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Статті в журналах з теми "Transmission of monetary impulses"

Автор: Grafiati

Опубліковано: 28 травня 2022

Оновлено: 31 липня 2025

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1

Meltzer, Allan H. "Monetary, Credit and (Other) Transmission Processes: A Monetarist Perspective." Journal of Economic Perspectives 9, no. 4 (1995): 49–72. http://dx.doi.org/10.1257/jep.9.4.49.

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Monetarist analysis of the transmission process highlights the response of relative prices and real wealth to monetary (and other) impulses. Monetary impulses are neutral in the long run. Short-run nonneutrality reflects uncertainty, incomplete information about the persistence and nature of impulses, fixed contracts, and other institutional detail. Patterns of change in relative prices have some common features but they also differ from cycle to cycle and by countries. This paper compares the monetarist analysis of intermediation to the lending view and presents evidence on the role of relati

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2

Nyumuah, Felix S. "An Empirical Analysis of the Monetary Transmission Mechanism of Developing Economies: Evidence from Ghana." International Journal of Economics and Finance 10, no. 4 (2018): 72. http://dx.doi.org/10.5539/ijef.v10n4p72.

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Policymakers need a clear understanding of their monetary transmission mechanisms for effective implementation of monetary policy. The aim of this study is to carry out an econometric analysis of the channels of monetary transmission mechanism in less developed economies so as to determine their effectiveness. The study uses Ghana macroeconomic data and finds the money supply channel to be the strongest in the long run while the exchange rate channel seems the strongest in transmitting monetary impulses in the short run. The interest rate and the bank credit to private sector channels emerge a

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3

Tucker, Joseph Ansu. "Uncovering Asymmetries in Monetary Policy Transmission in the Economic Community of West African States: Dynamic Heterogeneous Panel Analysis." Journal of African Development 24, no. 1 (2023): 105–35. http://dx.doi.org/10.5325/jafrideve.24.1.0105.

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ABSTRACT As the Economic Community of West African States (ECOWAS) gravitates toward establishing a monetary union, characterized by a common central bank and a single currency, the eco, there is need for deeper knowledge of the monetary policy transmission mechanism to ensure the effective conduct of a common monetary policy in the region. This study investigates the existence of potential asymmetries in the transmission of monetary policy impulses and the implications for monetary policy effectiveness under a unified framework. It employs the dynamic heterogeneous structural panel vector aut

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4

Kołbyko, Patryk Norbert. "Monetary determinants of output dynamics in the light of the structural vector-autoregressive SVAR model: A Keynesian approach." Studies in Risk and Sustainable Development 398 (2024): 1–19. http://dx.doi.org/10.22367/srsd.2024.398.1.

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PURPOSE: The purpose of the following paper is to analyze and empirically verify the monetary theory of business cycles as a mechanism for the interaction of the dynamics of production and money supply based on the example of the Polish economy. In order to identify and mitigate the risk of economic fluctuations as a function of the response of the central bank, it is necessary to conduct an extensive analysis of the indirect mechanism of transmission of monetary impulses on production in the economy. DESIGN/METHOD: Empirical analysis was carried out by estimating a macroeconometric time serie

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5

Mishchenko, Volodymyr, Svitlana Naumenkova, and Svitlana Mishchenko. "Assessing the efficiency of the monetary transmission mechanism channels in Ukraine." Banks and Bank Systems 16, no. 3 (2021): 48–62. http://dx.doi.org/10.21511/bbs.16(3).2021.05.

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The paper is focused on the performance features of the monetary transmission mechanism (MTM) in Ukraine as a small open economy. To assess the efficiency of monetary transmission channels, it is important to disclose their interaction, define criteria and tools for analyzing their impact on key macroeconomic parameters. The study deepens approaches to the analysis of the intensity of using monetary, credit, interest rate and exchange rate channels in Ukraine in 2005–2020 and detects violations in the functioning of the MTM. Using economic and statistical methods and regression models, the inf

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6

Świtała, Filip, Iwona Kowalska, and Karolina Malajkat. "Bank Lending Channel Effectiveness – Potential Lessons For Monetary Policy." Journal of Banking and Financial Economics 2023, no. 1(19) (2023): 160–77. http://dx.doi.org/10.7172/2353-6845.jbfe.2023.1.8.

