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1
Moiseev, S. "The Formalization of Macroeconomics and Its Consequences for Monetary Policy." Voprosy Ekonomiki, no. 2 (February 20, 2007): 46–58. http://dx.doi.org/10.32609/0042-8736-2007-2-46-58.
Анотація:
While early macroeconomists were engineers trying to solve practical problems, modern macroeconomists have focused on developing mathematic tools and establishing models. These analytic instruments, however, have been slow to find their way into practical applications. This paper reviews the influence of modern macroeconomics on realities of monetary policy. The author concludes that the effect of formalization of macroeconomic theory on central banking is close to zero.
2
Ade Khadijatul Z. HRP, M. Shabri Abd. Majid, and Rahmat. "Islamic Macro Economy: A New Paradigm." International Journal of Economics (IJEC) 2, no. 1 (June 10, 2023): 33–44. http://dx.doi.org/10.55299/ijec.v2i1.101.
Анотація:
This study seeks to explore Islamic macroeconomics as a new paradigm and its application in controlling inflation, monetary and fiscal in conventional and Islamic macroeconomics. Then explore some points about the development of macroeconomics at the time of the Prophet Muhammad. The approach method used in this study is descriptive qualitative analysis, with library research data collection techniques using secondary data in accordance with a number of relevant literature. Then the data analysis technique was carried out by inductive deductive techniques. The results show that monetary policy is an important instrument of political policy in the economic system, both conventional and Islamic and this policy has existed and began to develop since the time of the Prophet Muhammad. The fundamental difference between Islamic and conventional macroeconomics lies in the purpose and prohibition of interest in Islam, the condition for achieving and ensuring the proper functioning of the monetary system is that the monetary authority must supervise the entire system. Monetary policy and fiscal policy are macroeconomic policies that are very important in relation to achieving inflation targets and economic growth. Therefore, in an effort to overcome inflation, monetary and fiscal policies, the government can carry out various macroeconomic policies to achieve inflation targets and economic growth.
3
Costabile, Lilia. "Istitutions for Social Well-Being: alcune risposte." QA Rivista dell'Associazione Rossi-Doria, no. 3 (August 2009): 103–11. http://dx.doi.org/10.3280/qu2009-003005.
Анотація:
- Answering the round table participants, the author illustrates the project of this book and its main findings. While the book implies a focus on social policy, the contributors have brought to it their expertise not only in welfare economics but also in macroeconomic and monetary policy. This article outlines how social policy relates to these economic issues, and adopts an international political economy approach both in explaining hierarchies among countries, and in calling into question the "efficiency/equality trade off" as a useful instrument in comparing the economic performance of Europe and the US. Finally, the article discusses the issue of a possible convergence between the social models of Europe towards those of the best performing countries.EconLit Classification: D600, E120, F300, F400, F500Keywords: Welfare Economic, Growth, Globalization, Open Economy Macroeconomics, European Monetary UnionParole chiave: Welfare state, Crescita, Globalizzazione, Macroeconomia delle economie aperte, Unione monetaria europea
4
Karim, Zulkefly Abdul, and Bakri Abdul Karim. "Interest Rates Targeting of Monetary Policy: An Open Economy SVAR Study of Malaysia." Gadjah Mada International Journal of Business 16, no. 1 (February 28, 2014): 1. http://dx.doi.org/10.22146/gamaijb.5464.
Анотація:
This paper examines the implementation of monetary policy during the interest rates targeting in a small-open economy (i.e. Malaysia) by using an open-economy structural VAR (SVAR) study. It tests the effect of foreign shocks upon domestic macroeconomic fluctuations and monetary policy, and examines how effective monetary policy is in influencing macroeconomic variables. The results show that during interest rates targeting, monetary policy plays a significant role in affecting macroeconomics variables. This finding suggests that monetary policy has an important role as a stabilization policy in a small-open economy.
5
Muzib, Md Moniruzzaman, Muhammad Rabiul Islam Liton, Md Nazmus Sadekin, and Md Abdul Latif Mahmud. "The Target and Achievements of Private Sector Credit in Bangladesh: A Monetary Policy Analysis." Global Disclosure of Economics and Business 3, no. 2 (December 31, 2014): 175–84. http://dx.doi.org/10.18034/gdeb.v3i2.162.
Анотація:
This paper tries to assess the monetary policy on macroeconomic indicators in Bangladesh. The central bank declares monetary policy statement twice in every year to pursue its macroeconomic goals. The assessment provides that during the sample period, monetary policy is not strong enough to control the inflation rate. In addition, policies did not appear itself as ignition to the investment process as well as the growth rate of GDP. This assessment leaves an interesting outcome: monetary policy is not independent and strong enough to pursue its macroeconomics goals.
JEL Classification Code: M51, M52
6
Arestis, Philip. "Fiscal policy is still an effective instrument of macroeconomic policy." Panoeconomicus 58, no. 2 (2011): 143–56. http://dx.doi.org/10.2298/pan1102143a.
Анотація:
Recent developments in macroeconomics and macroeconomic policy, what has come to be known as ?New Consensus in Macroeconomics?, downgrades the role of fiscal policy and upgrades that of monetary policy. This contribution aims to consider this particular contention by focusing on fiscal policy. We consider fiscal policy within the current ?new consensus? theoretical framework, which views fiscal policy as ineffective, and argue that it deserves a great deal more attention paid to it than it has been recently. We review and appraise recent and not so recent theoretical and empirical developments on the fiscal policy front. The possibility of fiscal and monetary policy coordination is proposed and discussed to conclude that it deserves a great deal more attention and careful consideration than it has been given to in the past. Our overall conclusion is that discretionary application of fiscal and monetary policy in a coordinated and focused manner as a tool of macroeconomic policy deserves serious attention paid to it than hitherto.
