'Monetary policy objectives'

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