(Analysis of the Impact of Non-Standard Monetary Policy Measures on the Main Macroeconomic Indicators)

2015 ◽  
Author(s):  
Natalya Vashelyuk ◽  
Pavel Trunin
Keyword(s):  
Monetary Policy ◽  
Macroeconomic Indicators ◽  
Policy Measures ◽  
The Impact

scholarly journals MONETARY POLICY CREATES MACROECONOMIC STABILITY

Ekonomika ◽  
2010 ◽  
Vol 89 (3) ◽  
pp. 55-68
Author(s):  
Birutė Visokavičienė
Keyword(s):  
Economic Growth ◽  
Monetary Policy ◽  
Scientific Literature ◽  
Monetary Theory ◽  
Systematic Analysis ◽  
Macroeconomic Indicators ◽  
The Impact ◽  
Methodological Position ◽  
Policy Targets ◽  
Macroeconomic Stability

The study of monetary policy concentrates on the systematic analysis of the interaction between the major monetary policy targets and macroeconomic indicators as signals to policymakers about possible changes which may influence the macroeconomic stability. In this respect, the purpose of this article is to justify the arguments supporting the role and importance of monetary policy and its proximate targets for ensuring macroeconomic stability. The object of the study is the impact of monetary policy on macroeconomic changes.The method is analysis of monetary theory, scientific literature and documents. Such a methodological position enables justification of the influence of the key targets of the monetary policy on the global economic processes related to inflation, finance stability and economic growth.

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 How effective have measures by Central Banks been in mitigating the impact of financial crisis

2021 ◽  
Vol 4 (2) ◽  
pp. 76-87
Author(s):  
Ibrahim Rimintsiwa
Keyword(s):  
Monetary Policy ◽  
Financial Crisis ◽  
Financial Stability ◽  
Global Financial Crisis ◽  
Complex Form ◽  
Central Banks ◽  
Important Lesson ◽  
Area Of Interest ◽  
Policy Measures ◽  
The Impact

During the global financial crisis, central banks around the globe implemented a series of unconventional monetary policy measures such as quantitative easing among others to avert the impact of financial crisis on financial system. There exist numerous studies on this area of interest, with each guided by a specific view of the problem and selectively chosen empirical observations with regard to the different developments. This paper reviewed literature to ascertain the effectiveness of conventional monetary policy measures and unconventional monetary measures used in mitigating the impact of the 2007/2008 global financial crisis, specifically by the major central banks including the Federal Reserve, European Central Bank and Bank of England. The study used systematic quantitative assessment technique (SQAT) to determine a high quality of papers that have been reviewed in the study. The result proved that conventional monetary policy measures are still potent to deliver their desired objectives but inadequate in times of acute crisis. Empirical evidences proved that central banks have not practically abandoned the core elements of their pre-crisis monetary policy. Through a complex form of strengthening and reassessment, they have instead complimented, extended and somewhat improved their measures to mitigate the impact of the financial crisis. An important lesson of the crisis is that there is opportunity to reinforce central banks with macro prudential supervision and regulation. This should be seen as complementary to the existing monetary policy measure in order to deliver the twin objectives of price and financial stability.

scholarly journals The impact of monetary policy on budgetary balance

2020 ◽  
pp. 128-135
Author(s):  
Nataliia Husarevych ◽  
Yuliya Markuts
Keyword(s):  
Monetary Policy ◽  
Economic Development ◽  
Exchange Rate ◽  
Objective Assessment ◽  
Effective Interaction ◽  
Economic Transformation ◽  
Strategic Objective ◽  
Macroeconomic Indicators ◽  
The Exchange Rate ◽  
The Impact

