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Journal articles on the topic 'Religious aspects of Monetary policy'
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1
Fageh, Ahmad. "Konsepsi Uang dan Kebijakan Moneter Perspektif Ibnu Taimiyah." TARBIYA ISLAMIA : Jurnal Pendidikan dan Keislaman 7, no. 1 (February 5, 2018): 1. http://dx.doi.org/10.36815/tarbiya.v7i1.157.
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Islam is a religion other than syumuliyah (perfect) also harakiyah (dynamic). Called perfect because Islam is the perfect religion of previous religions and shari'at regulate all aspects of life, both aqidah and muamalah. In the rule of muamalah, Islam regulates all forms of human behavior in dealing with each other to meet the needs of his life in the world. These include the Islamic rules governing Money and Monetary Policy. Seeing the importance of Money in Islam is even used as an official means of exchange around the world, the discussion of this theme becomes very interesting and urgent.Long before the economic thinking of experts on Money and Monetary Policy, the Islamic world had earlier had a figure who was concerned in this field. He is IbnTaymiyyah, a famous Muslim scholar. This paper will try to compile some of his thoughts on Money and Monetary Policy
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Pelliciardi, Vladimiro. "Factors Affecting International and National Tourist Arrivals (1974-2020) in Leh District (U.T. Ladakh, India)." European Journal of Sustainable Development 10, no. 1 (February 1, 2021): 736. http://dx.doi.org/10.14207/ejsd.2021.v10n1p736.
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Since 1974, tourists are attracted in Leh district for its mountainous landscape, environment, high altitude lakes, Indus River, beautiful villages and Himalayan people living in scenography valleys filled of Buddhist heritage sites. All makes this region a great place for adventure sports, sightseen, cultural and religious tourism. Tourism industry has rapidly become one of the most important aspects of District development paths. Visitors bring hard currency and spend money contributing to monetary economic boom that can have both positive and negative impacts on the society and territory. Tourism in Leh District has a short season (from May to October) but a highly profitable business especially with national visitors increasing by the day. This study, based on data collected from the Tourism Department in Leh, analyses the international and national tourist arrivals in time series to find out pattern and trends in the historical data and investigate global and local factors affecting tourist inflows (rises or falls) in the District. Yearly arrivals depends on several factors and issues as geopolitical and global economic problems, new trends in tourist destinations, film induced tourism, climate changes, natural disasters, pandemic and more. These unpredictable factors affect tourist flows, decreasing or increasing the arrivals even drastically. The long-term sustainability of the local development must not depend mainly on mass tourism because economic dependence on only one, although promising but fluctuating sector, pose several problems (e.g. impacts and pressure on infrastructures, environment and significant socio-cultural changes.
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Marzo, Massimiliano. "Critical Aspects in Modelling Monetary Policy." Economic Notes 32, no. 1 (February 2003): 107–21. http://dx.doi.org/10.1046/j.0391-5026.2003.00106.x.
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Crowell, George H. "The Power of Monetary Policy." Journal of the Society of Christian Ethics 22 (2002): 49–65. http://dx.doi.org/10.5840/jsce2002224.
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Andryushin, S., and V. Burlachkov. "Monetary Policy and Global Financial Crisis: Methodological Aspects and Lessons for Russia." Voprosy Ekonomiki, no. 11 (November 20, 2008): 38–50. http://dx.doi.org/10.32609/0042-8736-2008-11-38-50.
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The article develops the integral approach to formulating and realizing modern monetary policy which is capable to replace the traditional one, characterized as fragmental and non-systematic. Global financial crisis has revealed the absence of sufficient instruments of monetary policy and led to transformation of central banking functions. Monetary authorities are now not just lenders of last resort, but actually sponsors of financial market of last resort. The efficiency of monetary policy in future must be formed by its integrity (interactions of its objects) and close connections with real economy as well.
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Khyareh, Mohsen, Vahid Omran, and Mohammad Ehsani. "Evaluating the welfare aspects of the simple monetary ruls for Iran." Ekonomski anali 60, no. 206 (2015): 141–66. http://dx.doi.org/10.2298/eka1506141k.
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This paper following a monetary growth rate rule aims to compare the properties of different monetary policy rules in Iran. In that regards, the paper draws on the New Keynesian Dynamic Stochastic General Equilibrium (DSGE) models. Within this framework, we rank the different policy rules based on the Impulse response Functions, the volatility of key macroeconomic variables and the welfare loss function. The paper concludes that the effects of alternative monetary rules depend on what shocks affect the economy, the exchange rate regime, and the choice of inflation index. When the economy experiences productivity shocks, domestic iflation targeting is welfare-superior to other monetary rules. However, in the case of other shocks except productivity shock a managed exchange rate is the best policy rule. Finally, the results of welfare loss of alternative monetary policy rules allowed noticing the nature of the shocks affecting the economy dictate the implication and choice of the best monetary policy rule.
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Radovic, Irena. "Challenges for monetary policy in the enlarged European monetary Union." Panoeconomicus 56, no. 1 (2009): 95–110. http://dx.doi.org/10.2298/pan0901095r.
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The eastward enlargement of the Euro area entails significant implications for the accession candidates in Central and Eastern Europe (CEE), the existing Euro system and the monetary policy of the European Central Bank (ECB). The present analysis assesses the challenges and critical aspects in monetary policy modeling with special emphasis to enlargement. The focus is on the difficulty of implementing a unique currency policy in view or growing heterogeneity within the enlarged monetary union, and secondly - the issue of the voting mechanism within the ECB. When analyzing those two issues, it is conclusive that the difficulties for the ECB and the current Euro zone members will increase. For the enlarged Euro zone, which is becoming more divergent, it will be very hard to find adequate recipes to meet the needs and requirements of all. The big question is: whether centralization of monetary policy is a sustainable and superior solution?.
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Galsí, Jordi, and Mark Gertler. "Macroeconomic Modeling for Monetary Policy Evaluation." Journal of Economic Perspectives 21, no. 4 (November 1, 2007): 25–45. http://dx.doi.org/10.1257/jep.21.4.25.
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We describe some of the main features of the recent vintage of macroeconomic models used for monetary policy evaluation. We point to some of the key differences with respect to the earlier generation of macro models and highlight the insights for policy that these new frameworks have to offer. Our discussion emphasizes two key aspects of the new models: 1) the significant role of expectations of future policy actions in the monetary transmission mechanism and 2) the importance for the central bank of tracking the flexible price equilibrium values of the natural levels of output and the real interest rate. We argue that both features have important implications for the conduct of monetary policy.
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Lewarne, Stephen. "Legal aspects of monetary policy in the former Soviet Union." Europe-Asia Studies 45, no. 2 (January 1993): 193–209. http://dx.doi.org/10.1080/09668139308412086.