7
Duménil, Gérard, and Dominique Lévy. "MODELING MONETARY MACROECONOMICS: KALECKI RECONSIDERED." Metroeconomica 63, no. 1 (August 29, 2011): 170–99. http://dx.doi.org/10.1111/j.1467-999x.2011.04134.x.
8
Levando, Dmitry. "A survey of strategic market games." Ekonomski anali 57, no. 194 (2012): 63–106. http://dx.doi.org/10.2298/eka1294063l.
Анотація:
The Strategic Market Game (SMG) is the general equilibrium mechanism of strategic reallocation of resources. It was suggested by Shapley and Shubik in a series of papers in the 70s and it is one of the fundamentals of contemporary monetary macroeconomics with endogenous demand for money. This survey highlights features of the SMG and some of the most important current applications of SMGs, especially for monetary macroeconomic analysis.
9
Bidabad, Bijan. "Macroeconomics Needs Fresh Methodology of Theorization." Asian Finance & Banking Review 3, no. 2 (July 1, 2019): 1–6. http://dx.doi.org/10.46281/asfbr.v3i2.337.
Анотація:
In this paper, we try to analyze the macroeconomic reasoning in different methodological issues. Subsequently, we try to touch some current macroeconomic debates on aggregations, relations, monetary and real sectors analyses. We assess that what we know about the behavior of macroeconomic variables is just our understanding from empiricism, and we have rarely found the laws of linkages among macroeconomic variables. We also conclude that successive theories have an intuitional foundation. It seems that to improve macroeconomic theories and policies, we need to be redirected to basic philosophical thinking about the macroeconomic theoretical foundation and try to rebuild a new concrete base for macroeconomics.
10
Caraiani, Petre. "Monetary Policy Shocks and Input–Output Characteristics of Production Networks." Journal of Risk and Financial Management 16, no. 3 (March 2, 2023): 168. http://dx.doi.org/10.3390/jrfm16030168.
Анотація:
This paper revisits the production network’s role in transmitting monetary policy shocks. The study uses macroeconomic data for multiple OECD economies, for which it estimates the time-varying impulse response functions of GDP to monetary shocks. In contrast to recent macroeconomics papers focusing on upstreamness or downstreamness, the paper studies measures from the input–output literature, like average propagation length or fields of influence. When looking at the relationship between the production network measures and the impact of monetary policy shocks on GDP, measures like average propagation length or rows’ fields of influence, amplify the negative impact of the monetary policy shocks, while the forward linkage dampens them.
11
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.
Анотація:
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.
12
Sargent, Thomas J. "Robert E. Lucas Jr.'s Collected Papers on Monetary Theory." Journal of Economic Literature 53, no. 1 (March 1, 2015): 43–64. http://dx.doi.org/10.1257/jel.53.1.43.
Анотація:
This paper is a critical review of and a reader's guide to a collection of papers by Robert E. Lucas, Jr. about fruitful ways of using general equilibrium theories to understand measured economic aggregates. These beautifully written and wisely argued papers integrated macroeconomics, microeconomics, finance, and econometrics in ways that restructured big parts of macroeconomic research. (JEL A31, E00, E13, E50)
13
Wray, L. Randall. "The Monetary Macroeconomics of Dudley Dillard." Journal of Economic Issues 27, no. 2 (June 1993): 547–60. http://dx.doi.org/10.1080/00213624.1993.11505437.
14
Altig, David. "Introduction: Recent Developments in Monetary Macroeconomics." Journal of Money, Credit, and Banking 35, no. 6b (2003): 1039–43. http://dx.doi.org/10.1353/mcb.2004.0015.
15
Moiseev, S. R. "The behavioral economics of monetary policy." Voprosy Ekonomiki, no. 5 (May 28, 2018): 139–50. http://dx.doi.org/10.32609/0042-8736-2018-5-139-150.
Анотація:
Macroeconomics is the basis of monetary policy analysis in most researches. At the same time a new cross disciplinary approach has emerged - at the crossroad of macroeconomics and behavioral economics. Alternative theories describe the impact of personnel independence of monetary authorities, career incentives, staff properties and the gender diversity of central bank governors on monetary policy results. They shed the light on personnel policy characteristics and the staff profile in a central bank.
16
Yu, Luying. "The Analysis of Contributions on the Housing Bubbles." Advances in Economics, Management and Political Sciences 51, no. 1 (December 1, 2023): 199–204. http://dx.doi.org/10.54254/2754-1169/51/20230660.
Анотація:
In the past twenty years, the study of monetary policy and estate has become an essential component of the field of macroeconomics. The chief object of this paper examines that the loose monetary policy is not the main factor leading to the housing bubbles. With the internet bubbles bursting in the early 2000s, there was a destabilizing effect on the stock market and an increase in interest rates, causing the prices of housing to become higher. Some economists present that monetary policy plays a central role in housing bubbles but the findings in this paper would provide controversial views by analyzing the relationship between real macroeconomics in the 2000s in the U.S. and the monetary policy rule, such as Taylor Rule, Phillips Curve, Fisher Equation and the trend of aggregate demand. The change in the nominal interest rate would be higher than that in the inflation rate and real interest rate. The adjustment of monetary policy according to macroeconomics, including the unemployment rate and the extent of deflation. As a result, loose monetary policy is not the main reason for the housing bubbles.
17
Correa, Amelia. "On the Retail Sector." Journal of Interdisciplinary Economics 21, no. 1 (May 2009): 69–78. http://dx.doi.org/10.1177/02601079x09002100106.