Relevance of the research topic. In the context of financial globalization, it is important to determine the impact of monetary policy on budgetary balance, ensure sustainable economic development, and support macroeconomic equilibrium in the country. The study of the impact of monetary policy on a balanced budget is very relevant. Formulation of the problem. Under the conditions of transformational changes, the exchange rate and the peculiarities of its formation are an integral part of ensuring the development of the country's financial system. Of particular importance is the issue of ensuring the effective interaction of monetary and budgetary policies as one of the most important factors in the development of the economy through reindustrialization and modernization. Analysis of recent research and publications. The problem of the state’s monetary policy is today quite relevant for most countries of the world and widespread in the scientific works of famous foreign and domestic scientists: T. Bogolib, V. Heyets, I. Zapatrina, J. M. Keynes, N. Kornienko, A. Laffer, I. Lyutyi, A. Mazaraki, R. Masgrayev, V. Makogon, V. Oparin, M. Pasichnyi, A. Smith, J. Stiglitz, V. Fedosov, I. Chugunov, S. Yurii and others. Selection of unexplored parts of the general problem. However, there are a number of insufficiently disclosed issues regarding the impact of exchange rate fluctuations on significant macroeconomic indicators in the context of economic transformation. Setting the task, the purpose of the study. The objective of the study is to analyze the impact of the exchange rate on budgetary balance. The aim of the study is to determine the main objectives of the monetary policy of Ukraine. Method or methodology for conducting research. The article uses a set of scientific methods: the system approach, statistical analysis, structuring, analysis and synthesis. Presentation of the main material (results of work). The article analyzes the exchange rate and determines its effect on the formation of the budget deficit and public debt. The task of modern monetary and foreign exchange policy is delivered, directions of ensuring effective interaction of monetary and budget policies are considered. The field of application of results. The results of this study can be applied in the process of formation and implementation of the monetary policy of Ukraine. Conclusions according to the article. Maintaining balance and stability of budgets of various levels is a strategic objective of budget policy, especially in the context of transformational changes. Budget balance is characterized by the ratio of budget expenditures and revenues, their proportional change in economic uncertainty. It is important to ensure the effective interaction of monetary and budgetary policies as one of the most important factors in the development of the economy through reindustrialization and modernization. The solution of these issues involves an objective assessment of the situation in the domestic and world economies, taking into account the country's real capabilities in achieving the main strategic goals and ensuring economic development.

scholarly journals The Evaluation of the Impact of Macroeconomic Indicators on the Performance of Listed Real Estate Companies and Reits

Ekonomika ◽  
2020 ◽  
Vol 99 (1) ◽  
pp. 79-92
Author(s):  
Viktorija Cohen ◽  
Arūnas Burinskas
Keyword(s):  
Monetary Policy ◽  
Real Estate ◽  
Real Estate Market ◽  
Supply Side ◽  
Construction Sector ◽  
Monetary Policy Shocks ◽  
Macroeconomic Variables ◽  
Macroeconomic Indicators ◽  
Policy Shocks ◽  
The Impact

Using quarterly data from 2006:Q1 to 2019:Q3 (55 observations), this paper examines 18 Eurozone macroeconomic variables that represent monetary policy, external and construction sectors’ performance, economic growth, investment, households’ earnings, inflation and assesses their impact on the performance of the European listed real estate companies and REITs. Empirical results demonstrate that the European listed real estate market is strongly influenced by the supply side: the construction sector and the inflation of producers’ prices; while the demand side is strongly affected by the expansionary monetary policy of ECB. Furthermore, some primary findings propose that US expansionary monetary policy shocks have an effect on the European listed real estate market. This conclusion demands further thorough research.

scholarly journals Albania's Central Bank's Monetary Policy Has Failed

2019 ◽  
Vol 2 (2) ◽  
pp. 73
Author(s):  
Alqi Naqellari ◽  
Sokol Paҫukaj
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Trade Deficit ◽  
Negative Consequences ◽  
Internal Factors ◽  
Monetary Policies ◽  
Analysis And Synthesis ◽  
Macroeconomic Indicators ◽  
Liquid Trap ◽  
The Impact