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Lommatzsch, Kirsten, and Silke Tober. "Monetary policy aspects of the enlargement of the euro area." Economic Bulletin 39, no. 6 (June 2002): 195–202. http://dx.doi.org/10.1007/bf02677734.
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CERBAF. "The political economy of monetary policy: National and international aspects." Journal of Banking & Finance 9, no. 1 (March 1985): 171–72. http://dx.doi.org/10.1016/0378-4266(85)90070-6.
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Not Available, Not Available. "Monetary Policy Aspects of the Enlargement of the Euro Area." Economic Bulletin 39, no. 6 (June 1, 2002): 195–202. http://dx.doi.org/10.1007/s10160-002-0149-y.
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Booth, Philip. "Monetary policy, asset prices and financial institutions." Annals of Actuarial Science 8, no. 1 (November 1, 2013): 9–41. http://dx.doi.org/10.1017/s1748499513000109.
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AbstractThe operation of monetary policy is likely to affect securities markets and asset values. This is of relevance to actuaries who work in or advise non-bank financial institutions such as pension funds and insurance companies. This paper examines different theories of monetary policy and the relationship between monetary policy and asset prices. It is found that central bank models have, at least until recently, tended to sideline consideration of the transmission of monetary policy through asset markets but that, with the implementation of quantitative easing, it is a subject that cannot be ignored. Many monetary schools, in fact, suggest that asset markets can be significantly affected by changes to monetary policy and those schools have lessons for important aspects of actuarial theory and practice.
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Ibironke, Adesola. "Fiscal and Monetary Policies in Nigeria: Key Aspects, Performance, and Policy Options." JOURNAL OF SOCIAL SCIENCE RESEARCH 12, no. 2 (October 12, 2018): 2804–18. http://dx.doi.org/10.24297/jssr.v12i2.7309.
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This paper reviews key aspects of Nigeria’s fiscal and monetary policies with the aim of examining the performance of the policies. The paper provides a synthesis of key facts and draws policy conclusions which include the following: (i) fiscal policies such as the oil-price-based fiscal rule introduced in 2004 have increased fiscal discipline and reduced fiscal deficit in Nigeria, hence the policies should be maintained; and (ii) compared to the period of direct or controlled monetary policy approach, monetary policy has performed better in Nigeria under the market-based approach introduced in 1993, therefore the latter approach should be maintained.
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Garifollaevna, Ilyasova Gulmira, and Bekmukhametova Assemgul Bauirzhanovna. "MONETARY POLICY OF THE REPUBLIC OF KAZAKHSTAN." Humanities & Social Sciences Reviews 7, no. 5 (September 28, 2019): 103–10. http://dx.doi.org/10.18510/hssr.2019.7514.
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Purpose: Currently due to Kazakhstan's high vulnerability to external shocks, Kazakhstan needs new growth factors to accelerate and provide more inclusive growth. The National Bank of Kazakhstan, as the central bank, is responsible for the development and implementation of state monetary and credit policy within the framework of powers provided by current legislation. Objectives of monetary policy are primarily carried out to achieve this goal. Restoration of trust to actions of economic authorities is possible only if a balanced and responsible policy, supported by concrete actions and results, is implemented.
Methodology: This study provides a literature review of domestic and foreign authors, who conducted the study of monetary policy of Central Banks of countries in various aspects of international experience. The study gives an analytical overview of the current monetary policy of the Republic of Kazakhstan.
Main Findings: The study discusses the importance of Kazakhstan’s monetary-credit regulation as only by means of effective monetary policy state can mitigate economic crises, restrain inflation growth and stimulate investments in various sectors of country's economy. The studies are systematized theoretical and methodological research aspects of the monetary policy of Kazakhstan of which the conclusions and recommendations proposed to improve the economy of our country.
Implications/Applications: This suggests that we should work in the near future, look for drivers of growth, so as to ensure not just an anti-crisis manual management of the economy, but to enter the rails of sustainable development.
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Vasiltsiv, T. G., and O. O. Gudzovata. "RISKS OF MONETARY POLICY IN TERMS OF MACROECONOMIC INSTABILITY: CONCEPTUAL ASPECTS." Scientific Bulletin of UNFU 27, no. 2 (February 23, 2017): 121–25. http://dx.doi.org/10.15421/40270226.
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Martins, Norberto Montani, Camila Cabral Pires-Alves, André de Melo Modenesi, and Karla Vanessa Batista da Silva Leite. "The transmission mechanism of monetary policy: Microeconomic aspects of macroeconomic issues." Journal of Post Keynesian Economics 40, no. 3 (July 3, 2017): 300–326. http://dx.doi.org/10.1080/01603477.2017.1319249.
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Aarle, Bas van, Florence Huart, and Harry Garretsen. "Monetary and Fiscal Policy Rules in the EMU." German Economic Review 5, no. 4 (December 1, 2004): 407–34. http://dx.doi.org/10.1111/j.1465-6485.2004.00115.x.
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Abstract This paper studies the design and effects of monetary and fiscal policy in the euro area. To do so, a stylized two-region model of monetary and fiscal policy rules in the EMU is built. We analyse how monetary and fiscal rules affect the adjustment dynamics in the model. Both the effects on the individual countries and on the EMU aggregate economy are studied. Three aspects play an important role in the analysis: (i) the consequences of alternative monetary and fiscal policy rules, (ii) the consequences of asymmetries between EMU countries (asymmetries in macroeconomic shocks and macroeconomic structures), and (iii) the role of alternative degrees of backward- and forward-looking behaviour in consumer decisions and inflation expectations.
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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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Diadiuk, Myroslava. "«Union History Archive» as an integral part of the Byzantine library and archive of «Studion» book collection." Proceedings of Vasyl Stefanyk National Scientific Library of Ukraine in Lviv, no. 12(28) (2020): 299–381. http://dx.doi.org/10.37222/2524-0315-2020-12(28)-12.