Анотація:
We append a retail trade sector to the industrial sector of an economy. The macroeconomic model is a variant of the circuit approach to monetary macroeconomics. The conclusion is that an increase in the size of the ‘unproductive’ sector, employment in the ‘productive’ sector remaining constant, leads to a rise in the price level and interest rates.
18
Henning, C. Randall. "Systemic Conflict and Regional Monetary Integration: The Case of Europe." International Organization 52, no. 3 (1998): 537–73. http://dx.doi.org/10.1162/002081898550653.
Анотація:
Existing explanations of European monetary integration, emphasizing economic interdependence, issue linkage, institutions, and domestic politics, take a predominantly regional approach. In the international monetary thesis developed here, I argue that U.S. policy disturbances, transmitted through the international monetary system, created compelling incentives for European states to cooperate on exchange-rate and monetary policy. I develop a general theory of macroeconomic power, based on open economy macroeconomics, and show how the exercise of such influence can drive regional monetary integration. This article then tests the international thesis with reference to monetary integration within the European Union by examining four periods in which the United States acted to stabilize the international monetary system and seven episodes in which it disrupted the system. European governments and central banks reduced regional monetary cooperation when the United States supported system stability and strengthened it after each episode of disruption. The evidence thus strongly supports the inference that the link is causal.
19
Glasner, David. "Ralph Hawtrey: A forgotten pioneer of macroeconomics." Economic Affairs 44, no. 2 (June 2024): 245–66. http://dx.doi.org/10.1111/ecaf.12647.
Анотація:
AbstractThis article considers the contributions of Ralph Hawtrey to monetary theory and macroeconomics, focusing on his monetary business cycle theory and his monetary explanation of the Great Depression. Unlike Milton Friedman's US‐centred explanation of the Great Depression, Hawtrey's was focused on the international gold standard that collapsed with the outset of World War I and the attempt to restore it. Hawtrey urged that, after restoration of the gold standard, increased monetary demand for gold be restrained to prevent gold appreciation and deflation. But deliberate French gold accumulation in 1928 and interest‐rate increases by the Federal Reserve, led to the ruinous deflation foreseen by Hawtrey. The article then critically evaluates recent discussions of Hawtrey's contributions in books by Hetzel (2023) and Mattei (2022).
20
Ascari, Guido, and Argia M. Sbordone. "The Macroeconomics of Trend Inflation." Journal of Economic Literature 52, no. 3 (September 1, 2014): 679–739. http://dx.doi.org/10.1257/jel.52.3.679.
Анотація:
Most macroeconomic models for monetary policy analysis are approximated around a zero inflation steady state, but most central banks target an inflation rate of about 2 percent. Many economists have recently proposed even higher inflation targets to reduce the incidence of the zero lower bound constraint on monetary policy. In this survey, we show that the conduct of monetary policy should be analyzed by appropriately accounting for the positive trend inflation targeted by policymakers. We first review empirical research on the evolution and dynamics of U.S. trend inflation and some proposed new measures to assess the volatility and persistence of trend-based inflation gaps. We then construct a Generalized New Keynesian model that accounts for a positive trend inflation. In this model, an increase in trend inflation is associated with a more volatile and unstable economy and tends to destabilize inflation expectations. This analysis offers a note of caution regarding recent proposals to address the existing zero lower bound problem by raising the long-run inflation target. (JEL E12, E31, E32, E52, E58)
21
Nakamura, Emi, and Jón Steinsson. "Identification in Macroeconomics." Journal of Economic Perspectives 32, no. 3 (August 1, 2018): 59–86. http://dx.doi.org/10.1257/jep.32.3.59.
Анотація:
This paper discusses empirical approaches macroeconomists use to answer questions like: What does monetary policy do? How large are the effects of fiscal stimulus? What caused the Great Recession? Why do some countries grow faster than others? Identification of causal effects plays two roles in this process. In certain cases, progress can be made using the direct approach of identifying plausibly exogenous variation in a policy and using this variation to assess the effect of the policy. However, external validity concerns limit what can be learned in this way. Carefully identified causal effects estimates can also be used as moments in a structural moment matching exercise. We use the term “identified moments” as a short-hand for “estimates of responses to identified structural shocks,” or what applied microeconomists would call “causal effects.” We argue that such identified moments are often powerful diagnostic tools for distinguishing between important classes of models (and thereby learning about the effects of policy). To illustrate these notions we discuss the growing use of cross-sectional evidence in macroeconomics and consider what the best existing evidence is on the effects of monetary policy.
22
Seflizon, Seflizon. "The Influence of Macroeconomics Policy to Indonesia Banking Sector Performance." Business and Entrepreneurial Review 7, no. 1 (October 24, 2016): 78. http://dx.doi.org/10.25105/ber.v7i1.1185.
Анотація:
The Indonesia monetary crisis in mid 1997 was the background of this research. The objective of this research is to identify the influence of macroeconomics policy to end the monetary crisis and restructuring credibility of banking institution. This research uses testing hypotheses on nonparametric statistics. The data analysis used macroeconomics policy in fiscal, monetary, balance of payment, and influence toward controlling of monetary crisis on foreign exchange and credibility banking institution as indicator of bank performance. The data was devided into two periods, 1997-2001 and post crisis period 2002-2006. The result showed that: monetary crisis does not always refer to foreign exchange is not significant. It is true that monetary crisis is banking institution crisis in all aspect whether management and financial, and banking indicator showed better performance significantly compared to post crisis and long crisis.
