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Academic literature on the topic 'Transmission mechanism (Monetary policy)'

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Published: 4 June 2021

Last updated: 30 July 2024

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Journal articles on the topic "Transmission mechanism (Monetary policy)"

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CARBONARI, LORENZO. "TRANSMISSION MECHANISM OF MONETARY POLICY." BANKPEDIA REVIEW 4, no. 1 (June 2014): 25–29. http://dx.doi.org/10.14612/carbonari_1_2014.

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Гюльмагомедова, Г. А. "Transmission mechanism of monetary policy." Экономика и предпринимательство, no. 8(133) (November 16, 2021): 310–13. http://dx.doi.org/10.34925/eip.2021.133.8.057.

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В статье рассматривается сущность и необходимость трансмиссионного механизма при реализации денежно-кредитной политики. В данной научной работе определены основные этапы функционирования и каналы трансмиссионного механизма. В статье изучена сущность и роль каналов трансмиссионного механизма, рассмотрена динамика ключевой ставки Банка России за последние годы и взаимосвязь размера ключевой ставки с кредитованием субъектов экономики, а также выявлены основные ограничения и мероприятия, направленные на повышение работоспособности трансмиссионного механизма денежно-кредитной политики. The article examines the essence and necessity of the transmission mechanism in the implementation of monetary policy. In this scientific work, the main stages of functioning and channels of the transmission mechanism are determined. The article examines the essence and role of transmission mechanism channels, examines the dynamics of the key rate of the Bank of Russia in recent years and the relationship between the size of the key rate and lending to economic entities, as well as identifies the main limitations and measures aimed at improving the efficiency of the transmission mechanism of monetary policy.

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Ramlogan, Carlyn. "The transmission mechanism of monetary policy." Journal of Economic Studies 31, no. 5 (October 2004): 435–47. http://dx.doi.org/10.1108/01443580410555537.

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Güler, Aslı. "Effectiveness of Expectation Channel of Monetary Transmission Mechanism in Inflation Targeting System: An Empirical Study for Turkey." Global Journal of Business, Economics and Management: Current Issues 6, no. 2 (November 4, 2016): 222–31. http://dx.doi.org/10.18844/gjbem.v6i2.1394.

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Monetary policy can affect economy through out various transmission mechanisms. One of this transmission mechanisms is expectations channel. The monetary policy can get involved in expectation channel of transmission mechanism by affecting the process of expectations formation. Because the results of policies to be implemented vary according to the expectations, the main challenge in monetary policy is to correctly manage expectations. Because of the fact that only the systematic component of monetary policy (estimated component) can affect forward looking expectations, systematic behavior of the central bank has a critical role in determining the economic consequences of monetary policy. In this study, the effectiveness of expectation channel of transmission mechanism was analyized by VAR model. According the results TCMB cannot affect inflation expectations via both the inflation targets and the policy interest. On the other hand, inflation expectations are affected significantly from actualized inflation rates and exchange rates. Keywords: Central bank, Expectations, Monetary transmission mechanisms, Monetary policy

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Du, Yinghan. "Transmission Mechanism of U.S. Monetary Policy to Economies." Advances in Economics, Management and Political Sciences 7, no. 1 (September 13, 2023): 155–62. http://dx.doi.org/10.54254/2754-1169/7/20230228.

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Due to the special status of the United States and the U.S. dollar in the world economy, the U.S. monetary policy has a significant spillover effect on the world. Especially since the subprime mortgage crisis in 2007, the U.S. monetary policy has attracted more attention from the world. Combined with the previous literature, this paper finds that the transmission channels of the US monetary policy uncertainty spillover effect include exchange rate expectation channel, financial asset allocation channel, contagion of monetary policy uncertainty, and real option effect. Among them, the channel of exchange rate expectations, the channel of financial asset allocation and the channel of contagion of monetary policy uncertainty are responsive and rapid, while the real option effect has a slow and long-term impact on the real economy. At the same time, there are differences in the spillover effects of U.S. monetary policy uncertainty on different countries. The results of this study have certain guiding significance for monetary policy formulation in other countries, such as strengthening the supervision of cross-border bonds and cross-border investment. Especially under the impact of the new crown pneumonia epidemic, major developed economies have implemented a new round of quantitative easing monetary policies, and policymakers in emerging economies need to pay great attention to this.

