Title VIII Economic and Monetary Policy

2019 ◽  
Author(s):  
Leo Flynn
Keyword(s):  
Monetary Policy ◽  
Economic Policy ◽  
The Other ◽  
Primary Task ◽  
Price Stability ◽  
Policy Fields ◽  
Independent Union ◽  
Article 5

Title VIII of Part Three of the TFEU deals with economic and monetary policy of the Union. It brings together two policy fields of intense sensitivity for the MS and for citizens, in a highly asymmetrical fashion. Economic policy is an area in which MS retain extensive competences, and in which the TFEU provisions envisage forms of coordination based on multilateral surveillance in which the Commission and the Council jointly exercise key responsibilities and from which the Court is largely excluded in practical terms (see also Commentary on Article 5 TFEU). Monetary policy is a competence of the Union (see Article 3 TFEU) that is largely exercised by the ECB as an independent Union institution, which is relatively insulated from the other institutions so that it can achieve its primary task of ensuring price stability.

scholarly journals Inflation Targeting Approach: An Evaluation of the Application Process in Turkey

2013 ◽  
Author(s):  
Serdar Öztürk ◽  
Ali Sözdemir ◽  
Özlem Ülger
Keyword(s):  
Monetary Policy ◽  
Inflation Targeting ◽  
Developed Countries ◽  
The Other ◽  
Price Stability ◽  
Application Process ◽  
Point Target ◽  
The Stability ◽  
Republic Of Turkey ◽  
Developing And Developed Countries

As a result of many countries don’t provide the achievement as regards the satisfaction of the price stability between 1970 and 1990, the other targets and the stability programs aimed at these targets were put away and price stability as a point target was put forward in this process. In this context, inflation targeting approach has been formed as providing price stability and the fight against the inflation after 1990s. The first application of inflation targeting approach by the New Zealand in 1990 affected The Central Bank of Republic of Turkey (CBRT), because of positive impacts on many countries such as developing and developed countries. The results of Inflation targeting approach that has been applied by many countries following New Zealand's experience are positive. Thus, CBRT explained to take place inflation targeting of the point target in monetary policy at the beginning of 2002. Because Turkey don’t provide with the application set of the preconditions for this approach, CBRT decided to remove the elements that is restricting monetary policy and carried into practice "the implicit inflation targeting" until meeting this conditions. In the process of implicit inflation targeting approach, after the conditions related technical infrastructure was improved a new opinion, The CBRT announced to practice "the explicit inflation targeting" approach by the beginning of 2006.

scholarly journals THE DEVELOPMENT EFFECTS OF THE MONETARY AND FISCAL POLICY IN CONTEMPORARY CONDITIONS

2019 ◽  
pp. 393
Author(s):  
Danijel Milošević ◽  
Vladislav Marjanović
Keyword(s):  
Decision Making ◽  
Economic Theory ◽  
Monetary Policy ◽  
Economic Policy ◽  
Fiscal Policy ◽  
Empirical Data ◽  
The Other ◽  
Standard Of Living ◽  
The Past ◽  
Monetary And Fiscal Policy

One of the biggest problems in economic theory has always been coordination of different elements of economic policy, especially monetary and fiscal policy. In the past, there have been a few theories emphasizing one of them, but in contemporary conditions it is a fact that the only right answer is in coordinated conducting of all of them. Therefore, every measure in monetary policy has to be followed by particular action in fiscal policy and the other way around. The question remains whether fiscal or monetary policy should have the priority in decision making and is there a pattern to follow when it comes to creating economic policy. Empirical data are the most purposeful source for answering these questions, and therefore we will use variables from four different countries from the last fifteen years and try to find the connection between monetary and fiscal policy and the standard of living.

Psychology of the Market and Economic Power (On Psychological Approach of Alan Greenspan to the Analysis of Economic Problems)

2011 ◽  
pp. 99-118
Author(s):  
Yu. Olsevich
Keyword(s):  
Economic Policy ◽  
Institutional Transformation ◽  
The Other ◽  
Economic Power ◽  
Psychological Approach ◽  
Market System ◽  
Economic Problems ◽  
Systemic Crisis ◽  
Micro Level ◽  
The One

The article analyzes the psychological basis of the theory and economic policy of libertarianism, as contained in the book by A. Greenspan "The Age of Turbulence", clarifies the strengths and weaknesses of this doctrine that led to its discredit in 2008. It presents a new understanding of liberalization in 1980-1990s as a process of institutional transformation at the micro and meso levels, implemented by politicians and entrepreneurs with predatory and opportunistic mentality. That process caused, on the one hand, the acceleration of growth, on the other hand - the erosion of informal foundations of a market system. With psychology and ideology of libertarianism, it is impossible to perceive real macro risks generated at the micro level, which lead to a systemic crisis, and to develop measures to prevent it.