23
Krawczyk, Marcin. "O problemie skuteczności polityki fiskalnej i pieniężnej." Kwartalnik Kolegium Ekonomiczno-Społecznego. Studia i Prace, no. 2 (December 5, 2015): 11–28. http://dx.doi.org/10.33119/kkessip.2015.2.1.
Анотація:
The article reviews theoretical analyses of effectiveness of fiscal and monetary policies. The first part concentrates on classical and new classical arguments on ineffectiveness of fiscal and monetary stimulus, i.e. proving that the stimulus does not influence real economic aggregates. These arguments include laissez-fairedoctrine and rational expectations, aggregate supply, and continuous market clearing hypotheses. The second part contains detailed description of adjustment processes brought about by fiscal and monetary expansions considered by contemporary theorists (e.g. D. Elmendorf and G. N. Mankiw) as “conventional macroeconomics”. These processes serve as theoretical argument in favor of a monetary accommodation of fiscal expansion. The third part forms a concise review of macroeconomic concepts which show that conventional adjustment process can be interrupted or even stopped during any of their phases (ricardian equivalencetheorem, Friedman's money illusion liquidity trap, investment insensitivity, Tobin's crowding out effect). In the final part, the author points out that monetary accommodation can weaken effectiveness of fiscal expansion.
24
Clark, William Roberts, and Mark Hallerberg. "Mobile Capital, Domestic Institutions, and Electorally Induced Monetary and Fiscal Policy." American Political Science Review 94, no. 2 (June 2000): 323–46. http://dx.doi.org/10.2307/2586015.
Анотація:
The literature on global integration and national policy autonomy often ignores a central result from open economy macroeconomics: Capital mobility constrains monetary policy when the exchange rate is fixed and fiscal policy when the exchange rate is flexible. Similarly, examinations of the electoral determinants of monetary and fiscal policy typically ignore international pressures altogether. We develop a formal model to analyze the interaction between fiscal and monetary policymakers under various exchange rate regimes and the degrees of central bank independence. We test the model using data from OECD countries. We find evidence that preelectoral monetary expansions occur only when the exchange rate is flexible and central bank independence is low; preelectoral fiscal expansions occur when the exchange rate is fixed. We then explore the implications of our model for arguments that emphasize the partisan sources of macroeconomic policy and for the conduct of fiscal policy after economic and monetary union in Europe.
25
Palley, Thomas. "Macroeconomics and monetary policy: competing theoretical frameworks." Journal of Post Keynesian Economics 30, no. 1 (October 1, 2007): 61–78. http://dx.doi.org/10.2753/pke0160-3477300103.
26
JENSEN, HENRIK, PETER NORMAN SØRENSEN, and HANS JØRGEN WHITTA-JACOBSEN. "INTRODUCTION TO SPECIAL ISSUE: DYNAMIC MACROECONOMIC THEORY." Macroeconomic Dynamics 12, S1 (April 2008): 1. http://dx.doi.org/10.1017/s1365100507070113.
Анотація:
This issue collects 11 articles at the frontier of the field of Dynamic Macroeconomic Theory.A majority of the articles discuss theoretical issues related to monetary policy. Many rich economies have now enjoyed a long period of stable monetary conditions, but many researchers remain puzzled as to what are the main mechanisms driving monetary stability. The field is of great importance to policymakers, and this issue's dynamic approaches will advance the debate. The other articles touch on other, equally inherently dynamic issues of macroeconomics, relating to growth, business cycles, and the role of credit. In light of the hard constraints we imposed on the length of the contributed articles, we will let the articles speak for themselves, and hope that the reader will enjoy this research sample as much as we do.
27
Listokin, Yair, and Daniel Murphy. "Macroeconomics and the Law." Annual Review of Law and Social Science 15, no. 1 (October 13, 2019): 377–96. http://dx.doi.org/10.1146/annurev-lawsocsci-032719-110419.
Анотація:
This article surveys recent work on the role of law in determining economic aggregates such as gross domestic product, unemployment, inflation, and productivity growth. We provide a brief overview of macroeconomics and discuss how legal interventions and institutional arrangements such as monetary, fiscal policy, financial regulation, and other legal changes can stabilize business cycles. Finally, we discuss the role of the law in promoting economic growth.
28
TUTULMAZ, Onur. "Including the monetary part in macro accounting: A ‘modern’ approach to the macroeconomic accounting." Journal of Economic Development, Environment and People 3, no. 4 (December 20, 2014): 87. http://dx.doi.org/10.26458/jedep.v3i4.83.
Анотація:
Economic output is placed at the heart of the macroeconomics. To calculate the output one needs to achieve simplifying a high level complexity of economic relationships to form a system. On the flip side, the model should be enough elaborated to be able to reflect the important relationships. In this manner, the classical macroeconomic identity as Keynes suggested is simple enough to understand the main elements but it does not show the financial parts of transactions. Not having the monetary part of the economy it lacks the coherence. With the financial and economic crises getting more frequent, more endeavour to build a more inclusive and coherent macroeconomic system has been observed. However, there are large variety in different options of simplifying and simulating complex relationships among the real and monetary part of the modern economies. Our paper tries to set an analysis comparing some of the recent prominent ideas in building balance sheet and transaction flow matrix in regard to macroeconomic accounting system. We can conclude the new achievement of including the monetary transactions in the frame causes a compromise from the simplicity for a coherent and more complete picture of macro economy.
29
Taresh A., Abdulrahman, Dyah Wulan Sari, and Rudi Purwono. "Joint Determinants of Monetary, Macroeconomic, Social and Income Inequality." Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi dan Pembangunan 21, no. 2 (December 30, 2020): 134–60. http://dx.doi.org/10.23917/jep.v21i2.11254.