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Dumitrescu, Cristian. "MONETARY POLICY TRANSMISSION MECHANISMS." Revue Européenne du Droit Social 58, no. 1 (December 5, 2022): 177–88. http://dx.doi.org/10.53373/reds.2023.58.1.0108.

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Ivanchenko, I., and A. Maslov. "Methodological Eclecticism of Transmission Mechanism of Monetary Policy." Voprosy Ekonomiki, no. 12 (December 20, 2010): 99–106. http://dx.doi.org/10.32609/0042-8736-2010-12-99-106.

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The article analyzes theoretical and methodological features of the transmission mechanism of monetary policy and its channels of performance. The complex nature of this phenomenon is substantiated by a qualitative economic approach thus revealing its immanent theoretical contradictions, which cause a number of problems that monetary authorities face while conducting monetary policy. Possible ways of analysis aimed at resolving the mentioned issues are suggested.

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Gordiyevich, T. I., and P. V. Ruzanov. "Monetary policy: main modes and transmission mechanism." Omsk Scientific Bulletin. Series Society. History. Modernity 4, no. 2 (2019): 122–30. http://dx.doi.org/10.25206/2542-0488-2019-4-2-122-130.

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Aleem, Abdul. "Transmission mechanism of monetary policy in India." Journal of Asian Economics 21, no. 2 (April 2010): 186–97. http://dx.doi.org/10.1016/j.asieco.2009.10.001.

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Janus, Jakub. "The transmission mechanism of unconventional monetary policy." Oeconomia Copernicana 7, no. 1 (March 31, 2016): 7. http://dx.doi.org/10.12775/oec.2016.001.

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The implementation of unconventional (nonstandard) monetary policy instruments by the leading central banks at the wake of the financial and economic crisis was the most significant shift in the practice of central banking in the recent years. Evaluation of their effects is not feasible without a thorough recognition of the transmission mechanism of various balance-sheet policies, such as quantitative easing. The transmission channels of a standard interest-rate policy are based on a group of theories that are relatively coherent and well-documented. On the contrary, identification of similar framework for unconventional measures proved to be a complicated task. The aim of this paper is to extract and evaluate the theoretical efficiency of particular channels of unconventional monetary policy. This goal requires references to at least several, to some extent mutually exclusive, theories. It is also inevitable to draw one’s attention to the relative significance of identified channels, depending on the nature of used unconventional tools, as well as on reactions of financial institutions and other economic agents to undertaken actions. This paper discusses three broad channel of the unconventional policies transmission mechanism: the signaling channel, the liquidity channel, and the portfolio-balance channel.

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Dissertations / Theses on the topic "Transmission mechanism (Monetary policy)"

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Liu, Xiaonan, and 刘晓楠. "Monetary transmission mechanism in China." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2011. http://hub.hku.hk/bib/B46503936.

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Ozdogan, Zeliha. "Monetary Transmission Mechanism in Turkey." Access to citation, abstract and download form provided by ProQuest Information and Learning Company; downloadable PDF file, 161 p, 2009. http://proquest.umi.com/pqdweb?did=1694575211&sid=6&Fmt=2&clientId=8331&RQT=309&VName=PQD.

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Moschitz, Julius. "Essays on the Transmission Mechanism of Monetary Policy." Doctoral thesis, Universitat Autònoma de Barcelona, 2004. http://hdl.handle.net/10803/4058.