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On the basis of a large array of archival documents and historiographical base, the activity of Klymentii Sheptytskyi as abbot of the Holy Assumption Univ Lavra is highlighted. The analysis of this suggests that the abbot Klymentii not only contributed to the restoration of the model of the convents of the Studio Charter, but thanks to the author’s messages and works became the charismatic law-maker of this model. The author found out that the monasteries of the studio, headed by the abbot Klymentii, were able to: consolidate the Ukrainian emigrants, resist the denationalization from both the Russian and Polish sides; to spread education among young people and children, which has influenced the process of education in the religious-patriotic spirit of the Eastern Galician society; to create religious and ecclesiastical periodicals and a network of monastic libraries, which played a significant role in the development of Christian and national ideas among the local population; revive sacred art, which greatly enriched the national culture; support and care for the vulnerable, including orphans, the sick and the poor. In the article it is proved that the activity of abbot Klymentii (Sheptytskyi), first, became an important factor and criterion of moral and spiritual enrichment of Ukrainians, secondly, is a clear statement that the GCC stood on the principles of Christian morality, national and cultural tolerance and upholding — religious interests of Ukrainian, and the monasteries of the Studio Charter became one of the greatest expressors, the guarantor of the realization of national and cultural interests of Ukrainians in Eastern Galicia.The paper deals with organizational principles and practical work of the «Union history archive» (UHA), its functions, ways and dynamics of additions, structure and thematic policy of archival and library funds, personnel issue. The role of UHA founder Galician Metropolitan Andrey Sheptytskyi (1865‒1944) remains an uninvestigated issue in the context of interwar archival institution studies. The research based on newly discovered primary sources and materials of Vasyl Stefanyk National Scientific Library of Ukraine in Lviv, Central State Historical Archive of Ukraine in Lviv, and State Archive of Lviv oblast. Having a set of newly discovered archival documents: 381 «books of introductions», reports on expeditions, financial receipts, etc., as well as the correspondence of Metropolitan Andrey Sheptytskyi, director and staff of UHA, a unified image of UHA in its historical development is reproduced. In particular, the main aspects of the current work of the UHA, the role of the Metropolitan and director Ivan Shendryk in coordinating the processes of acquisition, monetary evaluation, purchasing of rarities with the participation of freight forwarders O. Tsynkalovsky, B. Olkhivsky and other individuals in searching for historical (church) written and printed monuments, as well as art and archaeological exhibits; establishing contacts with residents of Volyn, Kholm, Polissya, Podlasie, as well as Lithuania, Belarus, Russia and others. One of the well-established forms of UHA acquisition has been studied — the purchasing of cultural monuments in bookstores, antique shops, «on the market» and auctions that allows tracing the dynamics of UHA acquisition. The organizational activities of Metropolitan A. Sheptytskyi and the archival research works financially provided by him in the archives of the Vatican, the Peremyshl Chapter, the Archive of Ancient Acts in Warsaw, the Ossolinski National Institution in Lviv and others institutions have been studied. The structure and thematic palette of UHA components are revealed: the archive of ancient acts (before the 1917 revolution) and the archive of new acts (from 1917), book collections, including the «archival library». The initiatives of the founder of the Union History Archive, Metropolitan Andrey Sheptytskyi, on the reorganization and inclusion of UHA funds in the archive-library complex of the «Studion» book collection as an integral part of the Byzantine library and archive are highlighted. The activity of Metropolitan Andrey Sheptytskyi in preventing the destruction of the whole layer of culture and enrichment of the national treasury of Ukraine is presented on the example of coverage of the work of UHA. Keywords: Archives, Library, Metropolitan Andrey Sheptytskyi, Book collection, Union, Historical monuments, Manuscripts.
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Alam, Tasneem, and Muhammad Waheed. "Sectoral Effects of Monetary Policy: Evidence from Pakistan." Pakistan Development Review 45, no. 4II (December 1, 2006): 1103–15. http://dx.doi.org/10.30541/v45i4iipp.1103-1115.
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Does monetary policy have economically significant effects on the real output? Historically, economists have tended to hold markedly different views with regard to this question. In recent times, however, there seems to be increasing consensus among monetary economists and policy-makers that monetary policy does have real effects, at least in the short run.1 Consequently, focus of monetary policy analysis has recently shifted from the big question of whether money matters, to emphasising other aspects of monetary policy and its relations to real economic activity. One aspect that has received considerable attention of late is the sectoral or regional effects of monetary policy shocks. Recent studies on the subject make it quite clear that different sectors or regions of the economy respond differently to monetary shocks. This observation has profound implications for the macroeconomic management as the central bank will have to weigh the varying consequences of its actions on different sectors or regions of the economy. For instance, the tightening of monetary policy might be considered mild from the aggregate perspective, yet it can be viewed as excessive for certain sectors. If this is true then monetary policy should have strong distributional effects within the economy. Accordingly, information on which sectors react first and are more adversely affected by monetary tightening provides valuable information to monetary authorities in designing appropriate monetary policies. Additionally, the results can contribute to our understanding of the underlying nature of transmission mechanism. And for that reason, many economists have called for a disaggregated analysis of monetary transmission mechanism [e.g., Domac (1999), Dedola and Lippi (2005), Ganley and Salmon (1997), Carlino and DeFina (1998)].
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Paliulyte, Regina. "STABILITY POLICY DURING ECONOMIC DOWNTURN: INSTITUTIONAL AND INTERVENTIONALISTIC ASPECTS." Ekonomika 89, no. 4 (January 1, 2010): 25–40. http://dx.doi.org/10.15388/ekon.2010.0.968.
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The issue of stable policy became extremely relevant during the recession. Stable policy encompasses recovery of the lost equilibrium, prevention of the undesirable situation and assurance of sustainable economic development. Two competitive decisions of stable policy – intervention and institutional – can be accentuated. Intervention strategy means supply stimulation and balance recovery through fiscal and monetary policy. Institutional stable policy stresses the prevention of unwanted situations through creating a resilient institutional economic structure and freeing the market self-regulation mechanism. The article compares both strategies, analyzes their consequences, influence on the development and depth of the crisis, and possibilities of the national adaptation mechanism.
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Chu, Kam Hon. "Monetary and Fiscal Thought and Policy in Canada, 1919–1939." Canadian Historical Review 100, no. 3 (August 2019): 500–502. http://dx.doi.org/10.3138/chr.100.3.br21.
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Vojtaššák, Marek. "The Selected Aspects of Application of Monetary Policy in the Economic and Monetary Union Pre-And-Post 2008." Creative and Knowledge Society 5, no. 1 (July 1, 2015): 36–46. http://dx.doi.org/10.1515/cks-2015-0004.
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Abstract Purpose of the article is to present in two parts the selected aspects of application of monetary policy in the euro area pre and post 2008 as well as insitutional adaptations brought by the EU legislator. Methodology/methods In order to better explain these points, the article relies partially on a comparison with the framework and application of the monetary policy by the Federal Reserve as well as on a historic method when outlining the influence of definition of financial stability from the ECB/Eurosystem towards other prominent central banks. Scientific aim The article presents selected aspects of the monetary policy in the part of the EU where single currency was introduced in order to outline state of the art governance structure as well as a certain institutional creativity in application of powers conferred upon the central banks by the Treaty on the Functioning of the European Union and Protocol on the Statute of the European System of Central Banks and of the European Central Bank. The goal is to prove (i) the hypothesis of robustness of the framework and (ii) present the limits that can only be pushed further by the legislative power. The conclusions confirm on the one hand that the framework of monetary policy based on strong institutional safeguards such as legislative power and independence is very resilient and can prove efficient and creative enough to stabilise an innovative monetary system, however, on the other hand, validate the hypothesis that certain adaptations can only be performed on the basis of a legislative adaptations.