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Анотація:

The article supplements the research on the effectiveness of monetary policy transmission – especially through the bank lending channel. The current study focuses on assessing the transmission of monetary impulses through commercial and cooperative banks as well as through individual loan portfolios, while distinguishing between the fact that they were granted by commercial and cooperative banks. How a change in the central bank’s interest rates may determine a change in the volume of loans in the economy remains the core question of the research.

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7

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

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AbstractThe efficiency of channels of monetary transmission varies from country to country and is conditioned by a number of factors that determine the economic and financial system of a country. In order to achieve the set monetary policy objectives, а central bank takes certain measures and employs instruments of monetary policy. Those instruments, however, act indirectly and with a certain lag. Due to these limitations in monetary policy effects, the analysis of the monetary transmission is of essence in every country as it enables its designers to determine an optimum monetary regime. In t

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8

Ivanchenko, I. S., G. A. Bondarenko, and G. V. Pavlenko. "Empirical Analysis of the Effectiveness of the Inflation Channel of Monetary Policy in the Russian Federation." Finance: Theory and Practice 29, no. 2 (2025): 36–46. https://doi.org/10.26794/2587-5671-2025-29-2-36-46.

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Currently, researchers are particularly interested in studying the influence of the dynamics of various financial variables on the pace of economic development. In this regard, an important stage of the analysis is the study of the transmission of monetary impulses through the transmission channels of monetary policy to the real sector of the economy. The purpose of this article is to identify the features of the functioning of the inflation channel in the Russian Federation from 2013 to 2022 based on the construction of VAR models (vector autoregression), as well as to evaluate the function o

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9

Yateesh Dubey, Syed Mohd. Shahzeb. "Deciphering India's Monetary Policy Transmission: A Structural VAR Perspective." European Economic Letters (EEL) 15, no. 1 (2025): 1885–903. https://doi.org/10.52783/eel.v15i1.2571.

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The question of how monetary measures disturbs the real variables in an economy is still an unsettled question for both researchers and policy makers. Central bank does frame the monetary measures to attain ultimate objective of the policy in terms of economic growth and stable inflation. This study has been taken out to analyse the efficacy and relative efficiency of various channels of monetary measures transmission in India along with their consolidated consequences on real activity in the post-reform period. By using monthly data from 1991M03 to 2019M03 (time series) and tried to examine t

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10

Olszak, Małgorzata. "The Role of Capital Regulation and Risk-Taking by Banks in Monetary Policy." Oeconomia Copernicana 5, no. 1 (2014): 7–26. http://dx.doi.org/10.12775/oec.2014.001.

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The credit boom prevailing in the period preceding the last financial crisis was prolonged and associated with neither particularly strong output growth nor rising inflation in economies in which it occurred. This type of credit cycle and financial cycle is hard to reconcile with existing economic theory applied in monetary policy. In this paper we point out to endogenous factors behind this phenomenon. We aim to identify what is the role of bank capital regulation and bank risktaking in the transmission mechanism of monetary policy. The transmission of monetary policy impulses through capital

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11

Franck Mondesir, Tsassa Mbouayila. "Effets des politiques conjoncturelles sur la croissance économique en zone franc." Revue Internationale des Économistes de Langue Française 6, no. 2 (2021): 51–76. http://dx.doi.org/10.18559/rielf.2021.2.3.

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This article finds its affiliation in the budgetary theory of the price level. It proposes the simultaneous study of cyclical shocks in the Franc Zone, using a structural PVAR model combining activity, prices, a real short-term interest rate, the primary budget balance and the external debt. The effects and transmission times of budgetary and monetary impulses on GDP appear to be differentiated in the two short-term monetary unions. The cyclical components of the BEAC and BCEAO refinancing rates are positively linked to those of the primary deficits in the Franc Zone. Fiscal policies have a ne

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12

Dziubliuk, Oleksandr. "Specific of transmission mechanism of monetary policy in Ukraine in the conditions of martial law." Economic Analysis, no. 33(3) (2023): 247–56. http://dx.doi.org/10.35774/econa2023.03.247.

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Introduction. The current state of the Ukrainian economy is determined by the unfolding of crisis as a result of full-scale military aggression, which determines the need to optimize the regulatory influence of monetary policy in order to ensure the stability of the economy against the negative consequences of the war, minimize and localize the impact of the negative consequences of the crisis for the real sector of the economy. Under such circumstances, the study of problems related to the choice of the most optimal monetary policy strategy, which is implemented in practice through the approp

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13

Myšková, Kateřina, David Hampel, and Anna Dobešová. "Impulse-response analysis of monetary policy – Visegád group countries case." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 61, no. 7 (2013): 2561–67. http://dx.doi.org/10.11118/actaun201361072561.

