scholarly journals Monetary policy transmission in vector autoregressions: A new approach using central bank communication

2013 ◽  
Vol 37 (11) ◽  
pp. 4278-4285 ◽  
Author(s):  
Matthias Neuenkirch
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Monetary Policy Transmission ◽  
Vector Autoregressions ◽  
New Approach ◽  
Central Bank Communication ◽  
Policy Transmission

scholarly journals Significant Effect of the Central Bank Digital Currency on the Design of Monetary Policy

2019 ◽  
Vol 8 (1) ◽  
pp. 125-151
Author(s):  
Muhammad Edhie Purnawan ◽  
Retno Riyanti
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Central Banks ◽  
Financial Inclusion ◽  
Monetary Policy Transmission ◽  
Digital Currency ◽  
Policy Transmission

Entering the millennial era, technology has taken a big role in most sectors of life, including the currency as a product that can only be issued by the central bank. This paper examines the significant effect of central bank digital currency (CBDC) on the design of central bank monetary policy. The paper then sets out some benchmark central bank digital currency (CBDC) in several countries. Many central banks are actively exploring the initiation of sovereign digital currencies. Primary results this study is CBDC providing new monetary instruments, CBDC can improve financial inclusion, and CBDC is potential improvements in monetary policy transmission.

scholarly journals A new approach to the analysis of monetary policy transmission through bank capital

2018 ◽  
Vol 24 ◽  
pp. 95-104 ◽  
Author(s):  
María Cantero Sáiz ◽  
Sergio Sanfilippo Azofra ◽  
Begoña Torre Olmo ◽  
Carlos López Gutiérrez
Keyword(s):  
Monetary Policy ◽  
Bank Capital ◽  
Monetary Policy Transmission ◽  
New Approach ◽  
Policy Transmission

scholarly journals Monetary Policy Transmission Mechanism of Bangladesh

2021 ◽  
Author(s):  
In Huh ◽  
◽  
Yoonsoo Lee ◽  
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Transmission Mechanism ◽  
Monetary Policy Transmission ◽  
Policy Transmission ◽  
Monetary Policy Transmission Mechanism

This paper examines the effectiveness of the monetary policy of the central bank of Bangladesh and the impacts on the country’s economy.

scholarly journals Using Macroeconomic Models for Monetary Policy in Ukraine

2015 ◽  
pp. 54-64 ◽  
Author(s):  
Sergiy Nikolaychuk ◽  
Yurii Sholomytskyi
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Inflation Targeting ◽  
Transmission Mechanism ◽  
Successful Implementation ◽  
Monetary Policy Transmission ◽  
Macroeconomic Models ◽  
Current State ◽  
Policy Transmission ◽  
Monetary Policy Transmission Mechanism

An important precondition for successful implementation of inflation targeting is the ability of the central bank to forecast inflation given the fact that the inflation forecast has become an intermediate target. Certainly, this means there should be clear understanding of the monetary policy transmission mechanism functioning within the bank, because it is precisely through transmission channels that a central bank has to ensure convergence of its inflation forecast to the target. And it is almost impossible to pursue inflation targeting without a set of macroeconomic models that describes the monetary policy transmission mechanism and helps to analyse the current state of the economy as well as forecast (simulate) short- and medium-term macroeconomic scenarios. This article provides a review of the current state of macroeconomic modelling at central banks and describes the history of development and actual stance of the National Bank of Ukraine’s system of macroeconomic models. The existing system provides quite reliable support for the current monetary policy decision-making process, but it has to be improved by implementing a more sophisticated model (such as a dynamic stochastic general equilibrium model) and enhancing the set of econometric models for shortterm forecast purposes in the future.

scholarly journals Interest Rate Pass-Through: Empirical Study Towards Monetary Policy Transmission Effectiveness in Indonesia

2018 ◽  
Vol 2 (02) ◽  
pp. 14
Author(s):  
Heni Hasanah
Keyword(s):  
Monetary Policy ◽  
Interest Rate ◽  
Central Bank ◽  
Monetary Policy Transmission ◽  
Deposit Rate ◽  
Policy Transmission ◽  
Lending Rate ◽  
Pass Through ◽  
Effectiveness Of Monetary Policy

<p><em>This research aims to measure the effectiveness of monetary policy transmission, especially through the interest rate channel. The analysis was conducted on the first stage of its transmission, namely Interest Rate Pass-through (IRPT). IRPT refers to condition in which retail interest rate (both deposit and lending rate) responds to changes in policy rate of central bank. IRPT was measured using Error Correction Model (ECM) for time series data in the period of January 2010 - December 2015. The results of this study indicated that degree of long term and short term IRPT is incomplete for deposit and lending rate. In addition, IRPT for deposit rate is higher than lending rate, but the adjustment process of lending rate faster than deposit rate. Finally, model that include other variables (macroeconomic and internal banking indicator) generate long term IRPT which is smaller than the standard model. This results implies that the Central Bank, the FSA, and government needs to pay attention to the stability of the other variables that may interfere or reduce the effectiveness of monetary policy through the interest channel.     </em></p><p><strong><em>JEL Classification: </em></strong>E42, E43, E52</p><strong><em>Keywords: </em></strong><em>Deposit rate, ECM,  IRPT, Lending Rate, Policy Rate</em>

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