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Esta tesis estudia los efectos y la eficacia de la política monetaria. A grandes rasgos, el banco central cambia los tipos de interés a corto plazo y, a través de la estructura temporal, también se ven afectados los tipos de interés a largo plazo. Los tipos a largo plazo son una variable importante para las decisiones de inversión de las empresas y de ahorro de los hogares. Estas decisiones afectan tanto la producción como los precios y, como consecuencia, los objetivos finales del banco central -por ejemplo, la estabilidad de los precios-. Esta tesis examina detalladamente algunos temas relacionados con la descripción anterior de los mecanismos de transmisión de la política monetaria que hasta ahora no se han estudiado en profundidad.
El primer capítulo del documento contiene la introducción. El segundo analiza la transmisión de la política monetaria en economías abiertas teniendo en cuenta que la apertura de una economía es especialmente relevante para los países europeos. En este mismo capítulo se estudian los efectos dinámicos de una acción imprevista del banco central para varios países europeos. Los cambios de estos efectos se estudian mediante una serie de contrastes de estabilidad y la estimación de las fechas de cambio de los parámetros.
El tercer capítulo se centra en los determinantes de los tipos de interés a corto plazo. La mayoría de los modelos monetarios asumen que el banco central controla perfectamente estos tipos. No obstante, en la práctica, este control no es nada perfecto. Los mercados determinan los tipos de interés pero el banco central ejerce una fuerte influencia en la oferta de reservas. Por ello, se diseña un modelo de decisión intertemporal para el mercado de reservas y se incluyen todos los aspectos institucionales importantes para el mercado de reservas de la zona euro. Entonces, se estima el modelo con datos de esta zona. La mayoría de los patrones predecibles en la media y en la volatilidad de los tipos de interés a corto plazo están relacionados con la implementación de la política monetaria. También se observa que los bancos reaccionan de manera retardada a las nuevas informaciones. Así, se estudian las implicaciones de la eficiencia del mercado, endogeneidad de la oferta de reservas y el underbidding.
La cuarta y última parte de la tesis se centra en los efectos de la implementación de la política monetaria en los mercados de dinero de la zona euro. Más exactamente, se analiza la volatilidad de los tipos de interés con varios vencimientos y la transmisión de la volatilidad de los tipos de corto a largo plazo. Estos análisis concluyen que la manera en la que se aplica la política monetaria acaba afectando a la volatilidad de la mayoría de los tipos de los mercados de dinero salvo los tipos de un año. Se puede observar claramente que estos efectos son mucho más fuertes para los tipos a corto plazo. No obstante, las decisiones de inversión de las empresas como las de ahorro de los hogares dependen mayoritariamente de los tipos a largo plazo. De ello se desprende que los procedimientos que se utilizan en la actualidad aplican de una manera muy eficaz las decisiones de política monetaria sin tener ninguna repercusión en la economía real. Asimismo, se han encontrado algunos efectos en los días del calendario, una curva de volatilidad en forma de U y un apoyo consistente a para la hipótesis de expectativas.
This thesis studies the effects and effectiveness of monetary policy. In a stylized way, the central bank changes the short-term interest rate and, via the term structure, long-term interest rates are affected. Long-term rates are the relevant variables for firms' investment and households' saving decisions, which influence output and prices and, as a consequence, the final objectives of a central bank, e.g. price stability. This thesis looks carefully at some particular, and widely overlooked, issues along the above described transmission mechanism of monetary policy.
The first chapter contains the introduction. The second chapter analyses the transmission of monetary policy in open economies. Taking into account the openness of an economy is especially important for European countries. The dynamic effects of an unexpected monetary policy action for several European countries are studied. Changes over time are investigated by using a range of stability tests and estimating break dates.
The third chapter looks at the determinants of the short-term interest rate. Most monetary models assume that the central bank perfectly controls this interest rate. However, this control is far from perfect in practice. Interest rates are determined on markets, with the central bank having a strong influence on the supply of reserves. The intertemporal decision problems in the reserve market for both central and commercial banks are modeled. All important institutional features of the euro area reserve market are included. The model is then estimated with euro area data. Most of the predictable patterns for the mean and volatility of the short-term interest rate are related to monetary policy implementation. Banks react sluggish to new information. Implications for market efficiency, endogeneity of reserve supply and underbidding are studied.
Chapter four studies the effects of monetary policy implementation on the euro area money market. In particular, volatility of interest rates with various maturities and volatility transmission along the yield curve is analyzed. It is found that the way how monetary policy is implemented affects volatility of most money market rates, except the twelve-month rate. These effects are strongest at the short end of the yield curve. Notwithstanding, firms' investment and households' consumption decisions depend mostly on longer term rates, which indicates that the operating procedures in place implement monetary policy decisions very efficiently, without inducing real costs on the economy. Furthermore, some calendar day effects, a U-shaped volatility curve and strong evidence in favour of the expectation hypothesis are documented.

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Giuliodori, Massimo. "Essays on the transmission mechanism of monetary policy." Thesis, University of Glasgow, 2003. http://theses.gla.ac.uk/1562/.

