scholarly journals Impact of Macroeconomic Policies on Agricultural Prices

2005 ◽  
Vol 34 (2) ◽  
pp. 226-237 ◽  
Author(s):  
Titus O. Awokuse
Keyword(s):  
Monetary Policy ◽  
Policy Instrument ◽  
Type Model ◽  
Macroeconomic Policies ◽  
Agricultural Prices ◽  
Dynamic Relationship ◽  
Policy Tool ◽  
Time Period ◽  
Monetary Policy Shock ◽  
The Impact

Existing empirical evidence on the impact of macroeconomic variables on agriculture remains mixed and inconclusive. This paper re-examines the dynamic relationship between monetary policy variables and agricultural prices using alternative vector autoregression (VAR) type model specifications. Directed acyclic graph theory is proposed as an alternative modeling approach to supplement existing modeling methods. Similar to results in other studies, this study's findings show that over the time period analyzed (1975–2000), changes to money supply as a monetary policy tool had little or no impact on agricultural prices. The primary macroeconomic policy instrument that affects agricultural prices is the exchange rate, which is shown to be directly linked to interest rate, a source of monetary policy shock.

scholarly journals Monetary Policy Shocks and Manufacturing Output in Nigeria (1981-2018)

2020 ◽  
Vol 7 (1) ◽  
pp. 27-37
Author(s):  
Yinka Sabuur Hammed
Keyword(s):  
Monetary Policy ◽  
Time Series Data ◽  
Policy Instrument ◽  
Series Data ◽  
Policy Makers ◽  
Long Run ◽  
Integration Test ◽  
Policy Shocks ◽  
Monetary Policy Shock ◽  
The Impact

This study empirically investigates the impact of monetary policy shock on the manufacturing output in Nigeria using time series data covering the period between 1981 and 2018. Co-integration test was used to establish the long run relationship among the variables and Structural Vector Auto-Regressive model was employed to test for the shocks. It was found that shock to broad money supply would bring about positive and significant impact on the manufacturing output while the impact of shock to interest rate was found to be negative and insignificant. This study however concludes that shock to broad money is the main monetary policy instrument which can bring about positive change to manufacturing output in Nigeria. This paper then suggests that government and policy makers should primarily focus on this variable in their implementation of unanticipated monetary policy.

Impact of external currency exposures on macroeconomic policies

2020 ◽  
pp. 23-40
Author(s):  
I. V. Prilepskiy
Keyword(s):  
Monetary Policy ◽  
Exchange Rate ◽  
Positive Impact ◽  
Exchange Rate Regime ◽  
Macroeconomic Policies ◽  
Panel Regressions ◽  
Financial Account ◽  
Currency Exposure ◽  
Cross Country ◽  
The Impact

Based on cross-country panel regressions, the paper analyzes the impact of external currency exposures on monetary policy, exchange rate regime and capital controls. It is determined that positive net external position (which, e.g., is the case for Russia) is associated with a higher degree of monetary policy autonomy, i.e. the national key interest rate is less responsive to Fed/ECB policy and exchange rate fluctuations. Therefore, the risks of cross-country synchronization of financial cycles are reduced, while central banks are able to place a larger emphasis on their price stability mandates. Significant positive impact of net external currency exposure on exchange rate flexibility and financial account liberalization is only found in the context of static models. This is probably due to the two-way links between incentives for external assets/liabilities accumulation and these macroeconomic policy tools.

scholarly journals Performance of Stock and Treasury Bills under Inflation and Floating: Evidence from Egypt

2018 ◽  
Vol 10 (6) ◽  
pp. 160
Author(s):  
Osama Wagdi ◽  
Yasmin Tarek ◽  
Nihad Edres
Keyword(s):  
Monetary Policy ◽  
Coefficient Of Variation ◽  
Positive Relationship ◽  
Inflation Rate ◽  
Common Stock ◽  
Treasury Bills ◽  
Average Return ◽  
Time Period ◽  
Strong Positive Relationship ◽  
The Impact

The aim of this study is comparing the performance of common stock & treasury bills, according to the central bank of Egypt and their monetary policy during the time period between “1994-2017”, using descriptive & inferential statistical methods. The Study concluded that there is a strong positive relationship between inflation rate & returns of Egyptian treasury bills, as the same relation as with floating Egyptian pound.in addition, the study found the impact of Inflation and Floating on the return of Egyptian T-bills, but don’t found this impact on the return of Egyptian common stock. Finally, the study founds the same average return but a different at variances of this return & the Coefficient of variation.