Анотація:
This study discusses all the potential relationships between monetary, macroeconomic, social and income inequality in an integrated manner by making Indonesia a concrete case study. This empirical study discussed the relationship based on theoretical modelling and carried out through appropriate estimators applied to the data of 33 provinces in Indonesia. To achieve this objective, the simultaneous model of seemingly unrelated regressions (SUR) was used. The results concluded that there are variables that jointly determined the monetary, macroeconomic and social also income inequality. Like, consumption can increase inflation and macroeconomic while at the same time can reduce population growth and human development, and increases income inequality. Savings which determine credit also pushes macroeconomics while simultaneously increasing population growth, and it can reduce income inequality. Minimum wages can reduce inflation and encourage production growth, while increases human development and reduces population growth also can reduce income inequality. Unemployment can also reduce inflation and increase economic growth, at the same time reduces population growth and human development while increases income inequality. Education and health encourages economic growth and the level of human development then can reduce income inequality.
30
Spotton Visano, Brenda. "Gendering Post-Keynesian Monetary Macroeconomics With Situated Knowledge." Review of Radical Political Economics 49, no. 4 (July 17, 2017): 567–73. http://dx.doi.org/10.1177/0486613417703661.
Анотація:
This paper suggests that the conception of fundamental uncertainty grounding post-Keynesian monetary macroeconomics is consistent with a particularly complex type of decision making characterized by the social determination of preferences and outcomes. Contrary to the argument that positivism grounds post-Keynesian analysis, such a framework of analysis reflects a world in which knowledge is situated. As a practical consideration, this paper considers briefly the implications for a gendered theory of financial instability in a Post-Keynesian monetary framework.
31
Hu, Liuqing. "The Role of Neoclassical Macroeconomics in the Development of the World Economy." Modern Economics & Management Forum 5, no. 1 (March 14, 2024): 93. http://dx.doi.org/10.32629/memf.v5i1.1643.
Анотація:
New classical macroeconomics plays a critical role in the global economy, with its theoretical framework emphasizing free markets, rational choice, and the importance of monetary policy. In the development of the world economy, new classical macroeconomics has promoted the liberalization of capital markets and encouraged international investment and trade. Through the theory of marginal productivity, it focuses on the relationship between wages and productivity, proposing to adjust wage levels to reduce unemployment. At the same time, it emphasizes the impact of monetary policy and rational expectations on lowering the expected level of inflation. New classical macroeconomics emphasizes technological innovation and free market competition, promoting stability and growth in the global economy. Its theoretical contributions to resource allocation, labor market, and inflation control play a positive role in shaping the development of the world economy.
32
Chari, V. V., and Patrick J. Kehoe. "Modern Macroeconomics in Practice: How Theory Is Shaping Policy." Journal of Economic Perspectives 20, no. 4 (August 1, 2006): 3–28. http://dx.doi.org/10.1257/jep.20.4.3.
Анотація:
Over the last three decades, macroeconomic theory and the practice of macroeconomics by economists have changed significantly—for the better. Macroeconomics is now firmly grounded in the principles of economic theory. We focus on the role of economic theory in shaping policy. Over the last several decades, the United States and other countries have undertaken a variety of policy changes that are precisely what macroeconomic theory of the last 30 years suggests. The evidence that theoretical advances have had a significant effect on the practice of policy is often hard to see for policymakers and advisers involved in the hurly-burly of day-to-day policymaking, but easy to see if one steps back and takes a longer-term perspective. Examples of the effects of theory on the practice of policy include increased central bank independence; adoption of inflation targeting and other rules to guide monetary policy; increased reliance on consumption and labor taxes instead of capital income taxes; and increased awareness of the costs of policies that distort labor markets.
33
Taresh A., Abdulrahman, Dyah Wulan Sari, and Rudi Purwono. "Analysis of The Relationship among Macroeconomics, Monetary and Income Inequality." Economics Development Analysis Journal 9, no. 4 (November 6, 2020): 427–42. http://dx.doi.org/10.15294/edaj.v9i4.38946.
Анотація:
Income inequality in Indonesia remains a controversial issue in the context of Indonesian macroeconomic condition that is evolving in output and government spending, and its increase in consumption accompanied by inflation and slowing of bank credit. The purpose of this study is to investigate the relationship among macroeconomics, monetary and income inequality through a broad theoretical model by adopting a panel Structural Vector Auto-regression (SVAR) model to get more sample size during the period 2005-2018 at 33 provinces in Indonesia. The main results indicate that the variables of output and inflation have positive relationships. The relationship between output and income inequality is also significantly correlated, and those results supported by Kuznets's theory reveal that the relationship between economic growth and income inequality is positive in the short term. The relationship between inflation and income inequality is positive as well in Indonesia. This result is by the fact that low-income families are considered more vulnerable to inflation. The impact of non-food consumption shocks increases income inequality, while Indonesian government spending and bank credit shocks reduce income inequality. Then the response of savings and bank credit to the shock of income inequality is positive.
34
Malik, Wasim Shahid, and Ather Maqsood Ahmed. "Taylor Rule and the Macroeconomic Performance in Pakistan." Pakistan Development Review 49, no. 1 (March 1, 2010): 37–56. http://dx.doi.org/10.30541/v49i1pp.37-56.
