scholarly journals Monetary Policy and Potential Output Uncertainty: A Quantitative Assessment

2007 ◽  
Author(s):  
Simona Delle Chiaie
Keyword(s):  
Monetary Policy ◽  
Quantitative Assessment ◽  
Potential Output ◽  
Output Uncertainty

scholarly journals Macroeconomic theory in the aftermath of the crisis: mainstream and new Keynesianism

Nova Economia ◽  
2015 ◽  
Vol 25 (2) ◽  
pp. 237-260 ◽  
Author(s):  
Ítalo Pedrosa ◽  
Maryse Farhi
Keyword(s):  
Monetary Policy ◽  
Inflation Rate ◽  
Financial System ◽  
Output Growth ◽  
Short Term ◽  
Macroeconomic Theory ◽  
Potential Output ◽  
Potential Output Growth ◽  
New Variables ◽  
Main Change

Abstract: The failure of mainstream macroeconomics to provide a suitable set of instruments to understand and fight against the economic crisis has triggered a debate among the dominant theoretical tendency, on its own foundations and on the macroeconomic policy that should be implemented after the crisis. The aim of this paper is to investigate to what extent the crisis affected mainstream macroeconomic theory and policy guidelines. We argue that new Keynesians did not pass unharmed by the crisis, themselvesacknowledging the need to adapt their models through the incorporation of new variables and ideas. The main change is the recognition of the non-neutrality of the financial system, which calls into question monetary policy guided by one instrument, the short-term interest rate, and by one target, the inflation rate, which would be insufficient to simultaneously lead to a stable and near potential output growth whilemaintainingthe stability of the financial system.

ՀՀ դրամավարկային քաղաքականության արդյունքների վերլուծությունն ու արդյունավետության գնահատումը

2021 ◽  
pp. 171-180
Author(s):  
Hayk Bejanyan ◽  
Lusine Khachikyan
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Statistical Methods ◽  
Quantitative Assessment ◽  
Factor Model ◽  
Graphic Analysis ◽  
The Republic ◽  
The Impact ◽  
Goals And Objectives

The impact of monetary policy on the country's economy is revealed by assessing the effectiveness, which is carried out by analyzing the goals and objectives of the policy. The purpose of the article is to assess the effectiveness of the monetary policy for the RA economy and the compliance of the strategy adopted by the Central Bank with the economic goals of the RA. To achieve this goal, the following issues are resolved in the article: to study the mechanism of the transfer monetary policy of the Republic of Armenia, to analyze the levels of macroeconomic targets registered in the period under review, to compare them to determine the effectiveness of the monetary policy of the Central Bank. The article uses scientific abstraction, historical and logical combination, graphic analysis, economic, mathematical and statistical methods. To complete the analysis, the task was set to develop a consolidated indicator that would allow obtaining a clear quantitative assessment of the effectiveness of MP. The article also proposes a new factor model for assessment of monetary policy in order to provide a quantitative assessment of the effectiveness.

2015 Spillover Report

Policy Papers ◽  
2015 ◽  
Vol 2015 (43) ◽  
Author(s):  
Keyword(s):  
Monetary Policy ◽  
Aggregate Demand ◽  
Output Growth ◽  
Structural Reforms ◽  
Demand And Supply ◽  
Potential Output ◽  
Advanced Economies ◽  
Potential Output Growth ◽  
Output Gaps ◽  
The Impact

Many countries around the globe, particularly the systemic advanced economies, face the challenge of closing output gaps and raising potential output growth. Addressing these challenges requires a package of macroeconomic, financial and structural policies that will boost both aggregate demand and aggregate supply, while closing the shortfall between demand and supply. Each element of this package is important and one cannot substitute for the other: easy monetary policy will not raise potential output just as structural reforms will not close the output gap. This report studies the impact on emerging markets and nonsystemic advanced economies from monetary policy actions in systemic advanced economies, with a look also at knock-on effects from the decline in world oil prices.

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