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In this paper, we focus on comparability of monetary policies of Visegrád group countries (V4). Main objective of central banks function in V4 countries lies in maintaining price stability. For this purpose, inflation targeting regime is realized in a medium-term focus in V4, which means that there is a certain lag between monetary policy operation and its influence on an inflation target. Central bank does not have a direct impact on its ultimate goals. Therefore, any monetary policy analysis and assumption of its effectiveness comes out from an essential existence of a working transmission m

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14

Brózda-Wilamek, Dominika. "The impact of the Federal Reserve System’s interest rate channel on the components of aggregate demand." Ekonomia i Prawo 20, no. 3 (2021): 479–96. http://dx.doi.org/10.12775/eip.2021.029.

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Motivation: Monetary policy decisions, through the process of transmission mechanism, affect the term structure of nominal interest rates as well as other asset prices, and thus influences aggregate demand (e.g. consumer spending and business investments) and price levels through these effects. The aspect of monetary transmission to various components of aggregate demand has been relatively little studied in the literature of the subject. Aim: The main aim of the study is to empirically investigate the effect of the Fed’s monetary policy on major components of aggregate demand over the p

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15

NYAWATA, OBERT. "TREASURY BILLS AND/OR CENTRAL BANK BILLS FOR ABSORBING SURPLUS LIQUIDITY: THE MAIN CONSIDERATIONS." Journal of International Commerce, Economics and Policy 04, no. 02 (2013): 1350011. http://dx.doi.org/10.1142/s1793993313500117.

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This paper discusses the challenging question of whether central banks should use Treasury bills or central bank bills for draining excess liquidity in the banking system. While recognizing that there are practical reasons for using central bank bills, the paper argues that Treasury bills are the first best option especially because of the positive externalities for the financial sector and the rest of the economy. However, the main considerations in the choice should be: (i) operational independence for the central bank; (ii) market development; and (iii) the strengthening of the transmission

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16

Бредихина, В. А., та С. М. Горлов. "Трансмиссионный механизм и инструменты денежно-кредитной политики в условиях экономической адаптации". Экономика и предпринимательство, № 5(178) (8 квітня 2025): 239–44. https://doi.org/10.34925/eip.2025.178.5.038.

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Анотація:

В статье рассматриваются трансмиссионный механизм и инструменты денежнокредитной политики в условиях адаптивной экономики, учитывая современные вызовы, такие как макроэкономическая волатильность и структурные изменения. Анализируется эффективность ключевых каналов трансмиссии, а также влияние структуры финансовой системы на скорость распространения монетарных импульсов. Особое внимание уделено специфике российской экономики, где ключевую роль играет кредитный канал, однако его реализация затруднена высокой концентрацией банковского сектора и ограниченным доступом к международному капиталу. В з

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17

Jacobson, Margaret M., Christian Matthes, and Todd B. Walker. "Temporal Aggregation Bias and Monetary Policy Transmission." Finance and Economics Discussion Series, no. 2022-054r1 (April 2023): 1–35. http://dx.doi.org/10.17016/feds.2022.054r1.

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Temporal aggregation biases estimates of monetary policy effects. We hypothesize that information mismatches between private agents and the econometrician—the source of temporal aggregationbias—are as important as the more studied mismatch between private agents and the centralbank (the “Fed information effect”) in the study of monetary policy transmission. In impulse responsesfrom both local projections and an unobserved components model, we find that the responseof daily inflation to high-frequency monetary shocks confirms theoretical predictions. If thereis an adverse-signed response such t

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18

MORITA, Yoji, and Shigeyoshi MIYAGAWA. "Quantitative Impulse Response Approach to Monetary Transmission Mechanism." Proceedings of the ISCIE International Symposium on Stochastic Systems Theory and its Applications 2004 (May 5, 2004): 259–66. http://dx.doi.org/10.5687/sss.2004.259.

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19

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 (2019): 1. http://dx.doi.org/10.25105/me.v25i1.5199.

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<em>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. </em><em>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).</em> <em>From the results of this research, the transmiss

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20

Ćorić, Bruno, Lena Malešević Perović, and Vladimir Šimić. "Openness and the strength of monetary transmission: International evidence." Acta Oeconomica 66, no. 4 (2016): 639–59. http://dx.doi.org/10.1556/032.2016.66.4.4.

