This paper provides new empirical evidence that bears on the efficacy of unconventional monetary policies when main policy rate is negative. When a negative interest (NIRP) deployed in concert with forward guidance (FG) and quantitative easing (QE), identification impacts these instruments challenging. We propose novel approach seeks to overcome this challenge by combining dense, controlled eve...

A study on the effective placement of piles in retaining wall pit was carried out. comparison internal forces and horizontal displacements drawn among three variants their placements wall. The influence calculation results detailing soil excavation process during modeling using Plaxis 2D examined. Based research stress-strain state (STS) spatial setting problem, a to problem with flat drawn. Ad...

          The aim of this paper is to simulate the effects of some macroeconomic policy tools on production and inflation of Iran by the current worldwide financial and real crisis. The theoretical framework of the analysis is based on the so-called ‘IMF/World Bank Integrated Model’ which is the synthesis (a merger) of the basic monetary approach of the Balance of Payments used at t...

Over the past 15 years there has been remarkable progress in the specification and estimation of dynamic stochastic general equilibrium (DSGE) models. Central banks in developed and emerging market economies have become increasingly interested in their usefulness for policy analysis and forecasting. This paper reviews some issues and challenges surrounding the use of these models at central ban...

Union-wide Aggregates versus National Data Based Monetary Policies: Does it Matter for the Eurosystem?* The effectiveness of alternative loss functions assigned to the common central bank of a monetary union is studied. The alternative policy objectives are a function of the degree of aggregation of decision variables. We consider, respectively, the policy based on the union-wide aggregates and...

This study assesses dynamics of openness and finance in Africa by integrating financial development dynamics of depth, activity and size in the assessment of how financial, trade, institutional, political and other openness policies (of second generation structural and institutional reforms) have affected financial development. The empirical evidence is based on Generalized Method of Moments wi...

The price system, the adjustment of prices to changes in market conditions, is the primary mechanism by which markets function and by which the three most basic questions get answered: what to produce, how much to produce and for whom to produce. To the behaviour of price and price system, therefore, have fundamental implications for many key issues in microeconomics and industrial organization...

This paper studies random-matching economies where …at money coexists with a real asset, and no restrictions are imposed on payment arrangements. The real asset is partially illiquid due to informational asymmetries about its fundamental value. The extent to which the real asset is used as means of payment depends on the variance of its dividend as well as monetary policy. The e¤ects of in‡atio...