Journal articles: 'Transmission mechanism (Monetary policy) – Rwanda'

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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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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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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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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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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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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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M. N, Ripdian Nisa, Banatul Hayati, and Edy Yusuf A. G. "Effectiveness of Monetary Policy Transmission Mechanism in Indonesia." JEJAK 11, no. 1 (March 10, 2018): 189–206. http://dx.doi.org/10.15294/jejak.v11i1.12385.

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This research aimed to analyse monetary mechanism effectivity to manage inflation in Indonesia through interest rate channel, credit channel, and expectation inflation channel. The research used Vector Error Correction Model (VECM) to analyze effectiveness of monetary policy transmission mechanism in Indonesia. The most effective channel was measured by result of Impulse Response Function and Variance Decomposition. They are: (1). The fastest time lag needed since the shock of monetary instruments (rSBI) until the realization of final target of monetary policy (inflation). (2). How strong the variables in each channel response the shock of SBI interest rate and other variable. The data used in this research is quarterly time series dara from 2005Q1 until 2016Q4. The results of this research show that the most effective channel in managing inflation during 2005Q1 until 2016Q4 is inflation expectation channel.

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Disyatat, Piti, and Pinnarat Vongsinsirikul. "Monetary policy and the transmission mechanism in Thailand." Journal of Asian Economics 14, no. 3 (June 2003): 389–418. http://dx.doi.org/10.1016/s1049-0078(03)00034-4.

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Angeloni, Ignazio, Gunter Coenen, and Frank Smets. "Persistence, The Transmission Mechanism And Robust Monetary Policy." Scottish Journal of Political Economy 50, no. 5 (November 2003): 527–49. http://dx.doi.org/10.1111/j.0036-9292.2003.05005006.x.

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Stannik, N. A., and N. I. Kraynukov. "Monetary Policy Transmission Mechanism Action in Russian Practice." Economics, taxes & law 13, no. 1 (2020): 20–33. http://dx.doi.org/10.26794/1999-849x-2020-13-1-20-33.

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Endut, Norhana, James Morley, and Pao-Lin Tien. "The changing transmission mechanism of US monetary policy." Empirical Economics 54, no. 3 (April 6, 2017): 959–87. http://dx.doi.org/10.1007/s00181-017-1240-7.

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Hesse, Heiko. "Monetary policy, structural break and the monetary transmission mechanism in Thailand." Journal of Asian Economics 18, no. 4 (August 2007): 649–69. http://dx.doi.org/10.1016/j.asieco.2007.03.009.

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Taylor, John B. "The Monetary Transmission Mechanism: An Empirical Framework." Journal of Economic Perspectives 9, no. 4 (November 1, 1995): 11–26. http://dx.doi.org/10.1257/jep.9.4.11.

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This paper provides an overview of the monetary transmission mechanism describing the impact of changes in monetary policy on real GDP. Changes in financial market prices--including long-term interest rates and exchange rates--are the main vehicle for the transmission of policy. The framework incorporates rational expectations and policy rules. It is empirical and appears to fit the facts well.

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Satria, Doni, and Solikin M. Juhro. "RISK BEHAVIOR IN THE TRANSMISSION MECHANISM OF MONETARY POLICY IN INDONESIA." Buletin Ekonomi Moneter dan Perbankan 13, no. 3 (May 30, 2011): 243–70. http://dx.doi.org/10.21098/bemp.v13i3.393.