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This study explores cross-country variations in the size of the effects of a monetary policy shock on output using the sample of 48 developed and developing countries. The structural vector autoregression model is used to estimate monetary policy effects for each country separately. Based on the estimated impulse responses, we construct a measure of the short-run monetary policy effect on output, which is used as the dependent variable in a cross-country regression. Our results suggest that the effects of monetary policy shock on output are significantly influenced by trade openness, exchange

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21

Nirmala, Tiara, Catur Sugiyanto, and Muhammad Edhie Purnawan. "Impact of Monetary Policy on Consumption and Investment in Indonesia." Jurnal Ekonomi dan Studi Pembangunan 14, no. 2 (2022): 243. http://dx.doi.org/10.17977/um002v14i22022p243.

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Monetary policy transmission mechanism has a complex process since its implementation it involves changes on banking sector, economic actors, the length of time in implementing policies, as well as changes in monetary policy transmission channels according to economic condition of the country. This study aims to examine how consumption and investment respond to monetary shocks that occur in Indonesia. These results indicate that the impact of monetary policy on consumption due to changes in interest rates is larger and more sensitive than investment, according to the impulse response test. The

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22

Safuan, Sugiharso, and Beta Yulianita G. Laksono. "TRANSMISI KEBIJAKAN MONETER DI INDONESIA: CREDIT VIE W ATAU MONEY VIEW?" Jurnal Ekonomi dan Pembangunan Indonesia 7, no. 2 (2007): 219–29. http://dx.doi.org/10.21002/jepi.v7i2.174.

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One of some problematic issues of identification of the efiectiveness of the monetary policy is the question on whether the monetary policy mechanism transmissions can perform fully in transmitting the changes of monetary policies into the national and regional level of economy. On earlier studies, Muelgini (2004) relatively compares the eflectiveness of monetary policies of the five mechanism transmission channels at the national level of the economy employing impulse response fiznction. The results show that prior to the economic crises in Indonesia credit channel is not eflective, and for a

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23

Pathberiya, Theja Dedu Samarasinghe. "Transmission of Monetary Policy Impulses on Bank Retail Interest Rates: An Empirical Study of Sri Lanka." Staff Studies 45, no. 1-2 (2017): 67. http://dx.doi.org/10.4038/ss.v45i1-2.4697.

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24

Swaray, Saidu. "The Transmission Channel of Monetary Policy to the Real Economy Revisited: Evidence From Sierra Leone." Applied Economics and Finance 9, no. 3 (2022): 21. http://dx.doi.org/10.11114/aef.v9i3.5649.

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This study examined the transmission channel of monetary policy to real economy in Sierra Leone using quarterly data from 2002 to 2018. The non-recursive structural vector autoregressive technique was employed to identify the channel of monetary policy transmission to the real economy. This technique was considered appropriate because it has two-way or bidirectional causal effects among endogenous variables and ordering of endogenous variables are considered flexible. Analysis of data shows that the exchange rate channel was found to be appropriate in transmitting monetary policy effect to rea

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25

M. N, Ripdian Nisa, Banatul Hayati, and Edy Yusuf A. G. "Effectiveness of Monetary Policy Transmission Mechanism in Indonesia." JEJAK 11, no. 1 (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

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26

Barattieri, Alessandro, Maya Eden, and Dalibor Stevanovic. "FINANCIAL SECTOR INTERCONNECTEDNESS AND MONETARY POLICY TRANSMISSION." Macroeconomic Dynamics 23, no. 3 (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

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27

Bahadur, Khalilahmad Mussa. "Analysing the Effectiveness of Monetary Transmission Mechanism in Mozambique: A VAR Model Approach." International Journal of Economics and Finance 16, no. 5 (2024): 1. http://dx.doi.org/10.5539/ijef.v16n5p1.

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This study analyses the effectiveness of monetary transmission mechanism in Mozambique spanning from January 2008 to December 2022, employing a Vector Autoregressive (VAR) model. The analysis focuses on Gross Domestic Product (GDP) and inflation, exploring how these variables respond to changes in monetary policy. The study&rsquo;s findings underscore a negligible impact of monetary transmission channel variables on GDP. In terms of inflation, the study identifies the existence of interest rate, money, and exchange channel, while credit channel exhibit negligible effect. Variance decomposi

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28

KHOKHYCH, Dmytro, Oleksandr LYUBICH, and Gennadiy BORTNIKOV. "Transmission mechanism of monetary policy in the context of macroeconomic stability." Fìnansi Ukraïni 2023, no. 8 (2023): 38–59. http://dx.doi.org/10.33763/finukr2023.08.038.