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Blinder, Alan S. "Distinguished Lecture on Economics in Government: What Central Bankers Could Learn from Academics—and Vice Versa." Journal of Economic Perspectives 11, no. 2 (May 1, 1997): 3–19. http://dx.doi.org/10.1257/jep.11.2.3.
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Academic writing about monetary policy has been useful to practical central bankers, but more of (certain aspects of) the economists' way of thinking could profitably be imported. On the other hand, academics could improve their analysis, and make it more useful to policymakers, if they would pay more attention to certain ‘real-world’ aspects of monetary policy. The author draws on his experience at the Federal Reserve Board to point out a number of specific lessons for each side.
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ACHDUT, NETTA, and HAYA STIER. "The Role of Monetary and Non-Monetary Job Quality Components in Determining Welfare Exit." Journal of Social Policy 50, no. 1 (March 16, 2020): 79–103. http://dx.doi.org/10.1017/s0047279419000977.
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AbstractContemporary welfare policies in many Western countries limit means tested public assistance for the long-term unemployed and spur rapid movement into the labor market. Studies on welfare use determinants that traced these policy changes focused on individuals’ characteristics, economic condition, and various policy components. Little attention was paid to welfare recipients’ job quality or its role in determining welfare exit. The present study examined the contribution of various job quality aspects, beyond wages, to welfare exit among welfare recipients in Israel. We considered the use of workers’ own skills and occupation, existence of standard employment contract (versus temporary), irregular work schedule, and application of mandatory and non-mandatory non-wage compensation attributes. The data derive from a national panel survey of 2,800 single-mother recipients of welfare in 2003. The results indicate the importance of these job components for welfare exit, above and beyond wages. Implications for policy are discussed.
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Muzyka, P. M., B. B. Brychka, and L. V. Honcharenko. "Aspects of influence of monetary policy on dynamics of agro-industrial com-plex development." Scientific Messenger of LNU of Veterinary Medicine and Biotechnologies 22, no. 96 (December 28, 2020): 3–8. http://dx.doi.org/10.32718/nvlvet-e9601.
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The main approaches to the interpretation of the essence of monetary policy arepresented in the article, as well as the author’s definition are substantiated. The author highlights the main characteristics of monetary policy, in particular its target orientation, specific time horizon, the presence of a clear mechanism of monetary policy, as well as the coordinated and balanced using of a set of monetary instruments to achieve each goal. In addition, the components of the stability of the currency are substantiated, which includes price stability, stability of interest rates, as well as the stability of the national currency exchange rate. The influence of each of the components of the currency stability on the dynamics of agro-industrial complex development is substantiated. First of all, price stability ensures stable income from the sale of agro-industrial products in the domestic market. In this case, the dynamics of real earnings of agricultural enterprises will depend on changes in relative prices. Stability of interest rates is important in terms of incentives for agricultural enterprises to obtain additional credit resources. The impact of the stability of the national currency exchange rate on development of agro-industrial complex can be traced in two directions. First of all, agricultural enterprises are interested in stable exchnage rate of hryvnia due to the import of mineral fertilizers, seeds, feed additives, foreign equipment for the production and processing of agricultural products, agricultural machinery, etc. Devaluation of the hryvnia during the period of import purchases of necessary raw materials provokes a future increase in the cost of agricultural products. At the same time, agricultural enterprises are interested in a certain devaluation of the hryvnia, which will stimulate the export of agricultural products and ensure the stability of incomes in the national currency.
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Vitomir, Jelena, and Đorđe Lazić. "Orthodox currency board and currency boards of the second generation: Operational aspects." Bastina, no. 53 (2021): 205–29. http://dx.doi.org/10.5937/bastina31-31454.
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In this paper, a survey was conducted in five countries, Bosnia and Herzegovina, Bulgaria, Estonia, Lithuania and Hong Kong, whose monetary systems apply the currency board as a monetary policy regime. The research was conducted in the period from 1995 to 2018. The research is based on the use and analysis of Central Bank laws for each of these countries. The key points analyzed in each law are the legal basis and monetary operations. On the basis of exploratory research and comparative analysis of key points, it was found that significant differences appear in the mentioned monetary systems, which function in the currency board. The differences arise from the legal bases in the operational aspects of the application of monetary operations. Precisely on the basis of these differences, which are the facts defined in certain laws, the conclusion is that today we can rightfully talk about two types of currency boards, ie orthodox currency boards and second generation currency boards.
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Artemenko, D. A., and I. I. Bychkova. "Negative interest rates as a monetary policy tool." Finance and Credit 26, no. 8 (August 28, 2020): 1731–46. http://dx.doi.org/10.24891/fc.26.8.1731.
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Subject. We consider the application of negative interest rates by central banks of various countries, as a monetary policy tool. Objectives. We focus on reviewing the historical retrospect, potential risks, as well as positive and negative aspects of using negative interest rate instruments by developed countries. Methods. The study rests on the logical, systems, functional, and situational analysis, methods of grouping, and the monographic survey. Results. The use of negative interest rates as a monetary policy tool by financial regulators in various countries is a least-evil solution, which is aimed at improving the economy after the global economic crisis of 2008–2010. At present, positive and negative factors of the tools' impact on the financial sphere have been identified. In particular, the advantage is a balance between inflation and deflation, as the latter leads to a reduction in aggregate demand, an increase in unemployment, a fall in asset prices, and a slowdown in economic growth. The banking sector bears the risks of negative margin from operations involving fund-raising. The use of negative interest rates is possible, if other measures aimed at boosting economic growth are applied simultaneously. Conclusions. The findings can be used to investigate the negative interest rate instrument and evaluate its effectiveness. They can be helpful for financial market specialists.
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Dziubliuk, Oleksandr, and Vitalii Rudan. "CRITICAL ASPECTS OF THE EVALUATION OF MONEY AND CREDIT POLICY BASIC PRINCIPLES OF THE NATIONAL BANK OF UKRAINE." Economic Analysis, no. 27(3) (2017): 120–33. http://dx.doi.org/10.35774/econa2017.03.120.
