The Use of the Eurosystem's Monetary Policy Instruments and its Monetary Policy Implementation Framework Q2 2016 – Q4 2017

2018 ◽  
Author(s):  
Alexander Bock ◽  
Miha Cajnko ◽  
Svetla Daskalova ◽  
Iwona Durka ◽  
Brian Gallagher ◽  
...  
Keyword(s):  
Monetary Policy ◽  
Policy Implementation ◽  
Policy Instruments ◽  
Implementation Framework

scholarly journals Effectiveness of Quantitative Monetary Policy Implementation in the Success of Full Employment in Nigeria: 1986-2018

2021 ◽  
pp. 39-57
Author(s):  
Chukwu Kenechukwu Origin ◽  
Ezekiel Okoh Oghenetega ◽  
Chimarume Blessing Ubah
Keyword(s):  
Monetary Policy ◽  
Exchange Rate ◽  
Policy Implementation ◽  
Central Bank ◽  
Full Employment ◽  
Small And Medium Enterprises ◽  
Research Work ◽  
Policy Instruments ◽  
Secondary Data ◽  
Employment Rate

This study investigated the effectiveness of quantitative monetary policy implementation in the success of full employment in Nigeria (1986-2018) using secondary data from Statistical bulletin of Central Bank of Nigeria. The research work used the ARDL Auto-regressive Distributed lag models to test the effect of the independent variables (Cash Reserve Ratio, Broad Money Supply, Monetary Policy Rate, Exchange Rate and Liquidity Ratio) on the dependent variable (Employment Rate). The research discovered that quantitative monetary policy instruments had insignificant but positive effect on the employment rate in Nigeria. The research therefore advocates that Government should embark on joint harmonization of fiscal and monetary policy. Central Bank should adopt expansionary monetary policy in order to infuse more funds in the economy. Equally Central Bank should build an efficient and sustained low interest rate intervention fund to support the real sector, especially small and medium enterprises. Government should try to operate a single exchange rate unlike multiple exchange rates it operates within the period of the study.

scholarly journals MONETARY POLICY IMPLEMENTATION FRAMEWORKS: A COMPARATIVE ANALYSIS

2010 ◽  
Vol 15 (S1) ◽  
pp. 145-189 ◽  
Author(s):  
Antoine Martin ◽  
Cyril Monnet
Keyword(s):  
Monetary Policy ◽  
Comparative Analysis ◽  
Policy Implementation ◽  
Central Bank ◽  
Open Market ◽  
Implementation Framework ◽  
Friedman Rule ◽  
Excess Reserves ◽  
Implementation Of Monetary Policy

We compare two stylized frameworks for the implementation of monetary policy. The first framework relies only on standing facilities, whereas the second framework relies only on open-market operations. We show that the Friedman rule cannot be implemented when the central bank uses standing facilities only. For a given rate of inflation, we show that standing facilities unambiguously achieve higher welfare than just conducting open-market operations. We conclude that elements of both frameworks should be combined. Also, our results suggest that any monetary policy implementation framework should remunerate both required and excess reserves.

scholarly journals The Study of Monetary Policy Instruments and Implementation Challenge in Laos

2018 ◽  
Vol 10 (2) ◽  
pp. 169
Author(s):  
Maliny Sourigna ◽  
Shuzhen Zhu ◽  
Atsara Chanthavieng
Keyword(s):  
Monetary Policy ◽  
Policy Implementation ◽  
Lao Pdr ◽  
Policy Instruments ◽  
Policy Decision ◽  
Consumer Preference ◽  
Policy Framework ◽  
Open Market ◽  
Market Operation ◽  
Implementation Challenge

The monetary policies have been developed and implemented by the Bank of Lao PDR (BOL). This article presents the monetary policy framework in Laos which includes the policy instruments and implementation mechanism. The author applied the actual implementation and the existing theories to display the Lao monetary tools such as interest rate, open market operation, reserve ratio, exchange rate, credit control, cash flow management and relevant regulations. As well as the policy implementation mechanism has been presented in policy decision, operation department and operation mechanism.The author applies the descriptive analysis on the monetary policy implementation challenge and addressing. They based on monetary policy theories, literature studied, and practical experience from the operation authority. The analysis has found the challenges as The limited of market operation; the dollarization and multiples currencies consumer preference; the challenge in Kip prices, and Kip lending; the foreign capital outflow. Then, the analysis moved forward to the challenge addressing. All of these measures are taken to maintain the efficient management of the monetary system, ensure an effectiveness of the monetary policy implementation in the long-term.