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Chapter 1: The monetary version of the sticky price intertemporal model of Obstfeld and Rogoff (1995, 1996), in which unexpected and expansive monetary shocks unambiguously generate a permanent nominal exchange rate depreciation and a temporary current account surplus, is outlined. After discussing some extensions of the basic model and verifying the lack of robustness of the main theoretical predictions to the introduction of alternative assumptions, the chapter provides an empirical investigation of the role of nominal disturbances for current account and real exchange rate fluctuations within a structural VAR approach for 15 OECD countries over the period 1979-1998, using the long-run restriction identification scheme suggested by Clarida and Gali (1994). The main empirical findings suggest that nominal shocks tend to have a significant role in generating temporary current account surpluses and that these effects are proportional to the degree of openness of the country. Chapter 2: Housing systems, as a major sector of industrialised economies, might have profound effects on the transmission mechanism of monetary shock. Despite a progressive convergence, however, EU countries still differ significantly in their housing and credit market institutions. This chapter provides a theoretical discussion of the ‘housing market’ channels of the monetary transmission mechanism (MTM) and offers some evidence on institutional differences across EU countries. Using recursive and semi-structural VARs, the role of house prices in the MTM is then assessed in eight European countries over the pre-EMU period. Results show a different degree of sensitivity of house prices, partly consistent with the institutional features of the European housing systems. The importance of these policy-induced changes in house prices to the transmission of monetary shocks to private consumption are then investigated. The chapter provides some support for the view that the house price channel may be an important source of MTM to consumption in those economies where housing and mortgage markets are relatively more developed and competitive. Chapter 3: This chapter extends the existing cross-country housing empirical literature focusing on the main fundamental factors affecting house price dynamics in a number of ways. First, through the implementation of seemingly unrelated regression (SUR) techniques and heterogeneous panel estimation methods, it is shown that European house prices are asymmetrically affected by real and financial variables. Subsequently, using a recent dataset, which collects quarterly information on housing and mortgage markets of EU countries, separate house price equations are estimated within an unrestricted error correction mechanism (ECM) approach for eleven European economies over the period 1980-2001. Results show that European house prices are driven by similar factors, but that their relative importance differs very significantly across countries. In particular, while real income is this single most important determinant of real house prices, financial effects play a relatively more important role in those countries that experienced a higher degree of financial liberalisation.

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Kganetsano, Tshokologo A. "The transmission mechanism of monetary policy in Botswana." Thesis, Loughborough University, 2007. https://dspace.lboro.ac.uk/2134/7988.

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Macroeconomic stability is one of the most important national objectives in any country. However, economies are often subjected to a number of shocks (internal and external), which can be destabilising, produce volatility and make it difficult to achieve and maintain economic stability. Consequently, various policies are used to help deal with the various shocks that may affect the economy. Of all the available policies, monetary policy appears to have been ever more at the centre of macroeconomic policymaking. Meanwhile, for monetary policy to be effective, there is a need for a better understanding of the transmission mechanism, i.e., the process through which monetary policy decisions are transmitted into changes in real output and inflation. Whereas extensive research on the transmission mechanism has been conducted in developed countries, such work in developing countries, especially in Africa is lacking. This could be due to the fact that it was not long time ago, around the 1990s that countries in Africa started adopting the more modem central bank operations in a market-based economic and financial system characterised by indirect monetary policy. Such operations require an understanding of the transmission mechanism. Lack of empirical analysis of the monetary transmission mechanism in Botswana and developing countries of Africa in general, is the main motivating factor behind this thesis. The main objective of this thesis is, therefore, to estimate the transmission mechanism of monetary policy in Botswana. Three different, but complementary techniques (the Narrative Approach, Vector Autoregression (VAR) analysis and the Structural Approach involving the estimation of a small structural model for Botswana economy) are used. Results from these methods tell a consistent story and indicate that monetary policy in Botswana affects real output and inflation through the interest rate channel, while the exchange rate channel is not operational. The credit channel is also active but not strong. The structural approach also indicates that devaluation is contractionary in Botswana, but more research is necessary before firmer conclusions could be made.

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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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Yamashiro, Guy Matsuo. "Disaggregated systems and the monetary transmission mechanism /." Diss., Connect to a 24 p. preview or request complete full text in PDF format. Access restricted to UC campuses, 2001. http://wwwlib.umi.com/cr/ucsd/fullcit?p3026375.

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Chan, Irene. "Three essays on the transmission mechanism of monetary policy." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1998. http://www.collectionscanada.ca/obj/s4/f2/dsk2/ftp02/NQ35955.pdf.

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Ahmed, Hossam Eldin Mohammed Abdelkader. "Investigating the transmission mechanism of monetary policy in Egypt." Thesis, University of Birmingham, 2013. http://etheses.bham.ac.uk//id/eprint/4287/.