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Анотація:

Introduction. In 2020, the COVID-19 pandemic quickly spread to almost all countries, causing a downturn in the economy and worsening monetary stability. In terms of the scale of its effects, this stress even exceeded the impact of the global financial crisis. It was quite logical to revise the parameters of monetary policy, including lowering (or keeping low) key policy rates, accepting long-term refinancing operations, and reducing the required reserve ratio. All of these measures were intended to stimulate the economy, and the recent practice deserves an examination of how effective the tran

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29

Ilyas, Sidra, Majid Ali, Sabira Dilawar, Asad Abbas, and Muhammad Ramzan Sheikh. "Monetary Policy Effectiveness in Pakistan: A Reassessment of Four Transmission Channels." Bulletin of Business and Economics (BBE) 12, no. 3 (2023): 964–81. https://doi.org/10.61506/01.00563.

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Анотація:

Monetary policy is an important financial tool to maintain the total demand in an economy. The main objective of this study is to understand the feasibility of monetary transmission mechanism channels and to investigate the fundamental monetary transmission mechanism channel for Pakistan. To evaluate the asset price, direct interest rate, exchange rate, and bank lending channels, the study used the time series data spanning from 1972 to 2023 and for the estimation of data employed the vector-autoregressive, impulse response function, and variance decomposition model. The results of the study i

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30

Włodarczyk, Przemysław. "Monetary Policy Transmission and the Labour Market in the Non‑eurozone Visegrad Group Countries in 2000–2014. Evidence from a SVAR Analysis." Comparative Economic Research. Central and Eastern Europe 20, no. 4 (2017): 23–43. http://dx.doi.org/10.1515/cer-2017-0026.

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Анотація:

This paper is aimed at filling the gap in existing economic research by delivering new evidence on the money‑labour nexus in the emerging markets of the non‑eurozone Visegrad group countries (i.e. Czech Republic, Hungary and Poland). Analyses are based on the Strucutral VAR (SVAR) models of the monetary transmission mechanism, estimated using monthly data from the 2000:1–2014:2 period. In order to obtain impulse responses, the short‑run restrictions set, based on the monetary transmission theory, is imposed. Two different identification schemes are considered.The results confirm that there exi

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31

Zhong, Hua, Zijian Feng, Zifan Wang, and Yougui Wang. "Revisiting the monetary transmission mechanism via banking from the perspective of credit creation." National Accounting Review 6, no. 1 (2024): 116–47. http://dx.doi.org/10.3934/nar.2024006.

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<abstract> <p>Many transmission channels of monetary policy have been proposed to enrich and deepen the understanding of its mechanisms. However, some channels have not been clarified, particularly for those unconventional quantitative policies implemented after 2008 financial crisis. In this paper, we develop a unified model of a credit economy where bank regulations and decisions and loanable funds market are placed at a central position, while stocks and flows are incorporated with each other to formulate banks' credit creation and circulation. We find that bank regulations can

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32

Younas, Muhammad. "Pakistan Monetary Policy in terms of Bank Lending and Asset Price Channels." Jinnah Business Review 8, no. 2 (2020): 97–115. http://dx.doi.org/10.53369/piau8954.

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Анотація:

Study in hand inspects the monetary policy transmission mechanisms in Pakistan with a special focus on bank lending and asset price channels. Monthly data over the period 2000M7-2016M12 are being used for the short run analysis of monetary policy. The lending and asset price transmission channels remain largely unexplored since financial reforms and pursuance of market-based monetary policy instruments. The empirical exploration is based on SVAR framework. The results show that the monetary aggregates targeting agenda is still operative in effecting the output and price level. Bank lending hav

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33

Yildirtan, Dina Cakmur, and Selin Sarili. "Panel Data Analysis of Monetary Transmission Mechanism for European Union Countries." Journal of Social Science Studies 4, no. 2 (2017): 42. http://dx.doi.org/10.5296/jsss.v4i2.10731.