The subject of this paper will be the Central Bank's monetary policy in terms of the Albanian monetary market. Its purpose will be to determine the effects of monetary policy, its consequences on some of the key macroeconomic indicators. From the analysis of data, it was found that the Central Bank's policy, which has its main objective, "achieving and preserving the level of prices", is applied in the conditions of an unequal monetary market, because the money market is almost divided equal to 50/50 between currency and local currency (All). These main internal factors, and other external factors, have made the monetary policy applied by the Central Bank to have no impact or have negative consequences on key macroeconomic indicators. Central Bank monetary policy is currently smothered. Some of the negative consequences are: the decline of the impact on the inflation indicator, the transition of the Albanian economy to the "liquid trap", the change in the structure of deposit usage in favor of debt instruments, decrease of deposits in total and deposits in lek, the decline in purchasing power of deposits, the reduction of credit and the change of their structure, consequently the reduction of productive investments, euro depreciation, trade deficit growth, etc. Under these conditions, only fiscal policies have an impact. In order for the Central Bank's policies to become effective, with concrete implications on the economic indicators, fundamental changes need to be made. First, change its main objective by having the main objective "currency stability and economic growth" secondly, to establish a fully state-owned commercial bank in order to support the monetary policies and key sectors of the economy. The methods used in this paper are the method of description, comparison, analysis and synthesis, statistical methods etc.

scholarly journals THE ESTIMATION OF INFLUENCE OF THE SHARP OIL PRICES REDUCTION AND SANCTIONS ON THE DYNAMICS OF RUSSIAN CRUCIAL MACROECONOMIC INDICATORS

2021 ◽  
Vol 2 (4) ◽  
pp. 228-236
Author(s):  
Yuriy A. Dzyuba ◽  
Dmitriy V. Kolyuzhnov
Keyword(s):  
Monetary Policy ◽  
Oil Prices ◽  
Sharp Drop ◽  
Negative Contribution ◽  
Macroeconomic Indicators ◽  
Policy Shocks ◽  
Effect Of Monetary Policy ◽  
Historical Decomposition ◽  
Household Preferences ◽  
The Impact

This article provides a brief analysis of the impact of various macroeconomic shocks caused by the sanctions regime and the sharp drop in oil prices from 2014 to 2018. The authors identified shocks that greater extent provoked a GDP decline and inflation increase using the constructed DSGE-model of the Russian economy and the obtained historical decomposition for the quarterly growth rates of the investigated macro-indicators. According to calculations, the inflation growth from 2014 to 2015 can be interpreted as the sum of the adverse effects from the change in household preferences, the shock in oil prices, and the negative contribution of the stabilizing monetary policy. The observed GDP decline from the second quarter of 2014 to the third quarter of 2015 is explained by the synergistic effect of monetary policy shocks and a sharp drop in oil prices.

Devaluation of the national currency and the economic security of the State

2021 ◽  
Vol 27 (11) ◽  
pp. 2442-2464
Author(s):  
Dmitrii Yu. FEDOTOV
Keyword(s):  
Monetary Policy ◽  
Exchange Rate ◽  
Purchasing Power Parity ◽  
Economic Security ◽  
Power Parity ◽  
Russian Economy ◽  
Official Exchange Rate ◽  
The Us ◽  
Macroeconomic Indicators ◽  
The Impact

Subject. This article examines the currency relations formed under the influence of the monetary policy of the Bank of Russia, and the dynamics of the official exchange rate of the ruble against the US dollar and the exchange rate at purchasing power parity. Objectives. The article aims to investigate the impact of changes in exchange rates on the development of the Russian economy. Methods. For the study I used the methods of correlation, logical, and statistical analyses. Results. The article identifies the main objectives of the monetary policy of the Bank of Russia related to the strengthening of the devaluation of the Russian ruble. It reveals a correlation between the dynamics of the official ruble exchange rate and changes in macroeconomic indicators characterizing the economic security of Russia. Conclusions and Relevance. The current monetary policy of the Bank of Russia restrains the country's economic advancement. The results obtained can be used by government authorities when developing currency policy measures.

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