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This study explores interconnections between risk behaviour in the financial sector, particularly banking sector, with monetary policy stance. Referring Bernanke and Blinder (1988) modified model for analyzing the bank credit behavior, we develop an empirical model to test the role of risk behaviour in monetary policy transmission mechanism. Vector Error Correction Model are applied to test the significance of interaction between risk variables and monetary policy stance in the short run dynamics of credit behavior around its long-run cointegration with real GDP. Some empirical results emerge from this preliminary study. First, there is early indication that risk taking channel in the monetary policy transmission mechanism exists in Indonesia during analysis period. Second, risk variables and credit tend to move procyclicalyl while monetary policy stance tends to a-cyclical. Third, pro-cyclical behavior of credit and risk variables reverses the effect of loose monetary policy stance, and there is an indication of asymmetric effect between tight monetary policy and loose monetary policy in Indonesian economy. These empirical findings bring about policy recommencations for better understanding on the risk behavior in the banking sector, as well as integration beetween monetary dan financial sector policies.JEL Code : E52, E58,Keyword: Monetary Policy Transmission Mechanism, Monetary Policy Stance, Banking Risk Behavior, Risk Perception

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Butkiewicz, James L., and Zeliha Ozdogan. "Financial crisis, monetary policy reform and the monetary transmission mechanism in Turkey." Middle East Development Journal 6, no. 1 (January 2, 2014): 66–83. http://dx.doi.org/10.1080/17938120.2014.885484.

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Lagos, Ricardo, and Shengxing Zhang. "Turnover Liquidity and the Transmission of Monetary Policy." American Economic Review 110, no. 6 (June 1, 2020): 1635–72. http://dx.doi.org/10.1257/aer.20170045.

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We provide empirical evidence of a novel liquidity-based transmission mechanism through which monetary policy influences asset markets, develop a model of this mechanism, and assess the ability of the quantitative theory to match the evidence. (JEL E44, E52, G12, G14, G35)

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Bungin, Sanja, Marija Reljic, and Bojana Ivkovic. "Estimation of transmission mechanism of monetary policy in Serbia." Industrija 43, no. 3 (2015): 143–58. http://dx.doi.org/10.5937/industrija43-9076.

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Ghazanchyan, Manuk. "Unraveling the Monetary Policy Transmission Mechanism in Sri Lanka." IMF Working Papers 14, no. 190 (2014): 1. http://dx.doi.org/10.5089/9781484311660.001.

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Montiel, Peter J. "The Transmission Mechanism for Monetary Policy in Developing Countries." Staff Papers - International Monetary Fund 38, no. 1 (March 1991): 83. http://dx.doi.org/10.2307/3867036.

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Koop, Gary, Roberto Leon-Gonzalez, and Rodney W. Strachan. "On the evolution of the monetary policy transmission mechanism." Journal of Economic Dynamics and Control 33, no. 4 (April 2009): 997–1017. http://dx.doi.org/10.1016/j.jedc.2008.11.003.

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Adeoye, Babatunde, and Olatunji Shobande. "Monetary Policy Transmission Mechanism and Macroeconomic Aggregates in Nigeria." Caleb Journal of Social and Management Science 03, no. 02 (November 1, 2017): 115–34. http://dx.doi.org/10.26772/cjsms/2017030206.

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Montiel, Peter. "The Transmission Mechanism for Monetary Policy in Developing Countries." IMF Working Papers 90, no. 47 (1990): 1. http://dx.doi.org/10.5089/9781451972801.001.

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23

Neyer, Ulrike. "Asymmetric Information and the Transmission Mechanism of Monetary Policy." German Economic Review 8, no. 3 (August 1, 2007): 428–46. http://dx.doi.org/10.1111/j.1468-0475.2007.00411.x.

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Abstract This paper analyses the consequences of asymmetric information in credit markets for the monetary transmission mechanism. It shows that asymmetric information can not only reinforce but can also weaken or overcompensate the effects of the standard interest rate channel. Crucial is that informational problems lead to an external finance premium that can be positive or negative for marginal entrepreneurs. Tight money may lead to an increase in the absolute value of this premium, implying that there is a credit channel of monetary policy, but its working direction is ambiguous.

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Adão, Bernardino, Isabel Correia, and Pedro Teles. "The Monetary Transmission Mechanism: Is it Relevant for Policy?" Journal of the European Economic Association 2, no. 2-3 (May 1, 2004): 310–19. http://dx.doi.org/10.1162/154247604323068014.

