Monetary Policy in a Changing Environment
نویسندگان
چکیده
منابع مشابه
Monetary Policy in a Changing Economic Environment
Three years ago at this same conference, I was given an opportunity to talk about Japans monetary policy in the years when asset price bubbles expanded.1 Today, I would like mainly to review monetary policy in the following phase when the bubbles burst, for an asset price swing is the changing economic environment most relevant to us. Incidentally, we are now in the third phase when the econ...
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This paper reviews how the changing financial environment in Korea has affected the conduct of monetary policy and examines the extent to which the Bank of Korea now uses the short-term interest rate rather than money aggregates as an operating target. Empirical results from estimation of monetary reaction functions suggest that the Bank of Korea has been following an interest rate target recen...
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Monetary environment as the core of financial system has been functionally designed in light of the new set of extensive goals including financial stability, sustainable noninflationary growth, external sustainability, and price stability. A comprehensive monetary policy framework is proposed for Iran which systematically include the new goals, stance variables, instruments, transmission mechan...
متن کاملChanging Effects of Monetary Policy
A series of developments in the U.S. economic environment in the 1980s has resulted in major changes in prevalent thinking about how monetary policy affects economic activity. One important part of this change simply reflects the heightened awareness, following the experience of disinflation early in the decade, that monetary policy is not neutral-that is,,that actions taken by h e central bank...
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Although there is a substantial body of literature on macroeconomic policies in Latin America, the role of fiscal and monetary policies as tools to stabilize the business cycle has not received much attention. This is understandable in light of the fact that during the last thirty years, both fiscal and monetary policies were responsible, to a large degree, for the regions history of macroecon...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2003
ISSN: 1556-5068
DOI: 10.2139/ssrn.1188108