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Journal articles on the topic 'Monetary policy'

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Published: 4 June 2021

Last updated: 30 July 2024

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1

Abi Suar, Zandy Pratama Zain, and Hijrasil. "Sharia Monetary Policy Instruments in Indonesia." JOVISHE : Journal of Visionary Sharia Economy 1, no. 1 (June 30, 2022): 01–11. http://dx.doi.org/10.57255/jovishe.v1i1.63.

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In Islamic monetary policy, there is no known interest system. The instruments used in Islamic monetary policy are also different from monetary policy in general because they are not familiar with the interest system. Precisely with the unknown interest system, making Islamic monetary policy more resistant to economic turmoil so that in the end the ultimate goal of monetary policy can be achieved and will be able to become a new tool in maintaining economic stability. The approach used in this study is Literature review using the Systemic Literature Review (SLR) method. The purpose of this study is to find out how the Islamic Monetary Policy Instrument is defined, mazhab and its implementation in Indonesia.Indonesia as a country that implements a dual monetary system, Indonesia also conducts monetary policy through OMS or Sharia Monetary Operations. Sharia Monetary Operation is the implementation of monetary policy by Bank Indonesia in the context of monetary control through open market operations and the provision of standing facilities based on sharia principles. The objectives of CSOs areachieve the operational target of sharia monetary control in order to support the achievement of the final target of Bank Indonesia's monetary policy. Abstrak Dalam kebijakan moneter Islam, tidak dikenal sistem bunga. Instrumen yang digunakan dalam kebijakan moneter syariah juga berbeda dengan kebijakan moneter pada umumnya karena belum mengenal sistem bunga. Justru dengan tidak dikenalnya sistem bunga membuat kebijakan moneter syariah lebih tahan terhadap gejolak ekonomi sehingga pada akhirnya tujuan akhir kebijakan moneter dapat tercapai dan mampu menjadi alat baru dalam menjaga stabilitas ekonomi. Pendekatan yang digunakan dalam penelitian ini adalah Literature review dengan menggunakan metode Systemic Literature Review (SLR). Tujuan dari penelitian ini adalah untuk mengetahui bagaimana definisi Instrumen Kebijakan Moneter Syariah, mazhab dan implementasinya di Indonesia. Indonesia sebagai negara yang menerapkan sistem moneter ganda, Indonesia juga melakukan kebijakan moneter melalui OMS atau Operasi Moneter Syariah. Operasi Moneter Syariah adalah pelaksanaan kebijakan moneter oleh Bank Indonesia dalam rangka pengendalian moneter melalui operasi pasar terbuka dan pemberian standing facilities berdasarkan prinsip syariah. Tujuan CSO adalah untuk mencapai sasaran operasional pengendalian moneter syariah dalam rangka mendukung pencapaian sasaran akhir kebijakan moneter Bank Indonesia.

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2

Yunanto, Muhamad, and Henny Medyawati. "Fiscal Policy and Monetary Policy: Sensitivity Analysis." International Journal of Trade, Economics and Finance 6, no. 2 (April 2015): 79–84. http://dx.doi.org/10.7763/ijtef.2015.v6.447.

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3

Atesoglu, H. Sonmez. "Monetary policy rules and U.S. monetary policy." Journal of Post Keynesian Economics 30, no. 3 (April 1, 2008): 403–8. http://dx.doi.org/10.2753/pke0160-3477300305.

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4

De Pooter, Michiel, Giovanni Favara, Michele Modugno, and Jason Wu. "Monetary policy uncertainty and monetary policy surprises." Journal of International Money and Finance 112 (April 2021): 102323. http://dx.doi.org/10.1016/j.jimonfin.2020.102323.

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5

Chowdhury, Abdur R., and N. Gregory Mankiw. "Monetary Policy." Southern Economic Journal 62, no. 3 (January 1996): 793. http://dx.doi.org/10.2307/1060902.