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Jayaraman, T. K., and Chee-Keong Choong. "How does monetary policy transmission mechanism work in Fiji?" International Review of Economics 56, no. 2 (September 4, 2008): 145–61. http://dx.doi.org/10.1007/s12232-008-0050-9.

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Barraza, Santiago, Andrea Civelli, and Nicola Zaniboni. "Business Loans and the Transmission of Monetary Policy." Journal of Financial and Quantitative Analysis 54, no. 2 (September 14, 2018): 925–65. http://dx.doi.org/10.1017/s002210901800087x.

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We study the transmission mechanism of monetary policy through business loans and illustrate subtle aspects of its functioning that relate to the contractual characteristics and the borrower–lender types of loans. We show that the puzzling increase in business loans in response to monetary tightening, documented before the Great Recession, is largely driven by drawdowns from existing commitments at large banks. Spot loans also rise and take a considerable amount of time to adjust. Banks, nonetheless, do curtail credit supply by shortening maturities of new loans. Following the Great Recession, the mechanism has worked differently, with loan responses to monetary tightening displaying a significant downward shift.

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Waszkowski, Adam. "The monetary transmission mechanism in Polish economy." Oeconomia Copernicana 3, no. 3 (September 30, 2012): 21–35. http://dx.doi.org/10.12775/oec.2012.013.

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The aim of this article is to define the monetary transmission mechanism of the Polish economy and to identify the impact of shocks from the monetary policy on macroeconomic indicators such as price levels or GDP. In this regard there were used a theoretical vector autoregression model and conducted its recursive structure proposed by Sims (1980) using Cholesky decomposition. This allowed to isolate the impact of shocks: a supply, a demand, monetary and exchange rate on the value and output growth, inflation and exchange rate. Thanks to this it was visualized in the Polish economy a phenomenon of output and price puzzle.

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Ezam, Quratulain. "Bank Lending (Credit) Channel of Monetary Transmission Mechanism." Journal of Business and Social Review in Emerging Economies 4, no. 1 (June 30, 2018): 93–100. http://dx.doi.org/10.26710/jbsee.v4i1.371.

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The significance of channel of bank lending for the process of transmission of monetary policy is examined employing the model of ARDL (Auto-regressive-distributed lag). This recently established bound test is used in order to determine the description of this model. The data that has been used for this research is based on secondary data of 7 years. The results appear constant with the hypothesis that providing by banks with comparatively frail capital responds great, the modification in the stance of monetary policy than providing by improved capitalized banks.

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Adão, Bernardino, and Isabel Correia. "Labor immobility and the transmission mechanism of monetary policy in a monetary union." European Economic Review 63 (October 2013): 28–46. http://dx.doi.org/10.1016/j.euroecorev.2013.05.003.

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Khishigjargal, Erdenechuluun. "Monetary Policy Transmission under Inflation Targeting in Mongolia." Research in Applied Economics 10, no. 2 (June 10, 2018): 1. http://dx.doi.org/10.5296/rae.v10i2.12950.

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This article aims to examine the monetary policy transmission mechanism under the inflation targeting in Mongolia for the period from June 2007 to August 2017 by applying a recursive vector-autoregressive model. Under the inflation targeting framework, the Bank of Mongolia has established the interest rate corridor since February 2013 for the purpose of improving the interest rate channel of the transmission mechanism. The study then contributes to the literature by assessing whether the interest rate corridor has really improved the policy rate transmission effects by comparing the effects between the pre-corridor period (from June 2007 to February 2013) and the post-corridor period (from March 2013 to August 2017). The main findings of this study are as follows. First, in the post-corridor period the effect of policy rate is clearly transmitted to the lending rate and inflation rate through the responses of interbank market rate, whereas the pre-corridor period does not represent any significant interest rate transmission effects. This outcomes implies that the interest rate corridor has contributed to enhancing monetary policy transmission mechanism. Second, the responses of exchange rate and industrial production to the policy rate shock are not significant even after the adoption of the interest rate corridor. This insignificance might come from the stick policy rate to stabilize the exchange rate, so-called a “fear of floating”.