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This thesis investigates the transmission mechanism of monetary policy in Egypt in the last four decades. To achieve this, five empirical studies are included in this thesis. The consumer‟s expenditure is estimated in Chapter 3, while the investment expenditure under uncertainty is estimated in Chapters 4. Furthermore, the results of these two chapters paved the way to the next chapters, the interest rate channel, chapter 5, and the bank lending channel, Chapter 6. Moreover, Chapter 7 devoted to estimate the exchange rate channel under the regime shift. However, Chapter 2 provides all the required discussion about the economic policies and developments in the Egyptian economy for the purpose of this thesis. The time series econometrics is used in all of these chapters. The unit root tests, the Engle-Ganger two-step cointegration approach, the bounds tests, and GARCH models are used in Chapters 3 and 4. However, unit root tests, the VAR models, Granger-causality, the impulse response function, variance decomposition, the Johansen‟s cointegration, and the VECM are used in Chapters 5, 6, and 7. The results of these chapters assert the existence of the channels of monetary transmission mechanism in Egypt between 1975 and 2010.

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Ibn, Boamah Mustapha. "The monetary policy transmission mechanism and inflation control in Ghana." Thesis, Nottingham Trent University, 2009. http://irep.ntu.ac.uk/id/eprint/170/.

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The central bank of Ghana officially adopted an explicit inflating targeting monetary policy in May 2007 following its operational independence in March 2002. This thesis firstly explores the evolution of monetary policy and inflation in Ghana, before characterising the conduct and effectiveness of monetary policy. The thesis uses time series estimations of Taylor-type reactions functions to characterise monetary policy conduct and uses three other approaches to evaluate monetary policy effectiveness. In the first approach the long-run interest rate response to inflation, output gap, and other inflation precursors from estimated reaction functions is compared with Taylor’s reference values. The second method analyses the responsiveness of the policy interest rate to commercial bank retail rates while the third approach investigates the monetary transmission mechanism to the wider economy using variables’ impulse responses to investigate how other important variables that are either the final objective of policy or the conduit through which the final objective of policy is attained, behave in response to monetary policy. The analysis uses a modified cointegration and error correction model that is robust to the stationary properties of the data as well as vector autoregression techniques. The results show monetary policy was largely effective in influencing the savings rate but not quite effective in controlling inflation. An alternative model (McCallum 1995a) that uses monetary aggregates as a policy instrument appears to explain monetary policy in Ghana better. The thesis suggests possible reasons for the non effectiveness of monetary policy and offer policy recommendations for long-term inflation control.

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Books on the topic "Transmission mechanism (Monetary policy)"

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Jayaraman, T. K. Monetary policy transmission in Tonga. Suva, Fiji]: The University of the South Pacific, School of Economics, 2010.

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Benhabib, Jess. The monetary transmission mechanism. Florence: European University Institute, 1999.

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Ahmed, Noor. Transmission mechanism of monetary policy in Pakistan. Karachi: State Bank of Pakistan, 2005.

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Horváth, Balázs. Monetary transmission mechanisms in Belarus. Washington, D.C: International Monetary Fund, Monetary and Financial Systems Dept., 2006.

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Poddar, Tushar. The monetary transmission mechanism in Jordan. [Washington, D.C.]: International Monetary Fund, Middle East and Central Asia Dept., 2006.

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Treasury, Great Britain, ed. EMU and the monetary transmission mechanism. Norwich: TSO [for HM Treasury], 2003.

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Christiano, Lawrence J. Liquidity effects and the monetary transmission mechanism. Cambridge, MA: National Bureau of Economic Research, 1992.

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Mazzoli, Marco. Market concentration and transmission mechanism of monetary policy. [s.l.]: typescript, 1990.

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Smal, M. M. The monetary transmission mechanism in South Africa. Pretoria: South African Reserve Bank, 2001.

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Roldós, Jorge E. Disintermediation and monetary transmission in Canada. [Washington, D.C.]: International Monetary Fund, Western Hemisphere Dept., 2006.

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Book chapters on the topic "Transmission mechanism (Monetary policy)"

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Rusuhuzwa, Thomas Kigabo. "Monetary Transmission Mechanism in Rwanda." In Monetary Policy in Rwanda, 87–110. Singapore: Springer Singapore, 2021. http://dx.doi.org/10.1007/978-981-33-6746-3_4.