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Monetary transmission mechanism is the mechanism which shows in what ways and what extent interaction between the real economy-monetary policy, impacts aggregate demand and production. While transmission channels or mechanisms traditionally classified they divided into three categories; interest rates, Exchange rates and other asset prices.In this study to test the existence of the European debt crisis by the monetary transmission mechanism, 15 members of European Union country by using annual (2002-2014) data set were included into study. We use panel unit root tests to analyze whether the va

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Ono, Shigeki. "Impacts of conventional and unconventional US monetary policies on global financial markets." International Economics and Economic Policy 17, no. 1 (2019): 1–24. http://dx.doi.org/10.1007/s10368-019-00456-z.

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AbstractThis paper investigates the impacts of conventional and unconventional US monetary policies on global financial markets, using the global vector autoregressive (GVAR) model from 2004 through 2017. The impulse response results suggest unconventional easing had little effect on stock prices as in conventional easing while the responses of interest rates indicate liquidity was provided throughout the world. An unconventional US monetary tightening policy shock could effectively affect the stock prices of the world as is the case with a conventional US monetary tightening shock. Furthermor

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Zulkhibri, Muhamed, and Mohamed Shukri Abdul Rani. "Term spread, inflation and economic growth in emerging markets: evidence from Malaysia." Review of Accounting and Finance 15, no. 3 (2016): 372–92. http://dx.doi.org/10.1108/raf-04-2015-0056.

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Purpose This paper aims to examine the role of term spreads to predict domestic output and inflation in Malaysia, a country with a relatively less-developed bond market. Design/methodology/approach The paper uses regression time-series regressions and probit models that control for past values of the dependent variable to determine the forecast performance of term spread on inflation and output in Malaysia. Findings The paper finds that term spread contains little information about future output and inflation at short horizons. Moreover, the usefulness of term spread to play a greater role in

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Zashchypas, Serhii. "Formation of Money Supply, Taking into Account the Role of Virtual Assets." Oblik i finansi, no. 2(108) (2025): 40–49. https://doi.org/10.33146/2307-9878-2025-2(108)-40-49.

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The introduction of such tools as Initial Coin Offerings (ICO), Decentralized Finance (DeFi) platforms and smart contracts creates new opportunities for raising capital. However, this segment of the digital economy requires a comprehensive approach to understanding the principles of its functioning, considering the interests of all stakeholders and potential systemic consequences. The article aims to study the impact of virtual assets on the monetary sphere, particularly on the volume of money supply, the effectiveness of monetary policy implementation and the financial system's stability. The

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Yao, Fang. "A NOTE ON INCREASING HAZARD FUNCTIONS AND THE MONETARY TRANSMISSION MECHANISM." Macroeconomic Dynamics 20, no. 1 (2014): 446–59. http://dx.doi.org/10.1017/s1365100514000376.

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This note studies the implications of the price reset hazard function for the monetary transmission mechanism of sticky price models. I first document some general analytical results that highlight the central role of the price (accumulative) distribution in linking the hazard function and the impulse response function. I find that nominal rigidity underlying increasing hazard functions is more successful than real rigidity in replicating realistic macro persistence. In addition, numerical simulations show that the interaction between the increasing hazard function and the real rigidity provid

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Fadilah, Putri, and Sri Yani Kusumastuti. "ANALYSIS OF THE EFFECTIVENESS OF THE MONETARY POLICY TRANSMISSION CHANNEL IN INDONESIA WITH A SINGLE TARGET OF INFLATION FOR THE PERIOD 2016:08 - 2022:12." Media Ekonomi 31, no. 2 (2024): 153–64. http://dx.doi.org/10.25105/me.v31i2.18526.

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The purpose of this study is to determine The Monetary Policy Transmission Channel In Indonesia With A Single Target of Inflation For The Period 2016:08 - 2022:12. The research method used the Vector Error Correction Model (VECM) for the period August 2016 until December 2022. This study uses secondary data from the Indonesian Central Statistics Agency (BPS) and CEIC (a company providing financial and macroeconomic indicator data). The results of this study show that inflation responses to the shock of variables in the Monetary Channel, Interest Rate Channel, and Inflation Expectation Channel

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Mallick, Sushanta K., and Ricardo M. Sousa. "REAL EFFECTS OF MONETARY POLICY IN LARGE EMERGING ECONOMIES." Macroeconomic Dynamics 16, S2 (2011): 190–212. http://dx.doi.org/10.1017/s1365100511000319.