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Barattieri, Alessandro, Maya Eden, and Dalibor Stevanovic. "FINANCIAL SECTOR INTERCONNECTEDNESS AND MONETARY POLICY TRANSMISSION." Macroeconomic Dynamics 23, no. 3 (February 13, 2018): 1074–101. http://dx.doi.org/10.1017/s1365100517000177.

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We present a stylized model that illustrates how interbank trading can reduce the sensitivity of lending to entrepreneurs' net worth, thus affecting the transmission mechanism of monetary policy through the credit channel. We build a model-consistent measure of interconnectedness and document that, in the United States, this measure has increased substantially during the period 1952–2016. Finally, interacting the measure of interconnectedness in a structural vector autoregression and a factor-augmented vector autoregression for the US economy, we find that the impulse responses of several real and financial variables to monetary policy shocks are dampened as interconnectedness increases. We confirm the same result using data from 10 Euro area countries for the period 1999–2016.

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Simanjuntak, Martin, and Budi Santosa. "PERBANDINGAN EFEKTIVITAS MEKANISME TRANSMISI KEBIJAKAN MONETER ANTARA JALUR SUKU BUNGA DENGAN JALUR NILAI TUKAR TERHADAP SASARAN AKHIR INFLASI." Media Ekonomi 25, no. 1 (August 7, 2019): 1. http://dx.doi.org/10.25105/me.v25i1.5199.

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This result discusses the effectiveness of the transmission mechanism of monetary policy by comparing the interest rate channel with the exchange rate channel towards the final inflation taget. This study using regression method Vector Error Correction Model (VECM). In the study of this monetary policy transmission mechanism using secondary data based on monthly time series, namely from January 2011 to December 2015. The data is obtained from Bank Indonesia Financial Economic Statistics (SEKI). From the results of this research, the transmission mechanism of monetary policy exchange rate channel is more effective than monetary policy transmission mechanism interest rate channel; it is proven through the test impulse responses and variance decomposition test. In the exchange rate channel time lag until reach the final target of monetary policy (inflation) is 4 months while for the interest rate channel time lag until reach the final target of monetary policy is 5 months. RPUAB very suitable for use as an operational target in the monetary policy transmission mechanism cause rapid and strong response from RPUAB in responding the shock of monetary policy. RPUAB is the biggest variable that dominates the formation of inflation.

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Sheefeni, Johannes PS. "Monetary Policy Transmission Mechanism in Namibia: A Bayesian VAR Approach." Journal of Economics and Behavioral Studies 9, no. 5 (October 21, 2017): 169–84. http://dx.doi.org/10.22610/jebs.v9i5.1921.

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This study analyzed the interest rate channel, credit channel, exchange rate channel and asset price channel for monetary policy transmission mechanism in Namibia. The idea behind this study is to have a comprehensive study that covers a variety of channels for monetary policy transmission mechanism. The study utilized a Bayesian vector autoregression (BVAR) technique on quarterly time-series data covering the period 2000:Q1 to 2016:Q4. In particular, the validity of the data used is checked and verified by using two sets of prior distributions suggested by Sims and Zha as well as prior distribution of Koop and Korobilis. The variables used in this study are real output (Yt), real effective exchange rate (Et), inflation rate (P t), repo rate (Rt), housing price index (Ht) and credit extended to private sector (Lt). The findings revealed that interest rate and credit channels remain important in the transmission mechanism to this day. Notably the exchange rate and asset price channels are also slowly gaining prominence in monetary policy transmission mechanism. Therefore, the study provides useful information to the monetary authorities regarding the process of transmission mechanisms. This is quite important especially that the Central Bank (Bank of Namibia) is very serious about financial stability within the financial system, given the fragility of the financial systems in the world due to financial crisis.

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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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Masniari, Suti, Sirojuzilam ., and Dede Ruslan. "Analysis of the Effectiveness of Monetary Policy Transmission through a Line of Credit and Inflation Expectations in Indonesia." International Journal of Research and Review 8, no. 5 (June 1, 2021): 299–309. http://dx.doi.org/10.52403/ijrr.20210538.