Анотація:
A near-consensus position in modern macroeconomics is that policy rules have greater advantage over discretion in improving economic performance. For developing countries in particular, simple instrument rules appear to be feasible options as pre-requisites since more sophisticated targeting rules are generally lacking. Using Pakistan’s data, this study has attempted to estimate the Taylor rule and use it as monetary policy strategy to simulate the economy. Our results indicate that the State Bank of Pakistan (SBP) has not been following the Taylor rule. In fact, the actual policy has been an extreme deviation from it. On the other hand, counterfactual simulation confirms that macroeconomic performance could have been better in terms of stability of inflation and output, had the Taylor rule been adopted as monetary policy strategy. The study also establishes that further gains are possible if the parameter values of the rule are slightly modified. JEL classification: E47, E31, E52 Keywords: Taylor Rule, Macroeconomic Performance, Counterfactual Simulation
35
Sashi, Sivramkrishna, and Sharma Bhavish. "Macroeconomic Implications of US Sanctions on Iran: A Sectoral Financial Balances Analysis." Studies in Business and Economics 14, no. 3 (December 1, 2019): 182–204. http://dx.doi.org/10.2478/sbe-2019-0053.
Анотація:
AbstractIran is facing a severe macroeconomics crisis after the US (re)imposed sanctions on its oil and gas exports in May 2018, followed by additional sanctions on metal exports in 2019. Its exports have collapsed triggering a contraction of the economy along with accelerating inflation and depreciating currency. Using the sectoral financial balances (SFB) model, we study the interrelationship between several macroeconomic parameters maintaining stock-flow consistency across time and sectors of the economy. Fiscal and monetary policy cannot reverse the consequences of the sanctions although fiscal deficits as a percentage of GDP will see a rise to accommodate the domestic private sector’s desire to accumulate financial asset accumulation. The lack of a strong monetary policy mechanism in Iran may, however, be unable to quell the impact of expansionary fiscal policy on inflation and depreciating rial. Given the limited macroeconomic policy options open to Iran in dealing with the crisis Iran, the only option may be political – a return to the negotiating table with the US.
36
Ramaz Gerliani, Ramaz Gerliani, and Giga Tvauri Giga Tvauri. "IMPORTANT ASPECTS - WHY MONETARY POLICY DOES NOT WORK IN GEORGIA." New Economist 18, no. 04 (January 10, 2024): 49–54. http://dx.doi.org/10.36962/nec18042023-49.
Анотація:
Georgia is a developing economy with a gross domestic product of 72.3 billion GEL ($26.8 billion) (Geostat 2022). Macroeconomic parameters in the country react sensitively to various issues. Due to the impact of local or foreign factors, the rate of inflation in the country was double-digit for almost 18 months (Geostat 2022), which was a great loss for the country and its population. This article presents a number of aspects of monetary policy, namely the interest rate and the inappropriate effect of monetary instruments on inflation regulation or exchange rate stabilization, which is conditioned by the overriding rational expectation and normative economic understanding. Using the "micro-macro synthesis" and analysis, the article discusses how important the incomes of citizens and the demand elasticity of the consumer basket are for the effective use of monetary instruments; budget limitation of family farms; The influence of the duration (time) of the use of monetary instruments on monetary policy and the scientific condition of "rational expectation" and "asymmetric information acquisition" by households and business entities. Discussion of the impact of non-inclusive economic growth on the effectiveness of monetary instruments is opened. Finally, we conclude from the discussion that the mentioned economic aspects should be taken into account, including microeconomic ones, when using the monetary policy tools effectively. Keywords: Inflation, Monetary policy, Interest rate, Macroeconomics.
37
Peters, Florian, Doris Neuberger, Oliver Reinhardt, and Adelinde Uhrmacher. "A basic macroeconomic agent-based model for analyzing monetary regime shifts." PLOS ONE 17, no. 12 (December 22, 2022): e0277615. http://dx.doi.org/10.1371/journal.pone.0277615.
Анотація:
In macroeconomics, an emerging discussion of alternative monetary systems addresses the dimensions of systemic risk in advanced financial systems. Monetary regime changes with the aim of achieving a more sustainable financial system have already been discussed in several European parliaments and were the subject of a referendum in Switzerland. However, their effectiveness and efficacy concerning macro-financial stability are not well-known. This paper defines the economic requirements for modeling the current monetary system and introduces the corresponding macroeconomic agent-based model (MABM) in a continuous-time stochastic agent-based simulation environment with a provenance model. This MABM aims to present a starting point for exploring and analyzing monetary reforms. In this context, the monetary system affects the lending potential of banks and might impact the dynamics of financial crises. MABMs are predestined to replicate emergent financial crisis dynamics, analyze institutional changes within a financial system, and thus measure macro-financial stability. The used simulation environment makes the model more accessible and facilitates exploring the impact of different hypotheses and mechanisms in a less complex way. Moreover, the model replicates a wide range of stylized economic facts, which validates it as an analysis tool to implement and compare monetary regime shifts.
38
Bojovic, Viktorija. "A review of the Redux model of exchange rate." Privredna izgradnja 48, no. 3-4 (2005): 155–70. http://dx.doi.org/10.2298/priz0504155b.
Анотація:
The paper gives a brief overview of the current state of exchange rate modeling. First section discusses the status of Mundall-Fleming-Dornbusch model. This model demonstrated undeniable time-tested appeal. However, it needed update as regards to microfundations which was made possible in Redux model. Redux model made a breakthrough as to allow for an explicit welfare analysis as far as policy is concerned. The literature covering new open economy macroeconomics is expanding since 1990s, provoked by seminal paper by Obstfeld and Rogofff, in which authors give their perspective of economy reactions to monetary shocks. Redux model assumes real impact of monetary shocks on consumption, output level and exchange rates, allowing for purchasing power parity and low of one price to hold. Welfare is equally increased both domestically and internationally after positive monetary shock. Consumption increases leading economy towards its optimum, reachable only at perfectly competitive markets. Economy is fully adapted to shock only after one time period. However, monetary shocks could have longer real effects due to accumulated welfare. Money is not neutral in this modei, not even in the long run. The welfare results of the new open economy macroeconomics literature are highly sensitive to the precise denomination of price stickiness and the specification of preferences. For this reason the literature is of only limited interest in policy circles. This new developments in models will encourage further research in the new open economy macroeconomics.