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This paper provides evidence on monetary policy transmission for five key emerging market economies: Brazil, Russia, India, China, and South Africa. Monetary policy (interest rate) shocks are identified using modern Bayesian methods along with the more recent sign restrictions approach. We find that contractionary monetary policy has a strong and negative effect on output. We also show that such contractionary monetary policy shocks do tend to stabilize inflation in these countries in the short term, while producing a strongly persistent negative effect on real equity prices. Overall, the impu

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Gries, Thomas, and Alexandra Mitschke. "Extraordinary Times Require Extraordinary Action: Boosting European Demand by Means of Investment Helicopter Money." Credit and Capital Markets – Kredit und Kapital 54, no. 2 (2021): 137–72. http://dx.doi.org/10.3790/ccm.54.2.137.

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This theoretical contribution analyzes remaining monetary policy tools and their ability to reestablish sound macroeconomic conditions in the euro area. Motivated by the observation of a lack of investment in the macroeconomy and subdued inflation, we review current monetary policy challenges and emphasize the major failure of traditional transmission channels. While interest rates and asset prices often respond to central bank tools, the effects on the real economy, specifically on investments, are often not observable. We suggest Investment Helicopter Money as a tool to directly strengthen i

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Balabanova, Zlatina, and Ralf Brüggemann. "EXTERNAL INFORMATION AND MONETARY POLICY TRANSMISSION IN NEW EU MEMBER STATES: RESULTS FROM FAVAR MODELS." Macroeconomic Dynamics 21, no. 2 (2016): 311–35. http://dx.doi.org/10.1017/s1365100515000516.

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We investigate the effects of monetary policy shocks in the new European Union (EU) member states the Czech Republic, Hungary, Poland, and Slovakia. In contrast to existing studies, we explicitly account for external developments in European Monetary Union (EMU) countries and in other acceding countries. We do so by using factor-augmented vector autoregressive models that employ information from nonstationary factor time series. One set of VAR models includes factors obtained from a large cross section of time series from EMU countries, whereas another set includes factors obtained from other

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Rohmana, Yana, and Suci Aprilliani Utami. "Inflation Through the Transmission Of Islamic And Conventional Monetary Policy In Indonesia." Amwaluna: Jurnal Ekonomi dan Keuangan Syariah 7, no. 1 (2023): 29–57. http://dx.doi.org/10.29313/amwaluna.v7i1.11214.

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This study aims to identify the transmission of Islamic and conventional monetary policy through the interest rate channel, credit channel, and exchange rate channel to inflation in Indonesia using the Vector Error Correction Model (VECM). VECM estimates show that all variables in the short term have no effect on inflation. The results of the Impulse-Response Function (IRF) show that all variables in the model are able to stabilize the inflation rate within three to seven months, while stabilizing real sector growth takes four to eight months. The results of the Forecast Error Variance Decompo

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Herlina, Deswita, Stannia Cahaya Suci, and Muhammad Rafi Rahman. "The impact of the monetary policy transmission mechanism-the money supply channel on the economy." Journal of Business and Information System (e-ISSN: 2685-2543) 5, no. 1 (2023): 63–78. http://dx.doi.org/10.36067/jbis.v5i1.172.

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This study aims to assess the effectiveness of the monetary policy transmission mechanism on the money supply channel to the economy with the goal of prices (inflation) and income (Real GDP) from the first quarter of 2010 to the fourth quarter of 2021. The variables in this study include the BI Rate or Bank Indonesia reference interest rate, the money supply M0, the money supply M1, the money supply M2, inflation, and real GDP. The data processing phases begin with verifying data stationarity, optimum lag processing, and the Johansen co-integration test. Then this research employs an analytica

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Zulfa, Fadilah, and Deky Aji Suseno. "the Effectiveness of Monetary Policy Transmission to Inflation in Indonesia." EFFICIENT Indonesian Journal of Development Economics 2, no. 1 (2019): 272–84. http://dx.doi.org/10.15294/efficient.v2i1.28397.

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The purpose of this research is to know and analyze about the comparative effectiveness of monetary policy transmission by interest rate channel and exchange rate channel in influencing inflation in Indonesia. Data used in this research is quarterly time series data from year 2005Q3 until 2017Q1. The variables used in this research are SBI interest rate, interbank call money interest rate, deposit interest rate, loan interest rate, investment, interest rate differential, capital inflow, exchange rate, net export and output gap. Data used in this research sourced by Bank Indonesia, Badan Pusat

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Adámek, Emil, and Lukáš Jursa. "Deep dive into beggar-thy-neighbour effects of monetary policy spillovers." Acta Oeconomica 73, no. 1 (2023): 61–83. http://dx.doi.org/10.1556/032.2023.00005.