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This study aims to determine the effectiveness of the transmission mechanism of monetary policy by reviewing the amount of the deadline that required the transmission mechanism of monetary policy in achieving the goals of the final form of the output gap and inflation by using the channel of credit and inflation expectations. In addition, this study also aims to determine the relationship long-term and short against the target output gap and inflation. This study uses a regression model Vector Error Correction Model (VECM) to estimate the influence of the transmission mechanism of monetary policy to the output gap and inflation through the channel of credit and the regression model of Vector Autoregression (VAR) to estimate the influence of the transmission mechanism of monetary policy to the output gap and inflation through the channel of inflation expectations. The Data used in this research is the data series time quarter from 2008 to 2018. Data peneliltian used to estimate the influence of the transmission mechanism of monetary policy to the output gap and inflation through the channel of credit in the form of secondary data consisting of the benchmark interest rate of Bank Indonesia, the interest rates on the interbank money market 1 month, loan interest rates, money supply (M2) and the amount of working capital loans disbursed. While the data used to estimate the influence of the transmission mechanism of monetary policy to the output gap and inflation through the channel of inflation expectations in the form of secondary data consisting of the benchmark interest rate of Bank Indonesia, inflation expectations. The secondary Data used is sourced from the annual reports that are published from the official website of the Bank of Indonesia, the data of the Central Bureau of Statistics and the International Monetary Fund. The results of this study showed that the effectiveness of the transmission mechanism of monetary policy through the credit channels require the deadline each of the 8 (eight) of the quarter and 10 (ten) quarter in achieving the goals of the end of the output gap and inflation. While the effectiveness of the transmission mechanism of monetary policy through the channel of inflation expectations require the deadline each of the 4 (four) quarter and 6 (six) quarter in achieving the goals of the end of the output gap and inflation. The results also showed only policy transmission mechanism built rmelalui credit lines that have long-term relationships against inflation while the transmission mechanism of monetary policy through the channel of inflation expectations have short-term relationship strong. Keywords: The Transmission Mechanism Of Monetary Policy, Output Gap, Inflation.

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Nguyen, Chu, Anisul Islam, and Muhammad Ali. "Bangladeshi monetary policy transmission mechanism: asymmetric responses, inflation, and policy time lags." Savings and Development 36, no. 1 (2012): 91. http://dx.doi.org/10.2307/savideve.36.1.91.

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Guerello, Chiara. "The effect of investors’ confidence on monetary policy transmission mechanism." North American Journal of Economics and Finance 37 (July 2016): 248–66. http://dx.doi.org/10.1016/j.najef.2016.05.003.

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BRADY, RYAN R. "CONSUMER CREDIT, LIQUIDITY, AND THE TRANSMISSION MECHANISM OF MONETARY POLICY." Economic Inquiry 49, no. 1 (January 2011): 246–63. http://dx.doi.org/10.1111/j.1465-7295.2010.00297.x.

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Corrêa, Wilson Luiz Rotatori, and Sidney Martins Caetano. "Monetary policy and transmission mechanism in Brazil: an empirical model." Empirical Economics 45, no. 1 (June 9, 2012): 115–35. http://dx.doi.org/10.1007/s00181-012-0610-4.

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Kamta Takoulac, Marcel, Luc Nembot Ndeffo, Ibrahim Ngouhouo, and Dounya Matsop Claude. "Banks' Balance Sheets and Monetary Policy Transmission Mechanism of BEAC." International Journal of Economics and Financial Modelling 5, no. 1 (2020): 1–14. http://dx.doi.org/10.20448/811.5.1.1.14.

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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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Cernichiaro Reyna, Christopher. "Taylor rule and monetary policy transmission mechanism in a new keynesian economy." PANORAMA ECONÓMICO 14, no. 27 (November 30, 2018): 24. http://dx.doi.org/10.29201/pe-ipn.v14i27.209.

