scholarly journals Modelling Central Bank Independence and Inflation: Deus Ex Machina?

2015 ◽  
Vol 25 (4) ◽  
pp. 56-69
Author(s):  
Florin Dumiter ◽  
Petre Brezeanu ◽  
Claudia Radu ◽  
Florin Turcas
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Policy Decision ◽  
Central Bank Independence ◽  
Fine Tuning ◽  
Complex Relationship ◽  
Core Element ◽  
The Public ◽  
The Social ◽  
High Degree

Abstract Central bank independence represents the core element of assessing the complex relationship between government and central bank, having at background the fundamental issue of a free monetary policy decision-making process from the hands of the political circle. However, central bank independence is a multilevel concept within some social, economic and behavioral implications both for the central banks and for the society at whole. Central bank independence is needed in order to establish an autonomous central bank with a high degree of freedom in choosing its’ instruments, objectives, techniques and tactics. Moreover, a high degree of transparency for the public disclosure and monitoring of central bank operation and transaction is needed for the social barometer of the central bank. Consequently the central bank must have a high degree of accountability and responsibility vis - á - vis of the most democratic institution, i.e. Parliament. In this article it is presented a comprehensive study regarding the complex relationship between central bank independence and inflation by modeling these two monetary policy panacea, in order to make a fine tuning regarding the causal relationship established in a heterodox manner.

scholarly journals A case study on the public knowledge and awareness of the Philippine Pangolin Manis culionensis (Mammalia: Pholidota: Manidae)

2019 ◽  
Vol 11 (12) ◽  
pp. 14484-14489
Author(s):  
Frances Mae Tenorio ◽  
Joselito Baril
Keyword(s):  
Social Media ◽  
Mass Media ◽  
Public Knowledge ◽  
High Demand ◽  
The Public ◽  
Illegal Market ◽  
Medicinal Value ◽  
The Social ◽  
High Degree

Pangolins are poorly known species despite their high demand in the illegal international trade.  This study has been conducted to analyze the awareness of Filipinos towards the endemic Philippine Pangolin Manis culionensis and how much they would be willing to contribute to its conservation.  The respondents were selected from the social media reach of the researchers.  The results showed that most of the respondents know about the pangolin from mass media such as news from television.  Social media is also a factor in their awareness of the animal.  They unanimously agreed that pangolins are important ecologically rather than its medicinal value in the illegal market trade.  Overall, the respondents showed a high degree of knowledge of pangolins and have favorable attitudes towards its conservation.

scholarly journals Central Bank Independence, Transparency and Accountability Indexes: a Survey

2014 ◽  
Vol 7 (1) ◽  
pp. 35-54 ◽  
Author(s):  
Florin Cornel Dumiter
Keyword(s):  
Central Bank ◽  
Central Banks ◽  
Central Banking ◽  
Central Bank Independence ◽  
Advantages And Disadvantages ◽  
Aggregate Index ◽  
Central Bank Transparency ◽  
Considerable Impact ◽  
High Degree ◽  
Transparency And Accountability

Abstract Recently, the remarkable trend upon central bank independence and the efficient monetary policy were seriously highlighted in the monetary economics field. Starting from 1990s’ central bank independence was at the core of policy making and central banking problems, because of the widespread economical, political, personal and budgetary autonomy of the central bank. Nowadays, we can observe an increasing trend upon central bank transparency, for evaluating more accurate the central bank’s performances by the wide public, mass-media and financial markets. Consequently, a central bank must encompass a high degree of accountability and responsibility, because of the final liability in case of failure. In this paper we present, analyze and assess the construction of the most important indices regarding central bank independence, transparency and accountability in a chronological manner, presenting also the advantages and disadvantages of these indices related to actual practices of central banks. Moreover, we analyze the analytical results of the empirical testing of these indices with a considerable impact upon the developed and developing country group. In regard with the empirical results of different authors, we suggest the importance and the necessity for constructing an aggregate index for measuring central bank independence, transparency and accountability, based on de jure stipulations and the actual practices of the central banks.

Introduction

2021 ◽  
pp. 1-28
Author(s):  
Massimo Rostagno ◽  
Carlo Altavilla ◽  
Giacomo Carboni ◽  
Wolfgang Lemke ◽  
Roberto Motto ◽  
...  
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Public Good ◽  
Monetary Union ◽  
European Central Bank ◽  
The Public ◽  
European Central ◽  
The Past ◽  
The Future ◽  
20Th Anniversary

Institutions dedicated to serving the public good must look to the past to learn from experience; and look to the future to prepare, as best they can, for the trials that might lie ahead. The 20th anniversary of Economic and Monetary Union (EMU) offers an opportunity to apply such a perspective to the monetary policy of the European Central Bank (ECB): to evaluate its accomplishments and to learn the lessons that can improve the conduct of its policy in the future....

scholarly journals Optimal Monetary Policy when Information is Market-Generated

2020 ◽  
Vol 130 (628) ◽  
pp. 956-975 ◽  
Author(s):  
Kenza Benhima ◽  
Isabella Blengini
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Optimal Policy ◽  
Labour Supply ◽  
Limited Attention ◽  
Optimal Monetary Policy ◽  
The Public ◽  
Supply Shocks ◽  
Individual Demand ◽  
Real Shocks

Abstract The nature of the private sector’s information changes the optimal conduct of monetary policy. When firms observe their individual demand and use it as a signal of real shocks, the optimal policy consists in maximising the information content of that signal. When real shocks are deflationary (like labour supply shocks), the optimal policy is countercyclical and magnifies price movements, which contrasts with the exogenous information case, where optimal monetary policy is procyclical and stabilises prices. When the central bank communicates its information to the public, this policy is still optimal if firms pay limited attention to central bank announcements.

scholarly journals Monetary Policy in Turkey after Central Bank Independence

2015 ◽  
Author(s):  
Refet S. Gürkaynak ◽  
Zeynep Kantur ◽  
M. Anıl Taş ◽  
Seçil Yıldırım
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Central Bank Independence

scholarly journals Warehousing: A Historical Lesson in Central Bank Independence

2017 ◽  
pp. 1-4 ◽  
Author(s):  
Owen F. Humpage
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Foreign Exchange ◽  
Federal Reserve ◽  
Institutional Arrangement ◽  
Central Bank Independence ◽  
The Us ◽  
Foreign Exchange Exposure

This Economic Commentary explains how warehousing—a seemingly innocuous institutional arrangement between the Federal Reserve and the US Treasury—came to threaten the Fed’s independence. Warehousing began as an arcane procedure designed to help the Treasury cover a specific type of foreign-exchange exposure. It then grew into a supplemental source of funding for the Treasury's foreign-exchange interventions. Eventually the procedure morphed into a sizeable off-budget source of funding for other Treasury activities and seemed an inappropriate subversion of the congressional appropriations process, a development that raised concerns within the Fed about its ability to conduct monetary policy free from political concerns.

Sign in / Sign up

Export Citation Format

Share Document