scholarly journals On the Limits of Macroprudential Policy

2020 ◽  
Vol 0 (0) ◽  
Author(s):  
Marcin Kolasa
Keyword(s):  
Monetary Policy ◽  
Policy Instruments ◽  
New Keynesian ◽  
Output Volatility ◽  
Macroprudential Policy ◽  
Collateral Constraints ◽  
Keynesian Model ◽  
Additional Stabilization ◽  
The Interest Rate

AbstractThis paper studies how macroprudential policy tools applied to the housing market can complement the interest rate-based monetary policy in achieving one additional stabilization objective, defined as keeping either economic activity or credit at some exogenous (and possibly time-varying) levels. We show analytically in a canonical New Keynesian model with housing and collateral constraints that using the loan-to-value (LTV) ratio, tax on credit or tax on property as additional policy instruments does not resolve the inflation-output volatility tradeoff. Perfect targeting of inflation and credit with monetary and macroprudential policy is possible only if the role of housing debt in the economy is sufficiently small. The identified limits to the considered policies are related to their predominantly intertemporal impact on decisions made by financially constrained agents, making them poor complements to monetary policy, which also operates at an intertemporal margin. These limits can be overcome if macroprudential policy is instead designed such that it sufficiently redistributes income between savers and borrowers.

scholarly journals A RECONSIDERATION OF THE DOCTRINAL FOUNDATIONS OF MONETARY POLICY RULES: FISHER VERSUS CHICAGO

2021 ◽  
Vol 43 (1) ◽  
pp. 55-82
Author(s):  
George S. Tavlas
Keyword(s):  
Monetary Policy ◽  
Price Level ◽  
Policy Instruments ◽  
Policy Instrument ◽  
Superior Performance ◽  
Policy Uncertainty ◽  
Direct Link ◽  
Policy Rule ◽  
Policy Rules ◽  
Monetary Policy Rules

There has long been a presumption that the price-level stabilization frameworks of Irving Fisher and Chicagoans Henry Simons and Lloyd Mints were essentially equivalent. I show that there were subtle, but important, differences in the rationales underlying the policies of Fisher and the Chicagoans. Fisher’s framework involved substantial discretion in the setting of the policy instruments; for the Chicagoans the objective of a policy rule was to tie the hands of the authorities in order to reduce discretion and, thus, monetary policy uncertainty. In contrast to Fisher, the Chicagoans provided assessments of the workings of alternative rules, assessed various criteria—including simplicity and reduction of political pressures—in the specification of rules, and concluded that rules would provide superior performance compared with discretion. Each of these characteristics provided a direct link to the rules-based framework of Milton Friedman. Like Friedman’s framework, Simons’s preferred rule targeted a policy instrument.

Evolution of Monetary Policy Instruments in Russia

1997 ◽  
Author(s):  
Tomás Baliño ◽  
David Hoelscher ◽  
Jakob Horder
Keyword(s):  
Monetary Policy ◽  
Policy Instruments

National Informatization Policy in Korea: A Historical Reflection and Policy Implications

2021 ◽  
Vol 36 (1) ◽  
pp. 27-43
Author(s):  
Lee Changhee
Keyword(s):  
Policy Implementation ◽  
Success Factors ◽  
Policy Design ◽  
Policy Instruments ◽  
Implementation Process ◽  
Policy Implications ◽  
Digital Revolution ◽  
The Past ◽  
Historical Reflection ◽  
Five Phases

This study examines, from a historical and macro perspective, the national informatization strategy that Korea has pursued over the past 40 years which laid the foundation for the rise of Korea as one of the leading countries in the digital revolution today. In particular, the informatization process is divided into five phases from the 1980s to the present, and analyzed in three aspects ? main policies and plans, policy implementation system and structure, and major laws. And based on the previous research results, the success factors of informatization in Korea are discussed in terms of policy actors and institutions, policy implementation process, and policy environment. After examining the limitations of Korea’s informatization policy, policy implications for developing countries are drawn in terms of policy process, policy design, and policy instruments.

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