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This paper estimates two SVAR models to assess Mexican Monetary policy rate for the period 2000-2015, which are recursively identifid according to Gali and Monacelli (2005) model. This paper shows that monetary policy rate responds to GDP, infltion and exchange rate as Taylor’s Rule predicts. When controlling for General Consumer’s Price Index infltion, monetary policy barely affcts aggregate demand even if exchange rate appreciates, nevertheless GDP diminish after contractive monetary policy takes place. Infltion rate lightly increases after interest rate rises, which does not coincide with New Keynesian predictions. A second model is estimated controlling for underlying infltion. Its results exhibit more interest rate sensitive consumption and net exports, while real exchange rate and GDP change as New Keynesian model predicts. Infltion decreases after monetary policy rise but its flctuations are close to zero. According to Gali (2008) such small changes indicate nominal rigidities existence.

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Broer, Tobias, Niels-Jakob Harbo Hansen, Per Krusell, and Erik Öberg. "The New Keynesian Transmission Mechanism: A Heterogeneous-Agent Perspective." Review of Economic Studies 87, no. 1 (March 23, 2019): 77–101. http://dx.doi.org/10.1093/restud/rdy060.

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Abstract We present a tractable heterogeneous-agent version of the New Keynesian model that allows us to study the interaction between inequality and monetary policy. Though formulated as a precautionary-saving model à la Huggett–Aiyagari, its reduced form is a two-agent model with a highly concentrated wealth distribution. When prices are sticky and wages flexible, as in the textbook representative-agent model, monetary policy affects the distribution of consumption, but has no effect on output as workers choose not to change their hours worked in response to wage movements. This highlights a transmission mechanism of the textbook model that we find implausible: in response to a monetary stimulus, the representative worker’s labor supply is greatly affected by the profits she receives. First, the lower profits induced by higher wages raise labor supply through a wealth effect and, secondly, the mere presence of profits reduces the negative income effect of a wage rise. When wages are rigid, in contrast, our model exhibits plausible responses of output and hours worked to monetary policy shocks.

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Us, Vuslat. "Monetary transmission mechanism in Turkey under the monetary conditions index: an alternative policy rule." Applied Economics 36, no. 9 (May 20, 2004): 967–76. http://dx.doi.org/10.1080/0003684042000233195.

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Yadollahzadeh Tabari, Naser Ali. "How do monetary policy tools work? An investigation on monetary transmission mechanism in Iran." Management Science Letters 3, no. 4 (April 1, 2013): 1167–74. http://dx.doi.org/10.5267/j.msl.2013.03.007.

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Mirdala, Rajmund. "Interest rate transmission mechanism of monetary policy in the selected EMU candidate countries." Panoeconomicus 56, no. 3 (2009): 359–77. http://dx.doi.org/10.2298/pan0903359m.

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The stable macroeconomic environment, as one of the primary objectives of the Visegrad countries in the 1990s, was partially supported by the exchange rate policy. Fixed exchange rate systems within gradually widen bands (Czech Republic, Slovak Republic) and crawling peg system (Hungary, Poland) were replaced by the managed floating in the Czech Republic (May 1997), Poland (April 2000), Slovak Republic (October 1998) and fixed exchange rate to euro in Hungary (January 2000) with broad band (October 2001). Higher macroeconomic and banking sector stability allowed countries from the Visegrad group to implement the monetary policy strategy based on the interest rate transmission mechanism. Continuous harmonization of the monetary policy framework (with the monetary policy of the ECB) and the increasing sensitivity of the economy agents to the interest rates changes allowed the central banks from the Visegrad countries to implement monetary policy strategy based on the key interest rates determination. In the paper we analyze the impact of the central banks' monetary policy in the Visegrad countries on the selected macroeconomic variables in the period 1999-2008 implementing SVAR (structural vector autoregression) approach. We expect that higher sensitivity of domestic variables to interest rates shocks can be interpreted as a convergence of monetary policies in candidate countries towards the ECB's monetary policy.