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Introduction. The article deals with the problems and drawbacks of the formation of the fundamental principles of money and credit policy. The key elements of money and credit are considered. Among these elements the authors distinguished the goals and instruments of policy implementation, the monetary regime, mechanisms for ensuring price and exchange rate stability. On the basis of the results of critical analysis of the fundamentals of money and credit policy, the authors have worked out their own recommendations to optimize the document itself and the money and credit policy of the National Bank of Ukraine as a whole. Purpose. The research aims to determine the important weaknesses in the formation of the fundamental principles of money and credit policy as an integral strategic document to form the proposals for its optimization on the basis of the necessity to revise the monetary policy of the National Bank of Ukraine in the direction of achieving financial stability and stimulating economic growth. Method (methodology). In the course of the research we have used the methods of system analysis to assess the effectiveness of the fundamental principles of money and credit policy; methods of analogy and comparison to study the money and credit policy instruments of the National Bank of Ukraine and the leading central banks of the world; statistical methods to analyse the dynamics of macroeconomic indicators. Results On the basis of the complex analysis of the fundamental principles of monetary policy, the existence of the National Bank's surface analysis of global trends in the development of the world economy and possible risks for Ukraine has been substantiated. The ineffectiveness of scenario planning of the Ukrainian economy development has been proved. The incomplete account of risks that negatively affect the efficiency of money and credit policy has been considered. Particular attention is paid to analysis of the effectiveness of monetary policy instruments in the context of ensuring price stability and supporting sustainable economic growth. It has been developed a number of methodological recommendations concerning the introduction of transitional monetary regime, optimization of monetary policy instruments, in particular long-term refinancing instruments, improvement of the analysis of external shocks and scenario planning of economic development, grounding of more logical and structured approach to the construction of the fundamental principles of money and credit policy.
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Domańska, Agnieszka. "Szoki polityki fiskalnej i monetarnej jako przedmiot badań makroekonomii gospodarki otwartej." Kwartalnik Kolegium Ekonomiczno-Społecznego. Studia i Prace, no. 1 (December 5, 2015): 93–116. http://dx.doi.org/10.33119/kkessip.2015.1.5.
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The aim of this study is to present selected aspects of fiscal and monetary policy shocks as the subject of studies of open economy macroeconomics. The study concentrates on the development of the model presentation (evolution of the research method) in description of fiscal and monetary policy shocks, with a focus on the modern quantitative approach. At present the modern approach to the research on fiscal and monetary policy shocks is based on advanced methods of data analyzing, such as autoregressive models (VAR), or stochastic dynamic general equilibrium models (DSGE)
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Karpenko, Elena, and Kristina Shestakova. "Management of industrial development of the country: theoretical aspects and tools." University Economic Bulletin, no. 49 (May 22, 2021): 81–87. http://dx.doi.org/10.31470/2306-546x-2021-49-81-87.
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The relevance of the research topic is substantiated by the revival of the world community's interest in industry as a driver of economic development. The problem is that industrial development has a number of limitations as a result of imbalances between the resource potential of the economic system, its institutional structure and the dominant technical and economic paradigm, which require the development of special management tools. An analysis of recent publications shows the presence of scientific interest in the search for the relationship between the content of industrial policy, which serves as a tool for managing the country's industrial development, and the level of industrial and economic development in terms of creating certain economic conditions for its formation and implementation. However, the issues of scientific substantiation of the use of specific instruments of the country's economic policy for economic systems of various levels of industrial development are insufficiently studied. The purpose of the study is to determine and substantiate the factors of scientific and technical, foreign economic, financial and monetary spheres, influencing which it is possible to manage the industrial development of the country through the formation of a favorable environment for the implementation of industrial policy. The research methods used in the work are comparison, grouping, correlation-regression analysis, econometric modeling, systematic approach. Results of work. Within the framework of this study, on the basis of the constructed econometric models, the factors of foreign economic, scientific, technical and monetary policy were identified, which form favorable conditions for the implementation of industrial policy. The factors were differentiated for countries with different levels of industrial development. The field of application of the research results is the state policy aimed at stimulating industrial development. Conclusions. The work establishes the priority influence of monetary policy factors at a degree of industrialization from 0 to 1; monetary and scientific and technical policy with a degree of industrialization from 1 to 15; factors of all types are important if the degree of industrialization is higher than 15. Taking into account the above factors when developing the content of the national industrial policy will contribute to: achieving the goals in the field of industrial development, reducing the risks of negative effects from government intervention in industrial production, predicting the consequences of adopting certain economic solutions.
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Duarte, Cristiano Boaventura, André Modenesi, Antonio Licha, and Emmanuel Carré. "Unconventional Monetary Policies: Lessons from the Past and the Present to Future Monetary Policy Frameworks." Brazilian Keynesian Review 6, no. 1 (November 13, 2020): 73–99. http://dx.doi.org/10.33834/bkr.v6i1.216.
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This article intends to debate important aspects related to past and recent experiences of monetary policy accommodation, focusing on unconventional monetary policies. We intend to draw lessons from these experiences to discuss the design of future monetary policy frameworks.First, by reporting several historical experiences of major central banks, we highlight that policies which after 2008 crisis were considered “unconventional” were not new, with central banks intervening to avoid broader deterioration of macro-financial conditions.Moreover, analyzing the experience of the European Central Bank after 2008, we observe this institution has adapted its measures according to its former programs and to other central banks' experiences, to face numerous challenges and enhance its framework. Finally, we argue that central banks need to take advantage of past and recent experiences to improve the design of their future monetary policy frameworks under an evolutionary perspective. Based on this, measures previously implemented would have three possible destinations in new frameworks: i) Be discarded, due to their predominantly adverse effects; ii) Not be regularly implemented, but be kept as backstop mechanisms if needed; iii) Be incorporated as regular measures of monetary policy frameworks.
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DZYUBLYUK, Oleksandr. "THEORETICAL ASPECTS OF DETERMINING THE VALUE OF MONEY, DEPENDING ON THEIR FORMS IN CIRCULATION." WORLD OF FINANCE, no. 1(54) (2018): 82–94. http://dx.doi.org/10.35774/sf2018.01.083.
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Introduction. The development of forms of money and the evolution of monetary relations affected the assessment of the value of the monetary unit. The problem of understanding the value of money is also complicated by the fact that value is the reflection of the worth of an object, expressed in money, estimating the value of money itself, which is the basis for the effective organization of monetary relations and commodity exchange. Under such circumstances, the rationale for adequate theoretical approaches to understanding the value of money is one of the important tasks in the process of implementing an effective monetary policy as a means of ensuring macroeconomic equilibrium, low inflation and economic growth. Purposes. The purpose of this article is to substantiate and systematize theoretical views on understanding the value of money in the light of the evolution of their forms in the development of monetary relations and those changes that took place in the basic principles of the organization of the monetary system, as well as the formulation of those recommendations for optimizing the basic principles of monetary policy , which should be aimed at ensuring the stability of monetary circulation and the normal functioning of the national economy. Results. The fundamental theoretical approaches to assessing the value of money in the development of money relations and changes in the forms of money in circulation are analyzed and systematized. The article defines the methodological foundations for understanding the value of money and its change, depending on the internal value of a material substance that serves as a general equivalent in the current historical period. Conclusion. An adequate understanding of the value of money serves as the cornerstone of the formation of the principles of monetary policy in a situation where the emission activity of the central bank and its task of maintaining the stability of the national monetary unit are directly determined by the need to bind the aggregate money supply to the needs of the overturn of goods and services. Awareness of the concepts of the value and price of money allows formulating the factors of influence on the stability of the national currency: 1) the stability of prices for goods, reflecting the correspondence of money supply and commodity turnover; 2) the stability of interest rates as the price of credit, which determines the role of money as a factor of production; 3) stability of the exchange rate reflecting the foreign values of the national currency. The main task of the state in the formulation and implementation of economic policies is to maintain the value of the monetary unit at an unchanged level, which is a key condition for successful economic development and the welfare of society.