39
Bakeev, M. B. "A compromise between formalism and realism as a way to influence economic policy." Journal of the New Economic Association 57, no. 5 (2022): 113–25. http://dx.doi.org/10.31737/2221-2264-2022-57-5-7.
Анотація:
In this paper, we argue that economics faces two conflicting societal demands. On the one hand, there is a demand for a practical theory that can be successfully used in the framework of economic policy, in solving various applied problems, etc. On the other hand, the established scientific ethos sets high standards for the internal consistency and formalism of the theory, which often limits its realism and practical applicability. As we speculate in this article, based on the history of the post-war macroeconomic mainstream, the most successful schools of thought in terms of policy impact are those that attempt to respond to both of these demands. This is expressed in the choice of a middle, compromise path: the preservation of a formalized abstract core of the theory while introducing modifications that increase its realism. Based on the study of the influence of four schools in macroeconomics, namely, post-war mainstream Keynesianism (so-called “The Neoclassical Synthesis”), monetarism, new classical macroeconomics, and new Keynesian macroeconomics, on US monetary policy, we claim that New Keynesians turned out to be the most influential school, as they managed to combine the standards of formalism and realism as much as possible.
40
Azis, Iwan Jaya. "Macroeconomics Post-GFC." Jurnal Ekonomi Indonesia 8, no. 1 (August 1, 2019): 103–24. http://dx.doi.org/10.52813/jei.v8i1.14.
Анотація:
The core model of macroeconomics we teach in colleges and universities uses incredible assumptions to reach absurd conclusions. Among those assumptions are, no financial frictions such as credit rationing, individuals had rational expectations or acted as if they did, and representative agent to represent an aggregation of firm or household sector whose optimizing behaviors are micro-founded. With no financial frictions, the model fails to explain a major event such as the 2008 GFC. Why small shocks can have very large effects (amplification) that last so long (persistence), and why deep downturns can occur repeatedly with powerful spillovers and contagion effects? Constructed for analyzing only small fluctuations, the current core model is likely to provide little guidance as to what should be done in response. In this paper, I argue that the key problem with the current macroeconomics is the superficiality of its treatment towards financial sector. It is shown that financial frictions played a significant role in capital flows fluctuations, external shocks created channels of spillover and contagion across countries and across asset classes, capital flows with the presence of financial frictions made monetary policy more challenging, and they could be detrimental to financial stability and the distribution of income. Corrections and adjustments to existing core macroeconomic model should be based on empirical evidence and how the economy works, not on the esthetic riddles of established paradigm.
41
Makrevska, Trajanka, and Gorica Popovska Nalevska. "MONETARY POLICY IN SMALL OPEN ECONOMY." Knowledge International Journal 28, no. 1 (December 10, 2018): 143–46. http://dx.doi.org/10.35120/kij2801143m.
Анотація:
Money and stabilization are the central problems of macroeconomics and macroeconomic policy today. Since the Great Depression money policy has been getting significant meaning. Dirigible money is created in the true sense of the word, i.e. money that is fully subordinated to the purposes of the national economic policy.By leaving the automatism of the golden rule regarding the mechanism of the monetary regulation, not just inside the economy but also in the external economy, it led to taking over the responsibility of the state for the development of internal monetary situation and a system of international payment relations, i. e. external liquidity of the economy. The state takes over directly (with the Central bank) the responsibility for the monetary credit policy in general, for the regulation of money supply, and also for the regulation of the basic commodity-money relations inside the economy, the stability of the economy, prices and the exchange rate. Is monetary policy able to substantially support development, especially in small open economy? Yes. Adequate liquidity with relative price stability, credible monetary institutions and a high degree of confidence in the domestic currency and financial institutions and markets are one of the pillars of sustainable economic development. Small open economies are still far from these standards and still much can be improved.
42
Mankiw, N. Gregory. "A Skeptic’s Guide to Modern Monetary Theory." AEA Papers and Proceedings 110 (May 1, 2020): 141–44. http://dx.doi.org/10.1257/pandp.20201102.
Анотація:
This essay discusses a new approach to macroeconomics called modern monetary theory (MMT). It identifies the key differences between MMT and the approach found in mainstream textbooks. It concludes that while MMT contains some kernels of truth, its most novel policy prescriptions do not follow cogently from its premises.
43
Alzyadat, Jumah Ahmad. "Public Debt Management and Macroeconomics Policies Coordination: Evidence from Jordan." Revista Amazonia Investiga 9, no. 36 (January 29, 2021): 59–72. http://dx.doi.org/10.34069/ai/2020.36.12.5.
Анотація:
This study aimed to analyze the effects of fiscal and monetary policies interactions on public debt in Jordan during (1970 – 2019). Using Vector Error Correction Model (VECM) derived from VAR (Vector Auto regression), and examine dynamic interactions between economic variables over time, by Appling Impulse Response Function, and Variance Decomposition. The results indicated that the fiscal policy instruments affect public debt in two different directions, the expansion of government expenditure positively affect public debt, while tax revenues reduce indebtedness. The monetary policy instruments affect public debt in the same directions, as the results indicated that the central bank in controlling money supply and managing interest rate helps the fiscal authority in reducing the public debt in Jordan. The results confirm the strongest impact of government expenditure on public debt in Jordan. The study recommends the necessity of rationalizing government expenditures and combating tax evasion. In addition, more coordination between fiscal and monetary policies.