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6

De Pooter, Michiel, Giovanni Favara, Michele Modugno, and Jason Wu. "Reprint: Monetary policy uncertainty and monetary policy surprises." Journal of International Money and Finance 114 (June 2021): 102401. http://dx.doi.org/10.1016/j.jimonfin.2021.102401.

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7

Ray, Walker. "Discussion: Monetary policy uncertainty and monetary policy surprises." Journal of International Money and Finance 114 (June 2021): 102374. http://dx.doi.org/10.1016/j.jimonfin.2021.102374.

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8

Garber, Peter M. "Monetary history and monetary policy." Journal of Monetary Economics 20, no. 1 (July 1987): 177–82. http://dx.doi.org/10.1016/0304-3932(87)90065-1.

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9

Swanson, Eric T. "Discussion of “monetary policy uncertainty and monetary policy surprises”." Journal of International Money and Finance 110 (February 2021): 102289. http://dx.doi.org/10.1016/j.jimonfin.2020.102289.

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10

BRANCH, WILLIAM A., TROY DAVIG, and BRUCE McGOUGH. "Monetary–Fiscal Policy Interactions under Implementable Monetary Policy Rules." Journal of Money, Credit and Banking 40, no. 5 (August 2008): 1095–102. http://dx.doi.org/10.1111/j.1538-4616.2008.00149.x.

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11

Kagazbaeva, E. M., and М. К. Axakalova. "Қытайдың монетарлық саясаты: Қазақстан үшін тәжірибе." BULLETIN of the L.N. Gumilyov Eurasian National University.Political Science. Regional Studies. Oriental Studies. Turkology Series. 138, no. 1 (2022): 68–78. http://dx.doi.org/10.32523/2616-6887/2022-138-1-68-78.

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This article analyzes the monetary policy of the Central Bank of China and the impact of its individual instruments on economic growth. The economic and political problems affecting the monetary policy of Kazakhstan are considered. The purpose of the scientific article is to identify the features of the monetary mechanism for the development of the Chinese economy, to study innovative tools of China’s monetary policy, and to develop practical recommendations for improving the monetary policy of the Republic of Kazakhstan. China does not seek to copy global trends in monetary policy, but makes decisions related to current needs, assessing the situation in the country. Currently, the Central Bank of China conducts an independent monetary policy and uses a number of classic and modern tools to implement it. Along with general scientific methods, both comparative and statistical methods were used in this study. To analyze the studied characteristics, statistics of the main monetary policy instruments, analytical reports of the International Monetary Fund and the Central Bank of the People’s Republic of China, as well as scientific articles on the development of China’s monetary policy were used. According to the author, the combination of traditional and innovative instruments in China’s monetary policy, as well as the generally positive experience of developing China, is necessary to improve the mechanisms of monetary policy in Kazakhstan. The experience of reforms in China shows that the state has become successful due to the fact that in its policy the state relies on the best practices of developed countries, taking into account the patterns of historical formation and development. A less developed society cannot function and develop according to the laws of a more developed society. Kazakhstan is invited to study and adopt China’s best practices in conducting monetary policy: developing the real sector of the economy and stimulating economic growth; maintaining the stability of the national currency; maintaining inflation at the level necessary for the sustainable functioning of the economic system.

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12

Teapon, Rizal Rahman H., and Rachman Dano Mustafa. "Shock of Monetary Policy Transmission and Macroeconomic Variable in Indonesia: A Structural VAR Approach." Jurnal Economia 14, no. 2 (October 1, 2018): 177–96. http://dx.doi.org/10.21831/economia.v14i2.21480.