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Goodhart, C. A. E. "The Transmission Mechanism of Monetary Policy." In Money, Information and Uncertainty, 263–91. London: Macmillan Education UK, 1989. http://dx.doi.org/10.1007/978-1-349-20175-4_12.

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Cecchetti, Stephen G. "Legal Structure, Financial Structure and the Monetary Policy Transmission Mechanism." In The Monetary Transmission Process, 170–207. London: Palgrave Macmillan UK, 2001. http://dx.doi.org/10.1057/9780230595996_6.

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Sepp, Urmas, Martti Randveer, and Raoul Lättemäe. "Monetary Policy in Estonia: The Transmission Mechanism." In The Euroarea and the New EU Member States, 130–63. London: Palgrave Macmillan UK, 2004. http://dx.doi.org/10.1057/9781403938688_7.

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Stenfors, Alexis. "The Japan Premium and the first stage of the monetary transmission mechanism." In Unconventional Monetary Policy and Financial Stability, 9–27. Abingdon, Oxon ; New York, NY : Routledge, 2020. | Series: Routledge critical studies in finance and stability: Routledge, 2020. http://dx.doi.org/10.4324/9780429032479-2.

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Giovannetti, Giorgia, and Ramon Marimon. "An EMU with Different Transmission Mechanisms?" In Regional Aspects of Monetary Policy in Europe, 159–91. Boston, MA: Springer US, 2000. http://dx.doi.org/10.1007/978-1-4757-6390-4_6.

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Congdon, Tim. "Money, Asset Prices and the Boom-Bust Cycles in the UK: An Analysis of the Transmission Mechanism from Money to Macro-Economic Outcomes." In Issues in Monetary Policy, 103–22. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2015. http://dx.doi.org/10.1002/9781119205814.ch9.

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Liu, Wei. "Empirical Research on the Transmission Mechanism of Monetary Policy in China." In Research on China’s Monetary Policy System and Conduction Mechanism, 225–74. Singapore: Springer Nature Singapore, 2023. http://dx.doi.org/10.1007/978-981-19-9060-1_7.

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Borio, Claudio E. V. "Credit Characteristics and the Monetary Policy Transmission Mechanism in Fourteen Industrial Countries: Facts, Conjectures and Some Econometric Evidence." In Monetary Policy in a Converging Europe, 77–115. Boston, MA: Springer US, 1996. http://dx.doi.org/10.1007/978-1-4613-1249-9_5.

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Neaime, Simon. "Monetary Policy Transmission and Targeting Mechanisms in Six MENA Countries." In Inflation Targeting in MENA Countries, 100–131. London: Palgrave Macmillan UK, 2011. http://dx.doi.org/10.1057/9780230316560_5.

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Conference papers on the topic "Transmission mechanism (Monetary policy)"

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Zuyi, Wang. "Monetary policy transmission mechanism: A survey." In Proceedings of the International Conference on Economic Management and Green Development (ICEMGD 2018). Paris, France: Atlantis Press, 2018. http://dx.doi.org/10.2991/icemgd-18.2018.3.

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Tapşin, Gülçin. "TRANSMISSION MECHANISM OF MONETARY POLICY: THE CASE OF TURKEY." In 46th International Academic Conference, Rome. International Institute of Social and Economic Sciences, 2019. http://dx.doi.org/10.20472/iac.2019.046.024.

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Rosoiu, Andreea. "A COMPARISON OF BAYESIAN MODELS FOR MONETARY POLICY TRANSMISSION MECHANISM." In SGEM 2014 Scientific SubConference on POLITICAL SCIENCES, LAW, FINANCE, ECONOMICS AND TOURISM. Stef92 Technology, 2014. http://dx.doi.org/10.5593/sgemsocial2014/b22/s6.001.

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Taştan, Buket, and Kenan Terzioğlu. "Environmental Degradation: Monetary Transmission Mechanism and CO2 Emission." In International Conference on Eurasian Economies. Eurasian Economists Association, 2021. http://dx.doi.org/10.36880/c13.02552.