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Bhat, Sajad Ahmad, Bandi Kamaiah, and Debashis Acharya. "Examining the differential impact of monetary policy in India: a policy simulation approach." Journal of Economics, Finance and Administrative Science 25, no. 50 (June 4, 2020): 339–62. http://dx.doi.org/10.1108/jefas-05-2019-0072.
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Purpose Though an accumulating body of study has analysed monetary policy transmission in India, there are few studies examining the differential impact of monetary policy action. Against this backdrop, this study aims to analyse the differential impact of monetary policy on aggregate demand, aggregate supply and their components along with the general price level in India. Design/methodology/approach The study develops a structural macroeconometric model, which is primarily aggregate and eclectic in nature. The generalized method of movements is used for estimation of behavioural equations, while a Gauss–Seidel algorithm is used for model simulation purposes. Findings The paper presents the results of two policy simulations from the estimated model that highlight the differential impact of monetary policy. The first one, hike in the policy rate by 5% and second is a reduction in bank credit to the commercial sector by 10%. The results from the first policy simulation experiment reveal that interest hike has a significant negative impact on aggregate demand, aggregate supply and general price level. However, the maximum impact is borne by investment demand and imports followed by private consumption. While as among the components of aggregate supply maximum impact is born by infrastructure output followed by the manufacturing and services sector with the agriculture sector found to be insensitive in nature. The results from the second policy simulation experiment revealed that pure monetary shocks have a significant negative impact on aggregate demand, aggregate supply and general price level. However, the maximum impact is born by private consumption and imports followed by investment demand. While as among components of aggregate supply maximum impact is borne by infrastructure followed by the manufacturing and services sector with the agriculture sector found to be insensitive in nature. From both policy simulation experiments, the study highlighted the relative importance of the income absorption approach as opposed to the expenditure switching effect. Practical implications The results obtained in this study provides a strong framework for design the monetary policy framework. The results are in a view of the differential impact of monetary policy action among the components of both aggregate demand and aggregate supply. This reflection of differential impact has immense significance for the macroeconomic stabilization as the central bank will have to weigh the varying repercussion of its actions on different sectors. For instance, the decline in output after monetary tightening might be conceived as mild from an overall perspective, but it can be appreciable for some sectors. This differential influence will have an implication for policy design to care for distributional aspects, which otherwise could be neglected/disregarded. Similarly, the output decline may be as a result of either consumption postponement or a temporary slowdown in investment. However, the one emanating due to investment decline will have lasting growth implications compared to a decline in consumer demand. In addition, the relative strength of expenditure changing or expenditure switching policies of trade balance stabilization may have varying consequences in the aftermath of monetary policy shock. Accordingly information on the relative sensitiveness/insensitiveness of different sectors/ components of aggregate demand towards monetary policy actions furnish valuable insights to monetary authorities in framing appropriate policy. Originality/value The work carried out in the present paper is motivated by the fact that although a number of studies have examined the monetary transmission mechanism in India, a very few studies examining the differential impact of monetary policy action. However, to the best of the knowledge, there is no such studies, which have examined the differential impact of monetary policy in the structural macro-econometric framework. The paper will enrich the existing literature by providing a detailed account of the differential impact of monetary policy among the components of both aggregate demand and aggregate supply in response to an interest rate hike, as well as a decrease in the money supply.
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Wilantari, Regina Niken, and Imro'atul Husna Afriani. "Monetary and fiscal policy mix connectivity towards the business cycle in Indonesia." Jurnal Perspektif Pembiayaan dan Pembangunan Daerah 9, no. 2 (June 30, 2021): 139–52. http://dx.doi.org/10.22437/ppd.v9i2.11489.
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This research is based on the magnitude of the influence of monetary and fiscal aspects, namely the money supply, exchange rates, government spending, and taxes on the business cycle in Indonesia. This study aims to examine the effect of the connection between the monetary and fiscal policy mix on the business cycle in Indonesia. For analysis purposes, secondary data was used in the form of time-series data from 1970–2017. The method used is the Vector Error Correction Model (VECM) to see long-term and short-term relationships. In the estimation results, it is found that in the long-term period, the monetary variables (money supply and exchange rates) and fiscal variables (government expenditures and taxes) have a significant positive effect on the business cycle in Indonesia.In contrast, the monetary variables that have a significant effect in the short-term period are only the amount variable money supply. There are no fiscal variables that have a significant effect on the business cycle in Indonesia. The interaction of monetary and fiscal policies is still effectively implemented in Indonesia.
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LYUBICH, Oleksandr, and Gennadiy BORTNIKOV. "Digital currency of central banks and monetary policy." Fìnansi Ukraïni 2020, no. 10 (December 24, 2020): 64–80. http://dx.doi.org/10.33763/finukr2020.10.064.
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The purpose of the study is to determine the potential impact of the introduction of central bank digital currencies (CBDC) on monetary policy. In this paper , we would like to focus on two aspects: the need to save cash in circulation and the potential danger of private digital money for monetary policy. Central bank researchers and independent experts are paying much attention to the CBDC . The reasons are such preconditions as innovations in payment instruments, blockchains, cryptography, globalization in response to the growth of demand for transactions using digital currencies with expected increase in their impact on monetary stability. One of the potential threats to an effective monetary policy is the emergence of private digital money and the risk of failing to choose the right CBDC business model. The development of private digital currencies can significantly reduce income of central banks from seigniorage, weaken the influence of central banks on financial stability and sustainability of monetary policy. Cashless payments, unlike cash, store information about the sender and the recipient, size, date and destination. This information is already a commodity that sellers of financial products and suppliers of goods and services from the real sector are willing to pay for. Cash allows to make payments with greater benefits for the population, taking into account the reliability, comfort and confidentiality. In our opinion, ‘social distancing’ encourages contacts between people through the media channels, with dissemination of knowledge among the general public about digitalisation and convince indiviuals to agree on disclosure of personal data. Central banks are called upon to further develop the money supply management mechanism, to ensure the coexistence of non-cash and cash in their jurisdictions.
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Tkachenko, Irina. "Priorities of improvement of monetary policy are in the system ofstrengthening of financial safety of Ukraine." Problems of Innovation and Investment Development, no. 19 (April 2019): 43–53. http://dx.doi.org/10.33813/2224-1213.19.2019.5.