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47

DIMSDALE, NICHOLAS. "BANKS, CAPITAL MARKETS, AND THE MONETARY TRANSMISSION MECHANISM." Oxford Review of Economic Policy 10, no. 4 (1994): 34–48. http://dx.doi.org/10.1093/oxrep/10.4.34.

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48

Kaplan, Greg, Benjamin Moll, and Giovanni L. Violante. "Monetary Policy According to HANK." American Economic Review 108, no. 3 (March 1, 2018): 697–743. http://dx.doi.org/10.1257/aer.20160042.

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We revisit the transmission mechanism from monetary policy to household consumption in a Heterogeneous Agent New Keynesian (HANK) model. The model yields empirically realistic distributions of wealth and marginal propensities to consume because of two features: uninsurable income shocks and multiple assets with different degrees of liquidity and different returns. In this environment, the indirect effects of an unexpected cut in interest rates, which operate through a general equilibrium increase in labor demand, far outweigh direct effects such as intertemporal substitution. This finding is in stark contrast to small- and medium-scale Representative Agent New Keynesian (RANK) economies, where the substitution channel drives virtually all of the transmission from interest rates to consumption. Failure of Ricardian equivalence implies that, in HANK models, the fiscal reaction to the monetary expansion is a key determinant of the overall size of the macroeconomic response. (JEL D31, E12, E21, E24, E43, E52, E62)

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Kreidych, Iryna, Nadezhda Roshchyna, and Oksana Kazak. "THE APPLICATION OF MONETARY INCENTIVE POLICY IN CURRENT ECONOMIC CONDITIONS." Baltic Journal of Economic Studies 4, no. 5 (February 11, 2019): 129. http://dx.doi.org/10.30525/2256-0742/2018-4-5-129-139.

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The aim of the article is studying the process of implementation of promotional monetary policy by investigation of the functionality of the transmission mechanism channels. The paper singles out the peculiarities of the implementation of monetary policy in well-developed and developing countries. The subject of the study is: the structure of the monetary transmission mechanism; the functionalities of both traditional and non-traditional channels and their influence on promotional monetary policy are defined. An analysis of the existing structure of the transmission mechanism made it possible to determine the strength and speed of feedback between participants and the degree of influence on the real sector and to formulate appropriate proposals for its adjustment or activation. In addition, it is indicated that, under the present conditions, it is non-traditional channels that acquire special significance; also, the main factors that have shifted the priority vector in their direction are defined. Alongside this, the study presents modern modifications of promotional monetary policy and their significance for the modern economic world. Methodology. The classic methods of scientific research are used in the article, among which are the following: observation, abstraction, comparison, systematic approach, analysis, and synthesis. Results. The conducted study clearly demonstrates that, in the process of changing financial relations, the significance of the transmission mechanism channels in the process of implementing promotional monetary policy changed, too. At the same time, it is expedient to single out the reasons that lead to a change in the role of some channels of monetary transmission in relation to others. Current research and developments are not limited to the above structure of the transmission mechanism channels. Moreover, their list is constantly replenished, which is indicative of the existence of transformational processes affecting the financial sector. The approaches to the structure of the transmission mechanism and the functionality of its channels, determined in this article, make it possible to assess the effectiveness of implementing monetary policy. Practical implications. Clarified complex causes of destructive nature, which initially level out practically any actions with regard to the system approach, namely, the absence of the integrated combination of interests of all social and economic spheres: state-business-society. Also, the results of the study provide an opportunity to identify further trends in the changing transmission mechanism channels in the implementation process of monetary policy and use this knowledge by planning and forecasting for the functionality of transmission channels. Value/originality. This research was carried out within the framework of the scientific work of the Department of Theoretical and Applied Economics of the National Technical University of Ukraine “Igor Sikorsky Kyiv Polytechnic Institute” (No. 0112U007817) on the topic: “Globalization of industrial capacity formation trends in the terms of post-industrial transformation”.

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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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Journal articles on the topic 'Transmission mechanism (Monetary policy) – Rwanda'

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