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Abstract: Shock of Monetary Policy Transmission and Macroeconomic Variable in Indonesia: A Structural VAR Approach. The purpose of this paper is to find out how much the shock of monetary policy transmission affects macroeconomic variables in Indonesia and vice versa by using Structural Vector Autoregression (SVAR) model. The results showed that the transmission of monetary policy in Indonesia only gives a weak influence toward inflation, but it greatly stimulates economic growth. However, the shock of macroeconomic variables influences the transmission of monetary policy in Indonesia significantly. Keywords: Structural Vector Autoregression (SVAR), monetary policy, macroeconomic policy.Abstrak: Kejutan Transmisi Kebijakan Moneter dan Variabel Makro Ekonomi di Indonesia: Suatu Pendekatan Structural Vector Autoregression. Tujuan dari tulisan ini adalah untuk mengetahui berapa besar guncangan transmisi kebijakan moneter mempengaruhi variabel makro ekonomi di Indonesia dan sebaliknya, dengan menggunakan model Structural Vector Autoregression (SVAR). Hasil penelitian menunjukan bahwa transmisi kebijakan moneter di Indonesia masih lemah dalam mempengaruhi inflasi tetapi sangat kuat dalam merangsang pertumbuhan ekonomi. Sebaliknya, guncangan variabel makro ekonomi sangat signifikan dalam mempengaruhi transmisi kebijakan moneter di Indonesia. Kata kunci: Structural Vector Autoregression (SVAR), kebijakan moneter, kebijakan makro ekonomi

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13

Rangarajan, C., and D. M. Nachane. "Inflation, Monetary Policy and Monetary Aggregates." Indian Public Policy Review 2, no. 3 (May-Jun) (May 7, 2021): 1–16. http://dx.doi.org/10.55763/ippr.2021.02.03.001.

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Taxonomically speaking, the received theories of the macroeconomy may be said to comprise monetarism, structuralism, Marxism, the post-Keynesian view and the New Consensus Macroeconomics (NCM). However, in the last few decades, the mainstream view has been converging on the NCM, representing a grafting of essentially Keynesian ideas on a framework of rational expectations. Associated with this consensus has been a steady de-emphasis on the role of monetary aggregates in the framing of monetary policy. This paper is devoted to an examination of the role of monetary aggregates in each of the macroeconomic theories listed above. In particular, it contests the prevailing mainstream policy viewpoint (heavily influenced by the NCM) that monetary aggregates have no explanatory power for inflation beyond that contained in the output gap. On the contrary, the empirical fact that several monetary shocks originate on the supply side, coupled with the strong possibility of monetary shocks affecting output through relative price changes, make out a strong case for the inclusion of monetary aggregates at least as a Second Pillar of monetary policy (in the manner currently done at the European Central Bank). A monetary policy calibrated without reference to monetary aggregates is like Hamlet without the Prince of Denmark.

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14

Jones, Barry E., Adrian R. Fleissig, Thomas Elger, and Donald H. Dutkowsky. "Monetary policy and monetary asset substitution." Economics Letters 99, no. 1 (April 2008): 18–22. http://dx.doi.org/10.1016/j.econlet.2007.05.018.

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15

Duskobilov, Umidjon. "Impact of Economic Regulation through Monetary Policy: Impact Analysis of Monetary Policy Tools on Economic Stability in Uzbekistan." INTERNATIONAL JOURNAL OF INNOVATION AND ECONOMIC DEVELOPMENT 3, no. 1 (2017): 65–69. http://dx.doi.org/10.18775/ijied.1849-7551-7020.2015.35.2005.

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Monetary policy is an integral part of economic development strategy in any economy due to its significant impact on economic sustainability. It has been an effective tool for regulating the economy through several tools. Nowadays the use of monetary policy tools to manage economic growth processes is a common practice in all market economies by balancing money supply and demand in domestic markets, increasing the benefits from foreign trade by exchange rate and overall financial flows by monitoring inflation rate trends. However, most effective tools are refinancing rate, mandatory reserve requirements and sterilization operations, which have direct linkages to financial flows, money supply, inflation, and exchange rate. In this paper, the author examined the impact of monetary policy tools on economic regulation in Uzbekistan by analyzing the relationship between monetary policy tools and economic growth. Empiric analysis revealed that monetary policy tools influenced positively on economic growth with a long-term relationship.