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The article of research is totality of organizationally-economic relations thatarise up in the process of forming and improvement of monetary policy in thesystem of strengthening of financial safety of Ukraine.The aim of the articleconsists in the analysis of basic problems, contradictions that arise up in the processof realization of complex of events in relation to determination of priority directionsof forming and improvement of monetary policy in the system of strengthening offinancial safety of Ukraine. Research methodology consists in the use of totalityof methods : dialectical, analytical, comparative. The indicated methodologicalapproach allowed to analyse теоретико-методологеские and practical aspects ofmonetary policy, that is represented in works of home and foreign scientists andto define their connection and influence on the system of financial safety ofUkraine.Research methodology consists in the use of totality of methods : dialectical,analytical, comparative. The indicated methodological approach allowed to analyseтеоретико-методологеские and practical aspects of monetary policy, that isrepresented in works of home and foreign scientists and to define their connectionand influence on the system of financial safety of Ukraine.The scientific noveltyof the got results consists in complex illumination of the generalized going neardetermination of priorities of improvement of monetary policy in the system ofstrengthening of financial safety of Ukraine. Scientific conclusions are done inrelation to character, features of the state of realization of monetary policy anda necessity and expediency of further study of her influence are reasonable onstrengthening of financial safety of Ukraine.Conclusions. In the article the lightedup questions of necessity of scientific comprehension and practical decision ofproblems related to the improvement of monetary policy, determinations of theirpriorities in the system of strengthening of financial safety of Ukraine. Takinginto account that an important scientific and practical task is now remained bydetermination of list of national economic interests, providing of realization ofthat straight depends on the state of safety of different constituents of the financialsystem of Ukraine, the improvement of monetary policy is necessary to spare thespecial attention.
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Avis, Oleg Usherovich. "Theoretical aspects of mechanism of interaction between money and credit." Vestnik of Astrakhan State Technical University. Series: Economics 2019, no. 4 (December 16, 2019): 83–93. http://dx.doi.org/10.24143/2073-5537-2019-4-83-93.
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The paper describes the central bank monetary policy that has been heavily criticized, largely due to the banks’ inability to identify emerging risks in a timely manner and to prevent threats to the stability of the entire global financial and banking system. A more rigorous expert-theoretical and public assessment is typical for analyzing the role of commercial banks in these processes, whereby they are recognized as the main culprits of recurrent crises. The excursion into the evolution of theoretical views on the problem under study allows to conclude that it is related to the credit nature of money, in which the activities of commercial banks are of great importance. This idea was shared by many foreign and Russian scientists, who at one time offered their recipes for improving the monetary mechanism, but remained not taken into account in practice. The initial positions of bank lending processes and money making on their basis in volumes and quality, often unregulated, have been analyzed. Much attention is paid to the role of the Central Bank, the bank customers and the state in shaping the credit nature of money. As an alternative to modern methods of monetary regulation, the idea of full-value money has been described. As an example, the phenomenon of the Swiss full-value money initiative in 2018 has been given. It is noted that the initiative demanded to ban issuing electronic (non-cash) money from the commercial banks in order to stabilize the financial system. The weak points of the reform include a threat to the stability of the money value, the low degree of independence of the National Bank of Switzerland. It has been inferred that the events taking place in the modern financial system may indicate significant transformations of the design and toolkit of the modern monetary policy
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Nelson, E. "Key aspects of longer-term asset purchase programs in UK and US monetary policy." Oxford Economic Papers 65, suppl 1 (December 19, 2012): i92—i114. http://dx.doi.org/10.1093/oep/gps051.
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Filipenko, Anton. "STABILIZATION POLICY: MACROECONOMIC DIMENSIONS." Actual Problems of International Relations, no. 128 (2016): 105–14. http://dx.doi.org/10.17721/apmv.2016.128.0.105-114.
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The article studies models and conceptions of stabilization policy that aims to reduce the severity of economic fluctuations in the short term. According to the economic science, production and employment fluctuate around their natural levels in the long run. The paper reveals, that stabilization policies are designed to defuse the business cycle phases, bringing production and employment to its natural level. It uncovers, that the main function of stabilization policy is to limit short-term deviations in the system of long-term market equilibrium. This is done in the form of aggregate supply – aggregate demand by establishing relationships between potential output and prices of production, on the one hand, and the relationship between aggregate demand and industrial production prices – on the other. The government’s instruments are fiscal and monetary policy, which maintains high and stable levels of economic activity. The article outlines, that the best option for stabilization policy is to stimulate aggregate supply and use only certain aspects of aggregate demand in the absence of real prerequisites for its improvement under current economic conditions. Therefore, neoclassical paradigm and monetary concept should be taken for the basis of stabilization.
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Pochet, Philippe, and Christophe Degryse. "Monetary union and the stakes for democracy and social policy." Transfer: European Review of Labour and Research 19, no. 1 (January 21, 2013): 103–16. http://dx.doi.org/10.1177/1024258912469915.
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The democratic and social aspects of the new European governance are not really separable. In the 1970s monetary union was seen as the successful culmination of political and social integration; subsequently, it was regarded as the trigger for such integration. Finally, the Maastricht Treaty opted for monetary union in the absence of political union, on a basis of rule-based governance for the public finances and with social policy playing the role of shock absorber. Since 2008 the crises in the euro area have shown that this route does not lead to increased convergence and their result has been to exacerbate the dismantling of social models. Today the question of political integration has come once again to the surface, albeit accompanied so far by scant democratic debate. The authors of this contribution consider that EMU will never be stable in the absence of real debate on the varying options and of a strengthening of the European social model.
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Mera, Valentina, and Monica Pop Silaghi. "An Insight Regarding Economic Growth and Monetary Policy in Romania." Annals of the Alexandru Ioan Cuza University - Economics 62, s1 (October 1, 2015): 85–95. http://dx.doi.org/10.1515/aicue-2015-0039.
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Abstract This study introduces some aspects regarding the link between monetary policy and economic growth, through a rule well known in the literature which is named Taylor’s rule and through the concept of sacrifice ratio which encompasses the impact of the cost of disinflation on the economic growth of a country. In this paper, we rely on estimates of the growth of potential GDP of the National Bank of Romania for the period 2003-2006 while for the period 2007-2012 we rely on the estimates reported by the International Monetary Fund. Thus, we carry a deterministic exercise for computing the interest rate on the period 2003-2012 as depicted from the Taylor’s rule and we compare it with the effective monetary policy interest rate used by the National Bank of Romania. In the same time, we calculate the sacrifice ratio for the period 1997-2013 so as to be able to form an opinion regarding the cost of disinflation and its comparison with the typical estimates for larger time spans and for other countries.