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As a result of recent changes in traditional risk perception accompanying industrialization and technology, global economic risks are increasingly based on the climate. While risks are considered using a two-dimensional approach in traditional risk perception, risk structures occur in a chain under globalization. In the concept of sustainability, environmental degradation and economic growth establish the link between environmental degradation and other macroeconomic variables. Monetary transmission channels—including the interest, exchange rate, asset price, credit, and expectation channels—impact the real economy and productivity by enabling capital accumulation, the orientation of small funds, and technological diffusion. In this context, the evaluation of the efficiency of monetary transmission channels and environmental degradation policy recommendations need to be addressed, especially, within the industrial sector. Although the cointegration approach is based on the fact that linear combinations of non-stationary series are stationary, cointegration analyses in which structural breaks are defined as dummy variables should be performed since the linear combination may change at a certain point in the sample. This study aims to reveal the effect of industrial production index and energy consumption on greenhouse gas emissions using a structural break approach with cointegration methods. Policy suggestions within the scope of sustainability are evaluated considering the long-term structural results among the variables.

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Kumi, Evis. "The Effectiveness of the Albanian Monetary Policy." In 9th International Scientific Conference ERAZ - Knowledge Based Sustainable Development. Association of Economists and Managers of the Balkans, Belgrade, Serbia, 2023. http://dx.doi.org/10.31410/eraz.2023.97.

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This article aims to assess the efficiency of the Bank of Albania’s monetary policy in attaining its goals of price stability and economic expansion. Price stability is essential for ensuring a favorable business environment, preserving the purchasing power of the currency, and reducing uncertainty in the economy. The analysis takes into account the unique characteristics and challenges faced by the Albanian economy. This article offers insights into the effectiveness of the monetary policy framework in Albania by assessing the primary instruments and tactics used by the BoA, including interest rates, reserve requirements, and open market operations. It also investigates how external influences affect the efficacy of monetary policy and makes suggestions for improvement. This paper concludes with suggestions for boosting the Albanian monetary policy’s efficacy. It recommends actions to strengthen the transmission mechanism, improve data quality and availability, enhance coordination between monetary and fiscal policies, and boost the institutional capability of the central bank. It also stresses how crucial it is to have a consistent and well-defined policy framework. In the end, this article provides recommendations for enhancing the effectiveness of the Albanian monetary policy. It suggests measures to strengthen the transmission mechanism, improve data quality and availability, enhance coordination between monetary and fiscal policies, and increase the central bank’s institutional capacity. Additionally, it emphasizes the importance of maintaining a stable and predictable policy framework.

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Hu, Bi, and Lei Zhang. "Study on the Transmission Mechanism of China's Monetary Policy in Controlling Real Estate Prices." In International Conference on Construction and Real Estate Management 2013. Reston, VA: American Society of Civil Engineers, 2013. http://dx.doi.org/10.1061/9780784413135.101.

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Jursa, Lukáš. "THE TRANSMISSION MECHANISM OF MONETARY POLICY IN EUROPE: EVIDENCE FROM SMALL MACRO-ECONOMIC MODEL." In 17th International Bata Conference for Ph.D. Students and Young Researchers. Tomas Bata University in Zlín, 2021. http://dx.doi.org/10.7441/dokbat.2021.21.

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Stojkov, Stefan, Emilija Beker Pucar, Olgica Glavaški, and Marina Beljić. "Exchange Rate Pass-Through Asymmetry: The Case of the Euro-Zone." In 27th International Scientific Conference Strategic Management and Decision Support Systems in Strategic Management. University of Novi Sad, Faculty of Economics in Subotica, 2022. http://dx.doi.org/10.46541/978-86-7233-406-7_218.

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An essential aspect of deepening the level of economic integration between European economies is the reduction of mutual economic disparities, which is especially emphasized by the formation of the supranational monetary authority of the Euro-zone member states. However, fixing the currency for the euro and losing monetary sovereignty in the circumstances of a structurally heterogeneous system meant that the same monetary policy provoked different repercussions for member states. This research aims to point out the differences in the exchange rate transmission mechanism between the representatives of two groups of Euro-zone member states: the core of the EZ (Germany, Finland, Belgium, and France) and the periphery of the EZ (Greece, Spain, Portugal, Ireland), in the 1999M1-2021M1 time horizon. Empirical findings are based on estimates of the VAR model, i.e. derived impulse response functions in the circumstances of shock transmission (nominal effective exchange rate) to inflation (consumer price index). The results of the research indicate the asymmetry of the exchange rate transmission mechanism in terms of a more pronounced and longer degree of exposure of peripheral economies to shocks of the nominal exchange rate compared to the representatives of the core of the Euro-zone. Empirical findings confirm the asymmetry of the exchange rate transmission mechanism as one of the indicators of the weakness of the Euro-zone, given the inflationary diversity and the consequent anomalies of the monetary union with heterogeneous membership.