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16

Shirakawa, Jacinta Bernadette Rico. "Heterogeneity of Monetary Policy Spillovers to Monetary Responsiveness in Emerging Market Economies." International Journal of Trade, Economics and Finance 8, no. 5 (October 2017): 210–16. http://dx.doi.org/10.18178/ijtef.2017.8.5.567.

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17

Schoenmaker, Dirk. "Greening monetary policy." Climate Policy 21, no. 4 (January 15, 2021): 581–92. http://dx.doi.org/10.1080/14693062.2020.1868392.

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18

Husted, Lucas, John Rogers, and Bo Sun. "Monetary Policy Uncertainty." International Finance Discussion Paper 2017, no. 1215 (October 2017): 1–56. http://dx.doi.org/10.17016/ifdp.2017.1215.

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19

Flood, Robert P., and Peter Isard. "Monetary Policy Strategies." Staff Papers - International Monetary Fund 36, no. 3 (September 1989): 612. http://dx.doi.org/10.2307/3867049.

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20

Fetisov, G. "Russia's Monetary Policy." Problems of Economic Transition 51, no. 9 (January 1, 2009): 3–32. http://dx.doi.org/10.2753/pet1061-1991510901.

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21

Amado, Adriana Moreira. "Regional Monetary Policy." Revista de Economia Política 27, no. 1 (2007): 157–58. http://dx.doi.org/10.1590/s0101-31572007000100009.

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22

Bronfenbrenner, Martin, and Kenneth J. Singleton. "Japanese Monetary Policy." Southern Economic Journal 62, no. 1 (July 1995): 271. http://dx.doi.org/10.2307/1061397.

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23

Fuhrer, Jeffrey. "Monetary Policy Rules." Economic Journal 112, no. 483 (November 1, 2002): F604—F605. http://dx.doi.org/10.1111/1468-0297.t01-15-00083.

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24

Dekle, Robert, and Kenneth J. Singleton. "Japanese Monetary Policy." Pacific Affairs 68, no. 2 (1995): 274. http://dx.doi.org/10.2307/2761386.

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25

Dalziel, Paul. "Regional Monetary Policy." Review of Political Economy 22, no. 4 (October 2010): 620–22. http://dx.doi.org/10.1080/09538259.2010.510323.

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26

Bernanke, B. S., and I. Mihov. "Measuring Monetary Policy." Quarterly Journal of Economics 113, no. 3 (August 1, 1998): 869–902. http://dx.doi.org/10.1162/003355398555775.

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27

Normandin, Michel, and Louis Phaneuf. "Monetary policy shocks:." Journal of Monetary Economics 51, no. 6 (September 2004): 1217–43. http://dx.doi.org/10.1016/j.jmoneco.2003.11.002.

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28

Sims, Christopher A. "Monetary Policy Models." Brookings Papers on Economic Activity 2007, no. 2 (2008): 75–87. http://dx.doi.org/10.1353/eca.2008.0005.

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29

Hefeker, Carsten. "Federal Monetary Policy." Scandinavian Journal of Economics 105, no. 4 (December 2003): 643–59. http://dx.doi.org/10.1111/j.0347-0520.2003.00007.x.

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30

Husted, Lucas, John Rogers, and Bo Sun. "Monetary policy uncertainty." Journal of Monetary Economics 115 (November 2020): 20–36. http://dx.doi.org/10.1016/j.jmoneco.2019.07.009.

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31

Hülsmann, Jörg Guido. "Optimal monetary policy." Quarterly Journal of Austrian Economics 6, no. 4 (December 2003): 37–60. http://dx.doi.org/10.1007/s12113-003-1003-5.

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32

International Monetary Fund. "Monetary Policy Strategies." IMF Working Papers 88, no. 88 (1988): i. http://dx.doi.org/10.5089/9781451952575.001.