scholarly journals Fubini’s Theorem for Non-Negative or Non-Positive Functions

2018 ◽  
Vol 26 (1) ◽  
pp. 49-67
Author(s):  
Noboru Endou
Keyword(s):  
Integrable Function ◽  
Functional Space ◽  
The Other ◽  
Integration Theory ◽  
Fubini’S Theorem ◽  
Positive Functions ◽  
System 1 ◽  
Article 5 ◽  
Fubini's Theorem ◽  
Lebesgue Integration

Summary The goal of this article is to show Fubini’s theorem for non-negative or non-positive measurable functions [10], [2], [3], using the Mizar system [1], [9]. We formalized Fubini’s theorem in our previous article [5], but in that case we showed the Fubini’s theorem for measurable sets and it was not enough as the integral does not appear explicitly. On the other hand, the theorems obtained in this paper are more general and it can be easily extended to a general integrable function. Furthermore, it also can be easy to extend to functional space Lp [12]. It should be mentioned also that Hölzl and Heller [11] have introduced the Lebesgue integration theory in Isabelle/HOL and have proved Fubini’s theorem there.

scholarly journals Monetary policy change of the Central bank of Poland

2015 ◽  
Vol 15 (3) ◽  
pp. 246-259
Author(s):  
Ireneusz Kraś
Keyword(s):  
Monetary Policy ◽  
Economic Policy ◽  
Central Bank ◽  
Policy Change ◽  
Financial System ◽  
Financial Statements ◽  
Democratic Character ◽  
National Bank ◽  
The Republic ◽  
The Government

Abstract The National Bank of Poland is an institution which, in conjunction with the government is responsible for the implementation of country’s economic policy reinforces its democratic character. Provisions of its operation are governed by the Constitution of The Republic of Poland and by the Act on the National Bank of Poland. To this end, the objective of the present research is to analyse the proposed amendments in the Act on the NBP. The latter concerns the amendment procedures, term of office and the rotations and numbers of Monetary Policy Council. The remaining part of the analyses is dedicated to the issue of dismissal of a MPC’s member in conjunction with the prohibition of occupying other positions, the adoption of the NBP’s financial statements and the separation of instruments of monetary policy’s instruments for stability of domestic financial system. Introduced changes in the proposed draft reduce the independence of the NBP while making it more subject to the Cabinet. Following the result of further consultations on the draft of Act on the NBP, provisions which reduce the independence of the NBP shall be partially removed.

scholarly journals Macroeconomic policies and economic democracy in neoliberal Brazil

2015 ◽  
Vol 24 (3) ◽  
pp. 513-539 ◽  
Author(s):  
Daniel Bin
Keyword(s):  
Economic Policy ◽  
Political Influence ◽  
Well Being ◽  
Brazilian Population ◽  
The Other ◽  
Economic Democracy ◽  
Macroeconomic Policies ◽  
Monetary Policies ◽  
Popular Participation ◽  
Political Inequality

Abstract The objective of this paper is to investigate some of the forms of conduct of macroeconomic policies related to a substantive concept of democracy, characterized by popular participation - direct or through representatives - in decisions that unevenly affect the material well-being of the entire Brazilian population. Special attention is given to decisions about the country's public indebtedness in the years following the launching of the RealPlan. Empirical evidences show a limited democracy, revealed by the material inequality, which in turn reproduces political inequality and restricts real freedom. This is combined with the selective bureaucratic insulation of economic policy decisions, and the parliament's failure to deal with the macroeconomic agenda. The latter is thus left to the control of the executive branch's economic apparatus, which on one hand submits itself to substantial political influence from finance and, on the other hand, restricts popular participation in decisions on both fiscal and monetary policies.

scholarly journals Monetary Policy Channels and Industrial Production in Pakistan: Evidences based on ARDL Approach

2020 ◽  
Vol 6 (3) ◽  
pp. 713-721
Author(s):  
Muhammad Tariq Mahmood ◽  
Sadaf Shahab ◽  
Saad Ali Rabbani
Keyword(s):  
Monetary Policy ◽  
Money Supply ◽  
Industrial Production ◽  
Industrial Sector ◽  
The Other ◽  
Economic Management ◽  
Long Run ◽  
Consumer Prices ◽  
Short Run ◽  
Bound Test

Monetary policy is a significant component of economic management, with which we can control higher inflation, boost the economic growth and stabilize the other macroeconomic activities. This study investigates the channels of monetary policy affecting the industrial production using monthly data of Pakistan. In this regard, we have applied Bound test for co-integration to investigate the dynamic behaviour of the variables. Our results indicate that the consumer prices, money supply and money market rates are negatively effective for industrial production in the short-run. On the other hand, exchange rate has positive effect in short-run. The results also indicate that there is statistically significant and positive relationship between industrial output and money supply in the long-run, too. The adjustment mechanism suggests stability in the system and is statistically significant. Our results imply that the authorities should use expansionary monetary stance through money supply channel to boost the industrial sector.

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