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Lavoie, Marc. "Les post-keynésiens et la monnaie endogène." Articles 58, no. 1-2 (January 19, 2009): 191–221. http://dx.doi.org/10.7202/601019ar.
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Abstract This paper attempts to identify the peculiar aspects of post-Keynesian monetary theory. In a modern production economy, the growth of the stock of money is an essentially endogenous process. It results from the Financial needs of firms to pay out incomes to households. It follows that monetary policy is asymmetrical: central banks cannot increase the rate of growth of the money supply, they can only restrain it. Hence, inflation is never and nowhere a monetary phenomenon.
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Maisigova Leila A.,, Niyazbekova Shakizada,, Bunevich Kоnstantin,, Saiymova Meiramkul,, Blazhevich Oleg,, Issayeva Bibigul,, and Rey I.Yu.,. "FEATURES OF ECONOMIC DEVELOPMENT AND MONETARY POLICY OF SINGAPORE." BULLETIN 6, no. 388 (December 15, 2020): 195–203. http://dx.doi.org/10.32014/2020.2518-1467.200.
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The relevance of the topic of this study is due to the fact that the balance of payments is a reflection of the economic condition of the country, as well as a document that covers the entire range of operations of the country in the foreign economic sphere. Based on the analysis of modern publications, it is determined that the phenomenon of Singapore causes wide scientific and practical interest of both scientists and practitioners. In the article, the authors identified a number of factors that have the most significant impact on the country's monetary policy. The stages of development of the monetary policy of Singapore are systematized. The authors conducted a study of the dynamics of foreign trade in Singapore, analyzed the composition and structure of imported and exported goods. Based on the analysis of the structure of the balance of payments of Singapore, an assessment is given of the volumes of capital inflows and outflows. According to the results of this study, the authors noted obstacles to the economic growth of Singapore, including a high dependence on exports; reduction in the working–age population; digitalization in the financial sector. In order to avoid the negative consequences, the growth factors of the main sectors of the Singapore economy were determined. The above factors make it possible to compensate for the negative aspects of this economic model, increase the competitiveness of goods and services and lead to the sustainable development of the main sectors of the Singapore economy for the long term.
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Ivanova, Maria N. "Marx’s Theory of Money: A Reappraisal in the Light of Unconventional Monetary Policy." Review of Radical Political Economics 52, no. 1 (September 19, 2019): 137–51. http://dx.doi.org/10.1177/0486613419856727.
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This paper analyzes key aspects of Marx’s theory of money in order to reassert its continued relevance for understanding monetary developments in contemporary capitalism. Unlike theorists who become preoccupied with particular functions and forms of money, Marx develops a comprehensive concept of money integrating its various functions and emphasizing the socio-economic basis of its existence. Money performs different functions including a measure of value, a means of purchase/exchange, a means of payment, and a means of hoarding, which are independent of money’s concrete forms. The functions of money as a means of purchase and means of payment relate to each other as money (income) and credit (money), which are fundamentally different. The quantity and availability of credit (money) may be influenced by the activities of the central bank and the private banking system. Credit (money), however, can only become money (income) if and when it enters the domain of social production as an embodiment of the value of social labor and social purchasing power. This inextricable link between money and social production sets natural limits to the ability of monetary policy to influence both monetary and non-monetary developments in contemporary capitalism. An analysis grounded in Marx’s theory of money can provide insights into a range of contemporary monetary phenomena including hoarding, the rush to liquidity during financial crises, the scramble for government debt as a source of ultimate liquidity, and the limits to conventional and unconventional monetary policy. JEL Classification: E4, E5, B51, E6
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van Riet, Ad. "Twenty Years of European Central Bank Monetary Policy: A Keynesian and Austrian Perspective." Jahrbücher für Nationalökonomie und Statistik 239, no. 5-6 (September 25, 2019): 797–840. http://dx.doi.org/10.1515/jbnst-2018-0078.
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Abstract This article reviews how the European Central Bank (ECB) implemented its monetary policy for the euro area from 1999 to 2018 from two perspectives. Taking a Keynesian point of view, the euro area economy was beset for a long time by secular stagnation and required the ECB to ensure a protracted period of relatively low interest rates to provide continuous support to aggregate demand at the level of the Economic and Monetary Union (EMU). By contrast, the Austrian School of Economics argues that the low-interest rate bias of the ECB caused financial excesses and prevented a more rapid reallocation of unviable resources necessary for a sustainable expansion of aggregate supply. Both the Keynesian and the Austrian paradigm appear relevant when examining the monetary and financial aspects of the euro area business cycle and the secular decline of interest rates over the past 20 years. For most of the time, ECB monetary policy was the ‘only game in town’ and the EMU architecture was unable to deliver the balanced macroeconomic and financial policy mix required for a sustainable path of the euro area economy.
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Golodova, Zh G., Yu S. Ranchinskaya, and E. Yu Gorokhova. "Aspects of monetary policy in the EEU countries: An analysis of the prerequisites for harmonization." Digest Finance 24, no. 2 (June 28, 2019): 207–20. http://dx.doi.org/10.24891/df.24.2.207.
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Orlowski, Lucjan T. "Preparations of the Visegrad Group countries for admission to the European Union: monetary policy aspects." Economics of Transition 3, no. 3 (September 1995): 333–53. http://dx.doi.org/10.1111/j.1468-0351.1995.tb00146.x.
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Warjiyo, Perry. "Changing Perspectives on Exchange Rates: Theory and Policy Implications." Buletin Ekonomi Moneter dan Perbankan 8, no. 3 (February 13, 2007): 1–17. http://dx.doi.org/10.21098/bemp.v8i3.138.
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This paper reviews theoretical and empirical perspectives pertaining to the nature and impacts of exchange rate movements on macroeconomic conditions, and their fundamental ramifications on macroeconomic and monetary policies. In particular, we show that, with increasing speed and scope of financial globalization and cross-border capital flows, the view on exchange rate has been changing from trade flows to financial asset views. Exchange rate movements have been exhibiting greater volatility beyond fundamentals and often deviate from equilibrium, driven by factors such as shifts in risk premia, investor preferences, as well as underlying economic and financial conditions. Policy implications from such a changing perspective on exchange rate have been pervasive. Exchange rate has not been singled out as an instrument for increasing a country’s external sector competitiveness in the modern literature of international finance. Rather, it constitutes an integral part of policy mix for coping with the impossible trinity of macroeconomic objectives in open economy, i.e. for benefiting from greater capital mobility while still maintaining stable exchange rate movements and domestic policy independence. The complete policy responses would include direct measures for stabilizing exchange rate, some forms of capital controls, and the implementation of inflation targeting framework of monetary policy.JEL Classification Numbers: E5, F3, F4Keywords: Monetary Policy, International Finance, Macroeconomic Aspects of International Trade and Finance