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33

Blake, Andrew P., Martin Weale, and Garry Young. "Optimal Monetary Policy." National Institute Economic Review 164 (April 1998): 100–109. http://dx.doi.org/10.1177/002795019816400113.

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In this article we propose a policy framework for inflation targeting that contains elements of both optimal and simple rules. We use a simple feedback rule for the interest rate to look after monetary policy in the long run whilst using optimal control in the short run to determine appropriate responses to shocks. The composite policy is capable of substantial welfare improvements over using a simple rule alone whilst maintaining tractability. We see the use of such a framework together with a fully specified model as a feasible approach to practical policy design.

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34

GERSBACH, HANS, and VOLKER HAHN. "Monetary Policy Inclinations." Journal of Money, Credit and Banking 43, no. 8 (November 28, 2011): 1707–17. http://dx.doi.org/10.1111/j.1538-4616.2011.00464.x.

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35

Khan, Aubhik, Robert G. King, and Alexander L. Wolman. "Optimal Monetary Policy." Review of Economic Studies 70, no. 4 (October 2003): 825–60. http://dx.doi.org/10.1111/1467-937x.00269.

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36

Rangarajan, C. "Monetary Policy Revisited." Indian Economic Journal 41, no. 3 (March 1994): 56–61. http://dx.doi.org/10.1177/0019466219940303.

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37

McNelis, Paul D. "Japanese monetary policy." Journal of Asian Economics 5, no. 2 (June 1994): 291–94. http://dx.doi.org/10.1016/1049-0078(94)90029-9.

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38

Romer, Christina D., and David H. Romer. "Monetary policy matters." Journal of Monetary Economics 34, no. 1 (August 1994): 75–88. http://dx.doi.org/10.1016/0304-3932(94)01150-8.

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39

Kashyap, Anil K. "Japanese monetary policy." Journal of International Economics 37, no. 1-2 (August 1994): 135–39. http://dx.doi.org/10.1016/0022-1996(94)90032-9.

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40

Vüqar qızı Salmanova, Sevda. "The nature of the money-credit system implemented by central banks." SCIENTIFIC WORK 76, no. 3 (March 18, 2022): 158–62. http://dx.doi.org/10.36719/2663-4619/76/158-162.

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Monetar siyasət pul-kredit orqanlarının makroiqtisadi siyasətini, qiymət sabitliyini, sabit valyuta məzənnəsinin saxlanmasını əhatə edə bilən son məqsədlərin kombinasiyasına nail olmaq üçün pul bazarının şərtləri (qısamüddətli faiz dərəcəsi, nominal məzənnə və ya bankın cari likvidlik səviyyəsi) vasitəsilə məcmu tələbin idarə edilməsinə yönəlmiş tədbirlər məcmusudur. Monetar siyasətin əsasını pul resurslarının və ümumilikdə pul siyasətinin iqtisadi situasiyaya təsiri prosesini öyrənən pul nəzəriyyəsi təşkil edir. İqtisadçılar uzun müddətdir ki, pul siyasətinin bazar şərtlərində əhəmiyyətini və rolunu müzakirə edirlər. Hədəflər və alətlər arasında düzgün tarazlığı qorumaq üçün mərkəzi banklar bir real hədəf götürür və ona nail olmaq üçün bir və ya bir neçə alət seçirlər. Mərkəzi Bank bankların koordinasiyasını təşkil etmək və iqtisadi tənzimləmə vasitəsi ilə onların fəaliyyətini tənzimləmək üçün xüsusi səlahiyyətlərə malikdir. Açar sözlər: pul-kredit, mərkəzi bank, inflyasiya, iqtisadi vəziyyət, monetar siyasət Sevda VugarSalmanova The nature of the money-credit system implemented by central banks Summary Monetary policy is a set of measures aimed at managing aggregate demand through money market conditions (short-term interest rate, nominal exchange rate or current bank liquidity level) to achieve a combination of ultimate goals that can include macroeconomic policy, price stability, and maintaining a stable exchange rate. The basis of monetary policy is the theory of money, which studies the process of the impact of monetary resources and monetary policy in general on the economic situation. Economists have long debated the importance and role of monetary policy in market conditions. To maintain the right balance between goals and instruments, central banks take a realistic goal and select one or more instruments to achieve it. The Central Bank has special powers to coordinate banks and regulate their activities through economic regulation. Keywords: monetary, central bank, inflation, economic situation, monetary policy

