A review of the empirical evidence relating to the role of money and the effectiveness of monetary policy

1985 ◽  
pp. 171-189
Author(s):  
David G. Pierce ◽  
Peter J. Tysome
Keyword(s):  
Monetary Policy ◽  
Empirical Evidence ◽  
Effectiveness Of Monetary Policy

scholarly journals U.S. Monetary Policy Spillovers to GCC Countries

2019 ◽  
Vol 19 (304) ◽  
Author(s):  
Olumuyiwa Adedeji ◽  
Erik Roos ◽  
Sohaib Shahid ◽  
Ling Zhu
Keyword(s):  
Monetary Policy ◽  
Empirical Evidence ◽  
Oil Prices ◽  
Gdp Growth ◽  
Gcc Countries ◽  
Potential Channels ◽  
Monetary Policy Spillovers ◽  
Effectiveness Of Monetary Policy

This paper provides empirical evidence that the size of the spillovers from U.S. monetary policy to non-oil GDP growth in the GCC countries depends on the level of oil prices. The potential channels through which oil prices could affect the effectiveness of monetary policy are discussed. We find that the level of oil prices tends to dampen or amplify the growth impact of changes in U.S. monetary policy on the non-oil economies in the GCC.

scholarly journals Effectiveness of Monetary Policy in Controlling Inflation in Pakistan

2014 ◽  
Vol 1 (1) ◽  
pp. 10-14
Author(s):  
Muhammad Azhar Khan ◽  
Sonia Haroon
Keyword(s):  
Economic Growth ◽  
Monetary Policy ◽  
Money Supply ◽  
Policy Implication ◽  
Financial Institution ◽  
Important Policy ◽  
Long Run ◽  
Effectiveness Of Monetary Policy ◽  
Important Policy Implication

The objective of the study is to examine the role of monetary policy to control inflation and boost economic growth in Pakistan during the period of 1970 to 2010. The results show that there is a long-run equilibrium among inflation, money supply and GDP. In addition, the results indicate that monetary policy is a powerful tool in order to control inflation in Pakistan. The important policy implication is that inflation in Pakistan can be cured by sufficiently tight monetary policy coupled with low scale borrowing by government from financial institution. At the same time economic growth requires to be sustained.

scholarly journals The Nexus of Monetary Policy and Shadow Banking in China

2018 ◽  
Vol 108 (12) ◽  
pp. 3891-3936 ◽  
Author(s):  
Kaiji Chen ◽  
Jue Ren ◽  
Tao Zha
Keyword(s):  
Monetary Policy ◽  
Empirical Evidence ◽  
Theoretical Explanation ◽  
Bank Loans ◽  
Bank Credit ◽  
Shadow Banking ◽  
Policy Rule ◽  
Institutional Facts ◽  
Monetary Policy Rule ◽  
Effectiveness Of Monetary Policy

We study how monetary policy in China influences banks’ shadow banking activities. We develop and estimate the endogenously switching monetary policy rule that is based on institutional facts and at the same time tractable in the spirit of Taylor (1993). This development, along with two newly constructed micro banking datasets, enables us to establish the following empirical evidence. Contractionary monetary policy during 2009–2015 caused shadow banking loans to rise rapidly, offsetting the expected decline of traditional bank loans and hampering the effectiveness of monetary policy on total bank credit. We advance a theoretical explanation of our empirical findings. (JEL E32, E52, G21, O16, O23, P24, P34)

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