Welfare consequences of inconsistent monetary policy implementation in Vietnam

نویسندگان
چکیده

برای دانلود رایگان متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

منابع مشابه

Were Hayek’s Monetary Policy Recommendations Inconsistent?

Contrary to the claims that Hayek’s views on monetary policy were inconsistent, we show that Hayek was never an advocate of any particular monetary policy. In particular, we reject the view that early Hayek was a money stream stabilizer, while late Hayek was a price level stabilizer. We argue that Hayek was always aware that each practical monetary policy involves difficult trade-offs and was t...

متن کامل

Understanding Monetary Policy Implementation

O ver the last two decades, central banks around the world have adopted a common approach to monetary policy that involves targeting the value of a short-term interest rate. In the United States, for example, the Federal Open Market Committee (FOMC) announces a rate that it wishes to prevail in the federal funds market, where commercial banks lend balances held at the Federal Reserve to each ot...

متن کامل

Monetary Policy, Price Dynamics, and Welfare∗

We present a micro-founded search-theoretical model of money in which agents are subject to idiosyncratic liquidity shocks as well as aggregate productivity and monetary shocks. Monetary policy has redistributive effects and persistent effects on output and prices: aggregate shocks will propagate and diffuse gradually as the money distribution adjusts over time. The model is used to study the c...

متن کامل

The Redistributive Consequences of Monetary Policy

Makoto Nakajima is a senior economist at the Federal Reserve Bank of Philadelphia. The views expressed in this article are not necessarily those of the Federal Reserve. The Federal Reserve conducts monetary policy in order to achieve maximum employment, stable prices, and moderate long-term interest rates. Monetary policy currently implemented by the Federal Reserve and other major central bank...

متن کامل

Vehicle currency pricing and its positive welfare consequences under optimal monetary policy

Using a two-country general equilibrium model, this paper analytically derives the possibility of positive welfare consequences of vehicle currency use in invoicing international trades. Such vehicle currency use is prominent in the data. The literature points out welfare loss under optimal monetary policy due to vehicle currency pricing relative to the flexible price equilibrium outcome, model...

متن کامل

ذخیره در منابع من


  با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید

ژورنال

عنوان ژورنال: Economic Research-Ekonomska Istraživanja

سال: 2020

ISSN: 1331-677X,1848-9664

DOI: 10.1080/1331677x.2020.1724172