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Oleš, Tomáš. "The Impact of Monetary Policy Instruments on the Euro Area Labor Market in the Context of COVID-19 Pandemic – Time-Varying Parameter VAR Model Approach." In EDAMBA 2021 : 24th International Scientific Conference for Doctoral Students and Post-Doctoral Scholars. University of Economics in Bratislava, 2022. http://dx.doi.org/10.53465/edamba.2021.9788022549301.359-368.

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The paper examines simplified backward and forward transmission mechanism of monetary policy instrument to perturbation in un-employment rate. We apply three variables time-varying VAR model, with stochastic volatility, to determine the dynamic relationship among unemployment rate, interest rate and supply of money in the context of Euro Area. We concluded that, there is a possible stabilization potential through the increase in the money supply has dramatically risen before (and after) the COVID-19 pandemic; the reaction function of ECB to negative unemployment shock has been tied-up by the zero low bound and space for intense interest rate decrease has been empirically reduced in the pandemic times.

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Lin, Li, and Li Fei. "Literature Review of Monetary Policy Transmission." In 2012 International Conference on Business Computing and Global Informatization (BCGIN). IEEE, 2012. http://dx.doi.org/10.1109/bcgin.2012.102.

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Reports on the topic "Transmission mechanism (Monetary policy)"

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Huh, In, and Yoonsoo Lee. Monetary Policy Transmission Mechanism of Bangladesh. Asian Development Bank, December 2021. http://dx.doi.org/10.22617/wps210540-2.

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Cecchetti, Stephen. Legal Structure, Financial Structure, and the Monetary Policy Transmission Mechanism. Cambridge, MA: National Bureau of Economic Research, June 1999. http://dx.doi.org/10.3386/w7151.

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Mishkin, Frederic. The Transmission Mechanism and the Role of Asset Prices in Monetary Policy. Cambridge, MA: National Bureau of Economic Research, December 2001. http://dx.doi.org/10.3386/w8617.

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Favero, Carlo, Francesco Giavazzi, and Luca Flabbi. The Transmission Mechanism of Monetary Policy in Europe: Evidence from Banks' Balance Sheets. Cambridge, MA: National Bureau of Economic Research, July 1999. http://dx.doi.org/10.3386/w7231.

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Vargas-Herrera, Hernando. The transmission mechanism of monetary policy in Colombia major changes and current features. Bogotá, Colombia: Banco de la República, February 2007. http://dx.doi.org/10.32468/be.431.

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Mayordomo, Sergio, and Irene Roibás. The pass-through of market interest rates to bank interest rates. Madrid: Banco de España, October 2023. http://dx.doi.org/10.53479/34572.

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The pass-through of market interest rates to the financial conditions of households and firms is an essential element in the monetary policy transmission mechanism. In this paper, we analyse how this transmission is playing out in the current hiking cycle in the euro area and in Spain, as compared to previous cycles. We find that the pass-through to the interest rates on retail time deposits is slower than in previous hiking cycles in both jurisdictions. Moreover, a slower pass-through is also observed for mortgages in Spain. We then show there is significant heterogeneity in this pass-through across euro area countries, especially for mortgages and retail time deposits. This heterogeneity is driven by both bank and country characteristics. More specifically, in the case of deposits, we find that almost half of the difference between the remuneration of retail time deposits in Spain and the euro area is driven by differences across banking sectors in the need to raise funds through deposits to supply credit.

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Mishkin, Frederic. Housing and the Monetary Transmission Mechanism. Cambridge, MA: National Bureau of Economic Research, October 2007. http://dx.doi.org/10.3386/w13518.

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Li, Victor E. Household Credit and the Monetary Transmission Mechanism. Federal Reserve Bank of St. Louis, 1998. http://dx.doi.org/10.20955/wp.1998.019.

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Christiano, Lawrence, and Martin Eichenbaum. Liquidity Effects and the Monetary Transmission Mechanism. Cambridge, MA: National Bureau of Economic Research, January 1992. http://dx.doi.org/10.3386/w3974.

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Miron, Jeffrey, Christina Romer, and David Weil. Historical Perspectives on the Monetary Transmission Mechanism. Cambridge, MA: National Bureau of Economic Research, April 1993. http://dx.doi.org/10.3386/w4326.

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