scholarly journals Long time frames to detect the impact of changing COVID-19 measures, Canada, March to July 2020

2021 ◽  
Vol 26 (40) ◽  
Author(s):  
Jessica E Stockdale ◽  
Renny Doig ◽  
Joosung Min ◽  
Nicola Mulberry ◽  
Liangliang Wang ◽  
...  
Keyword(s):  
Population Level ◽  
Time Frame ◽  
Control Measures ◽  
Type Model ◽  
Time Period ◽  
Long Time ◽  
The Mean ◽  
Reported Data ◽  
Time Frames ◽  
The Impact

Background Many countries have implemented population-wide interventions to control COVID-19, with varying extent and success. Many jurisdictions have moved to relax measures, while others have intensified efforts to reduce transmission. Aim We aimed to determine the time frame between a population-level change in COVID-19 measures and its impact on the number of cases. Methods We examined how long it takes for there to be a substantial difference between the number of cases that occur following a change in COVID-19 physical distancing measures and those that would have occurred at baseline. We then examined how long it takes to observe this difference, given delays and noise in reported cases. We used a susceptible-exposed-infectious-removed (SEIR)-type model and publicly available data from British Columbia, Canada, collected between March and July 2020. Results It takes 10 days or more before we expect a substantial difference in the number of cases following a change in COVID-19 control measures, but 20–26 days to detect the impact of the change in reported data. The time frames are longer for smaller changes in control measures and are impacted by testing and reporting processes, with delays reaching ≥ 30 days. Conclusion The time until a change in control measures has an observed impact is longer than the mean incubation period of COVID-19 and the commonly used 14-day time period. Policymakers and practitioners should consider this when assessing the impact of policy changes. Rapid, consistent and real-time COVID-19 surveillance is important to minimise these time frames.

scholarly journals Evaluation of the Impact of the Bank of Russia Key Rate on the Commercial Banks’ Deposit Policy

2020 ◽  
pp. 99-111
Author(s):  
M. N. Konyagina ◽  
I. R. Meurmishvili ◽  
A. A. Dochkina
Keyword(s):  
Monetary Policy ◽  
Interest Rates ◽  
Commercial Banks ◽  
Policy Instruments ◽  
Policy Instrument ◽  
Credit System ◽  
Leading Role ◽  
State Of The Economy ◽  
Current Impact ◽  
The Impact

The monetary policy of the Central Bank is in the sphere of interests of economists of various specializations. Determining the value of money in the economy, the money supply, and ensuring the effective functioning of the national payment system, the regulator has a significant impact on the state of the economy and determines the prospects for its development. One of the most important monetary policy instruments is the key rate. However, the efficiency of its application in different economies at different historical periods is different.At the same time, commercial banks, being the core of the credit system, are extremely dependent on the volume and quality characteristics of accumulated deposits. Private clients’ deposits are an important resource for both short-term and long-term operations of credit organizations. In Russia, banks play a leading role in the financial market. In this regard, the evaluation of the impact of a key rate as an important monetary policy instrument on the banks’ deposit policy is of particular relevance in the current state of the Russian economy. Therefore, determining as an aim of the research the evaluation of the current impact of the Bank of Russia key rate on the Russian credit organizations’ deposit policy, the authors sorted out the necessary relevant data on interest rates and deposit volumes in Russian commercial banks in 2014–2018, assessed the strength of the relationship between the Bank of Russia key rate and banks’ deposit rates and the volume of deposits in the country, identified the problems of implementing monetary policy in Russia and evaluated the effectiveness of the key rate as the monetary policy tool.

scholarly journals FEATURES OF INTEREST-BEARING MONETARY POLICY INSTRUMENTS OF THE CZECH NATIONAL BANK

2020 ◽  
pp. 127-133
Author(s):  
A. V. Berdyshev ◽  
N. S. Bobyr
Keyword(s):  
Monetary Policy ◽  
Interest Rates ◽  
Inflation Targeting ◽  
Global Financial Crisis ◽  
Policy Instruments ◽  
Macroeconomic Policies ◽  
Exact Test ◽  
Macroeconomic Indicators ◽  
National Bank ◽  
The Impact

The features of the economic development of the Czech Republic after the global financial crisis, the role of the Czech National Bank in the formation of macroeconomic policies, as well as the peculiarities of monetary regulation in the study period have been defined in the article. The main goal of the paper is to assess the impact of interest rates used by the Czech National Bank in the process of monetary regulation on the dynamics of the main macroeconomic indicators, which is considered as one of the necessary conditions for the effectiveness of the inflation targeting regime. By the results of the correlation analysis and Fisher’s exact test, it has been determined that the Czech National Bank could affect the main macroeconomic indicators based on the percentage of monetary policy instruments used.