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AbstractWe analyse the effect of the European Central Bank's (ECB) monetary shock spillover and its impact on the European Union's 9 countries outside the euro area (EA) between 2000 and 2020. We use the sign-restricted Bayesian VAR model and subsequent interpretation by plotting the impulse-response functions. Moreover, we investigate both conventional and unconventional monetary policies and its international transmission. The spillover of monetary policy is growing with the openness of economies and the ongoing deepening of integration. The output responds to the EA's monetary shock flexibl

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Paramita, Rastri. "ANALISIS EFEKTIVITAS JALUR SUKU BUNGA DALAM MEKANISME TRANSMISI KEBIJAKAN MONETER DI INDONESIA (PERIODE 2009-2018)." Jurnal Budget : Isu dan Masalah Keuangan Negara 4, no. 2 (2022): 61–81. http://dx.doi.org/10.22212/jbudget.v4i2.45.

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This research was conducted to determine the effectiveness of the interest rate channel in the mechanism of monetary policy in Indonesia. The variables used are policy rates (rSBK) as monetary policy tool, deposit rates (rDeposito), and credit rates (rKredit) as transmission to the real sector and CPI as a proxy of inflation which is the target of monetary policy. The VECM method is used since the variables are cointegrated but are stationary in the first difference. The results impulse response operational targets respond weakly to changes in monetary policy variables because they require a d

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Jacobson, Margaret M., Christian Matthes, and Todd B. Walker. "Inflation Measured Every Day Keeps Adverse Responses Away: Temporal Aggregation and Monetary Policy Transmission." Finance and Economics Discussion Series, no. 2022-054 (August 2022): 1–48. http://dx.doi.org/10.17016/feds.2022.054.

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Using daily inflation data from the Billion Prices Project [Cavallo and Rigobon (2016)], we show how temporal aggregation biases estimates of monetary policy transmission. We argue that the information mismatch between private agents and the econometrician —the source of temporal aggregation bias —is equally important as the more studied mismatch between private agents and the central bank (the “Fed information effect”). We find that the adverse response of daily inflation to high-frequency monetary policy shocks is short-lived, if present at all, in impulse responses from both local projectio

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Bhatta, Gunakar. "Theoretical Paradigm on Bank Capital Regulation and its Impact on Bank-Borrower Behavior." NRB Economic Review 27, no. 2 (2015): 19–34. http://dx.doi.org/10.3126/nrber.v27i2.52557.

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Bank equity plays an important role in the credit allocation process of financial intermediaries. Financial institutions with higher level of equity are in better position to absorb losses and repay deposits in a timely manner. This relates to the bank capital channel of monetary policy transmission mechanism stating that banks having sound financial health could contribute significantly in transmitting monetary impulses to the real sector. Considering the important role that bank equity plays in shaping the risk taking behavior of financial intermediaries, central banks set the minimum paid-u

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Alam, Shaista, Muhammad Sabihuddin Butt, and Azhar Iqbal. "The Long-run Relationship between Real Exchange Rate and Real Interest Rate in Asian Countries: An Application of Panel Cointegration." Pakistan Development Review 40, no. 4II (2001): 577–602. http://dx.doi.org/10.30541/v40i4iipp.577-602.

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The role of exchange rate policy in economic development has been the subject of much debate and controversy in the development literature. Interest rates and exchange rates are usually viewed as important in the transmission of monetary impulses to the real economy. In the short run the standard view of academics and policy-makers is that a monetary expansion lowers the interest rate and rises the exchange rate, with these price changes then affecting the level and composition of aggregate demand. Frequently, these influences are described as the liquidity effects of monetary expansion, viewe

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Nikitishin, Andrіy. "Influence of monetary policy on the modern mechanisms of tax regulation." University Economic Bulletin, no. 41 (March 30, 2019): 195–202. http://dx.doi.org/10.31470/2306-546x-2019-41-195-202.

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This study examines theoretical and applied problems of the influence of monetary policy on the modern mechanisms of tax regulation. The goal of the study is to determine the connection between the instruments, channels, mechanisms and regimes of the monetary policy of the National Bank of Ukraine and the instruments and mechanisms of the tax regulation, their monetary transmission influence on the budget architectonics. Methods of the study. In order to achieve the goals specified in the academic article a systemic approach has been used to determine the connection between the instruments, ch

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