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41

Widiastuti, Nur. "Dampak Kebijakan Moneter Pada Output Di Negara-Negara ASEAN Tahun 1980-2014." Jurnal Riset Manajemen Sekolah Tinggi Ilmu Ekonomi Widya Wiwaha Program Magister Manajemen 4, no. 1 (January 21, 2017): 58–70. http://dx.doi.org/10.32477/jrm.v4i1.191.

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The Impact of monetary Policy on Ouput is an ambiguous. The results of previous empirical studies indicate that the impact can be a positive or negative relationship. The purpose of this study is to investigate the impact of monetary policy on Output more detail. The variables to estimatate monetery poicy are used state and board interest rate andrate. This research is conducted by Ordinary Least Square or Instrumental Variabel, method for 5 countries ASEAN. The state data are estimated for the period of 1980 – 2014. Based on the results, it can be concluded that the impact of monetary policy on Output shown are varied.Keyword: Monetary Policy, Output, Panel Data, Fixed Effects Model

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42

Swanson, Eric T. "Reprint: Discussion of “monetary policy uncertainty and monetary policy surprises”." Journal of International Money and Finance 114 (June 2021): 102402. http://dx.doi.org/10.1016/j.jimonfin.2021.102402.

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43

Lee, Kyung-Mo, and Seuk-Do Kie. "The Effect of U.S. Monetary Policy on Korea Monetary Policy." Journal of Industrial Economics and Business 34, no. 6 (December 31, 2021): 1477–97. http://dx.doi.org/10.22558/jieb.2021.12.34.6.1477.

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44

Estrella, Arturo, and Jeffrey C. Fuhrer. "Monetary Policy Shifts and the Stability of Monetary Policy Models." Review of Economics and Statistics 85, no. 1 (February 2003): 94–104. http://dx.doi.org/10.1162/003465303762687730.

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45

Pan, Haifeng, and Dingsheng Zhang. "Coordination Effects and Optimal Policy Choices of Macroprudential Policy and Monetary Policy." Complexity 2020 (December 14, 2020): 1–11. http://dx.doi.org/10.1155/2020/9798063.

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Considering three monetary policy rules, together with two endogenous macroprudential policies that are credit constraints (loan to value, LTV) for households and counter-cyclical capital (capital requirement ratio, CRR) for bankers, this paper establishes a dynamic stochastic general equilibrium (DSGE) model. Based on the welfare analysis of different combinations of macroprudential rules and monetary policy rules, this paper identifies the optimal policy combinations and analyzes the coordination effects between macroprudential policies and monetary policies. The results show that no matter what kind of monetary policy rules is implemented, the introduction of macroprudential rules has improved the level of total social welfare. In the optimal “two pillars” framework of monetary policies and macroprudential rules, the main objective of monetary policy is to stabilize price inflation, and the macroprudential policy to be implemented is the CRR macroprudential policy. This combination can effectively promote the stability of the real estate market, financial market, and macroeconomy, while maximizing the improvement of total social welfare.

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46

Hameed, Dr Abdul Aziz Shwaish Abdul. "Quantitative Easing and Monetary Policy Legitimate Perspective." Webology 19, no. 1 (January 20, 2022): 3070–88. http://dx.doi.org/10.14704/web/v19i1/web19203.