44
Jacobson, Margaret M., Christian Matthes, and Todd B. Walker. "Inflation Measured Every Day Keeps Adverse Responses Away: Temporal Aggregation and Monetary Policy Transmission." Finance and Economics Discussion Series, no. 2022-054 (August 2022): 1–48. http://dx.doi.org/10.17016/feds.2022.054.
Анотація:
Using daily inflation data from the Billion Prices Project [Cavallo and Rigobon (2016)], we show how temporal aggregation biases estimates of monetary policy transmission. We argue that the information mismatch between private agents and the econometrician —the source of temporal aggregation bias —is equally important as the more studied mismatch between private agents and the central bank (the “Fed information effect”). We find that the adverse response of daily inflation to high-frequency monetary policy shocks is short-lived, if present at all, in impulse responses from both local projections and an unobserved components model of inflation dynamics. To reconcile how one can obtain a sizable adverse response with monthly or quarterly data when only a limited adverse response exists at a higher frequency, we appeal to a simple monetary policy model and show how temporal aggregation bias can exacerbate initial impulse response functions. Because our modeling results are generic and macroeconomic indicators are published with a lag, we argue that temporal aggregation bias will be a key feature of the nascent field of high-frequency macroeconomics.
45
Campos, Octávio Valente, Wagner Moura Lamounier, and Rafael Morais de Souza. "The composition of firms' indebtedness and the macroeconomy of capital." Revista Catarinense da Ciência Contábil 21 (September 9, 2022): e3296. http://dx.doi.org/10.16930/2237-7662202232962.
Анотація:
The objective of this research is to analyze the influence that monetary policies exert on the composition of the indebtedness of Brazilian corporations. From this objective, 2 hypotheses derive. The first analyzes the sample aggregate and the second directs the tests to the productive sectors. The study sample is composed of 220 companies: 84 of consumer goods, 89 of capital goods and 47 of public utility. The data collected refer to the years 2009 to 2019. The methodology used for data analysis is through panel data models, using the GMM approach. According to the results, it can be concluded - in the light of the macroeconomics of capital - that the composition of the firms' indebtedness can be determined by the market moments defined by the monetary policies, so that such influence is different depending on the sector to which the companies are located in the production chain. These results complement the literature that studies the impacts of monetary policies and macroeconomic variables on corporate finance, mainly through econometric modeling based on accounting data.
46
DeRosa, David. "Central Banks, Monetary Policy, and the Return of Macroeconomics." CFA Institute Conference Proceedings Quarterly 26, no. 4 (December 2009): 14–19. http://dx.doi.org/10.2469/cp.v26.n4.1.
47
Whalen, Charles J. "Symposium on the Monetary Macroeconomics of John R. Commons." Journal of Economic Issues 54, no. 4 (October 1, 2020): 903–6. http://dx.doi.org/10.1080/00213624.2020.1816115.
48
Waluyo, Joko. "PENGARUH PEMBIAYAAN DEFISIT ANGGARAN TERHADAP INFLASI DAN PERTUMBUHAN EKONOMI: SUATU SIMULASI MODEL EKONOMI MAKRO INDONESIA 1970 – 2003." KINERJA 10, no. 1 (January 26, 2017): 1–22. http://dx.doi.org/10.24002/kinerja.v10i1.915.
Анотація:
The objective of this research is to identify the impact of budget deficit financing oninflation and economic growth. Simulation are conducted using the small open macroeconomics model specified by Waluyo (2005) with 10.000 replication on the stochastic simulation. Using the secondary data of the Indonesian economy from 1970 to 2003, simulation results show that budget deficit financing from foreign debt and monetary policies would increase the economic growth, but inflationary. On the other hand, tax effort policies are considered to be better, since simulation results show that they would improve economic growth without being inflationary.Keywords: budget deficit, macroeconomic model, economic growth, simulation
49
Bordo, Michael, and Harold James. "The trade-offs between macroeconomics, political economy and international relations." Financial History Review 26, no. 3 (July 10, 2019): 247–66. http://dx.doi.org/10.1017/s096856501900012x.
Анотація:
This article explains the problem of adjustment to the challenges of globalization in terms of the logic underpinning four distinct policy constraints, or trilemmas, and their interrelationship, and in particular the disturbances that arise from capital flows. The analysis of a policy trilemma was developed first as a diagnosis of exchange rate problems (the incompatibility of free capital flows with monetary policy autonomy and a fixed exchange rate regime); but the approach can be extended. The second trilemma we describe is the incompatibility between financial stability, capital mobility and national policy choice over exchange rates. The third example extends the analysis to politics, and looks at the strains in reconciling democratic politics with monetary autonomy and capital movements. Finally, we examine the security aspect and look at the interactions of democracy with capital flows and international order. The trilemmas, in short, depict the way that domestic monetary, financial, economic and political systems are interconnected with the international order, or the impossible policy choices at the heart of globalization. Frequently, the trilemmas conjure up countervailing anti-globalization tendencies and trends.
50
Goodhart, Charles. "Whatever Became of the Monetary Aggregates?" National Institute Economic Review 200 (April 1, 2007): 56–61. http://dx.doi.org/10.1177/0027950107080389.
Анотація:
My title intentionally harks back to Maurice Peston's slim, but excellent, 1980 book, entitled Whatever Happened to Macro-economics. In this book, a compilation of three lectures, Maurice asks how much then remained of traditional Keynesian macroeconomics in the aftermath of the monetarist counter-revolution, and of the development of Lucasian rational expectations. Maurice was much more impressed by the new contributions of the rational expectations school than he was of those by the more traditional monetarists.