scholarly journals Regional economic structure and heterogeneous effects of monetary policy: evidence from Indonesian provinces

2022 ◽  
Vol 11 (1) ◽  
Author(s):  
Harry Aginta ◽  
Masakazu Someya
Keyword(s):  
Monetary Policy ◽  
Manufacturing Sector ◽  
Bank Lending ◽  
Impulse Response Functions ◽  
Regional Economic ◽  
Vector Autoregressive ◽  
Heterogeneous Effects ◽  
Structural Variables ◽  
Monetary Policy Shock ◽  
The Impact

AbstractWe analyze how regional economic structures affect the impact of monetary policy on rates of inflation across 34 Indonesian provinces. The paper first applies structural factor augmented vector autoregressive model (SFAVAR) to all the 34 provinces based on monthly provincial data in order to measure the length and magnitude of responses of regional inflation to monetary policy shock, derived from the consequential impulse response functions of 34 provinces. In the second step, we analyze the impact of economic structures on the length and magnitude of regional inflationary responses of 34 provinces. We find that the impacts of monetary policy across regions are significantly influenced by economic structural variables such as manufacturing sector share to GDP, mining sector share to GDP, bank lending share to GDP and export share to GDP. In addition, we found the spatial lag, rate of inflation of neighboring provinces, is also statistically significant. In a similar fashion, economic structural variables such as manufacturing sector share to GDP, construction sector share to GDP and investment share to GDP are found statistically significant in explaining regional differences of monetary policy efficiency. Our findings imply economic structures of provinces have to be incorporated to designing monetary policy in Indonesia.

scholarly journals Nuclear Proliferation Deterrence: Bullying vs Diplomacy

2017 ◽  
Vol 8 (2) ◽  
pp. 47-55
Author(s):  
Chidiebere C Ogbonna
Keyword(s):  
Nuclear Weapons ◽  
Nuclear Proliferation ◽  
Well Being ◽  
Policy Instrument ◽  
International Community ◽  
Access To Finance ◽  
Policy Tool ◽  
Plausible Mechanism ◽  
The Impact

The article examines the plausibility of using sanctions as an instrument that can deter nuclear proliferation. Sanctions have been a favored policy tool in the arsenal of the international community, when it comes to issues relating to deterring nuclear proliferation. The adoptions of sanctions as a policy instrument that can quench the nuclear ambition of states and/or regimes are based on two main assumptions. First, it is believed that they add cost to the regime aspiring to acquire nuclear weapons, by limiting the regime’s access to finance and thus discourage it from furthering its nuclear ambition. Second, it is believed that the impact of sanctions on the welfare and well-being of the citizens of a targeted regime will prompt the citizens to rebel against the regime and perhaps force it to comply with the demands of the sanctions imposing party. This article however, took a dissimilar view and argues that sanctions as a single policy tool cannot check nuclear proliferation. At best they can be used to express discontent or signal displeasure to a regime with nuclear ambition. The article concludes that diplomacy devoid of rapacity is and will remain the plausible mechanism to deter nuclear proliferation.

The Impact of the Balassa-Samuelson Effect on the Real Ruble Exchange Rate: The Assessment

2008 ◽  
pp. 12-30 ◽  
Author(s):  
E. Gurvich ◽  
V. Sokolov ◽  
A. Ulyukaev
Keyword(s):  
Exchange Rate ◽  
Policy Instrument ◽  
Price Shocks ◽  
The Real ◽  
Long Run ◽  
Time Period ◽  
Productivity Differentials ◽  
Productivity Differential ◽  
The Impact ◽  
German Data

The article presents an empirical investigation of the impact of the Balassa-Samuelson effect on the real ruble appreciation in 1999-2007. We consider long-run, supply-side determinants of the real ruble exchange rate, such as changes in terms of trade and labor productivity. Using Russian and German data on price and productivity differentials between tradable and non-tradable sectors of the two economies, we estimate the significance of oil price shocks and the Balassa-Samuelson effect for the real ruble appreciation. Our study demonstrates that, on average, about 1/3 of the observed appreciation can be attributed to the Balassa-Samuelson effect. The cointegrating relationship between the productivity differential and the real exchange rate provides evidence of the healthy nature of the economic growth, which took place in Russia during the time period under investigation. These findings suggest that exchange rate adjustments should be used by the Central Bank of Russia mainly as a monetary policy instrument for fighting inflation rather than as a tool for competitive devaluations.

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