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Many economists, monetary policy makers and bankers view interest rates as an efficient tool for allocating funds, evaluating the efficiency of projects, and measuring financing costs, and that they are the main indicator of many economic variables and phenomena. Other variables, and enables those authorities to implement the monetary policy desired by them. This has led to an important fact, which is that interest rates have lost their effectiveness as a tool for resource allocation or as an influence on economic, credit and monetary policies, and then central banks resorted to new and unconventional tools and forms of monetary policy with the aim of pumping additional liquidity into the banking system or stimulating economic activity. These unconventional policies are the quantitative easing policy that is called quantitative easing sometimes or credit easing at other times, which is based on the central bank’s resort to buying troubled assets that caused a lack of liquidity in commercial banks, or buying assets and government securities from those banks in order to enable them to Adjusting its liquidity position and resuming its lending activity.

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47

Ramlan, Hamidah. "The Impact of Monetary Policy on Inflation." International Journal of Psychosocial Rehabilitation 24, no. 4 (February 28, 2020): 4665–73. http://dx.doi.org/10.37200/ijpr/v24i4/pr201566.

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48

Yılmaz, Derya, Emin Ertürk,, and Filiz Eryılmaz. "The Unconventional Monetary Policy: A Theoretical Approach." International Journal of Trade, Economics and Finance 8, no. 2 (April 2017): 96–101. http://dx.doi.org/10.18178/ijtef.2017.8.2.546.

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49

Islam, Md Aminul, Md Golzare Nabi, Rafiun Nabi, and Md Sharif Hassan. "IMPLEMENTING MONETARY POLICY WITH APPLICATION OF SUKUK: CHALLENGES AND POLICY DIRECTIONS." Journal of Nusantara Studies (JONUS) 8, no. 2 (June 30, 2023): 27–43. http://dx.doi.org/10.24200/jonus.vol8iss2pp27-43.

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Each market economy uses monetary policy to attain certain macroeconomic goals of price stability, higher growth and employment. A market economy having an interest-based conventional banking system applies mainly interest-based tools to attain the objectives of monetary policy. In contrast, a market economy with interest-based and interest-free banking needs to apply Shariah-compliant monetary instruments vis-à-vis conventional tools for attaining the goals of the monetary policy. As there is a paucity of quality research on Sukuk-based monetary policy, the current paper will explore Shariah compliant monetary instrument ‘Sukuk’ for use as a monetary tool in dual banking, examining experiences of Shariah-based monetary operations in different countries. The paper will also examine the challenges of monetary policy operating in the dual banking system of Bangladesh with policy options for addressing the challenges. Keywords: Dual banking system, monetary policy, Shariah based monetary operations, Sukuk, Qard-al-Hasan. Cite as: Md. Aminul, I., Md. Golzare, N., Rafiun, N., & Md. Sharif, H. (2023). Implementing monetary policy with application of Sukuk: challenges and policy directions. Journal of Nusantara Studies, 8(2), 27-43. http://dx.doi.org/10.24200/jonus.vol8iss2pp27-43

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Pedram, Mehdi. "Optimum Monetary Policy in European Monetary Union." Business and Economic Research 7, no. 1 (April 8, 2017): 168. http://dx.doi.org/10.5296/ber.v7i1.10746.

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Abstract:

The euro has been introduced to a region that contains many discrepancies and differences. While there are many countries with different business cycles, exerting a single monetary policy which favors all the countries is impossible. I will show that in a simple open macro model by using “weighted mean mechanism”, monetary authorities can exert a common monetary policy to synchronize business cycles and to diminish loss functions in the member states. As we can see by using optimal monetary policy, the business cycles become much more stable and even in 2009 we do not see any recession for Germany and France. Although In this model between 2006 till 2012 the MU (Monetary Union) interest rate should be higher than the United States one, the agent’s countries would be in boom rather recession. If MU interest rates in 2012 and 2013 were less than the actual ones, recession in two countries would change to boom for them.

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