Long Term Effects of Fiscal and Monetary Policy in a Stock-Flow-Consistent Macro-Framework

2013 ◽  
Vol 46 (2) ◽  
pp. 181-212
Author(s):  
Ulrich van Suntum,
Keyword(s):  
Monetary Policy ◽  
Long Term Effects ◽  
Stock Flow ◽  
Fiscal And Monetary Policy

Weaker AKP would reduce Turkish president's authority

2015 ◽  
Keyword(s):  
United States ◽  
Monetary Policy ◽  
The United States ◽  
Proportional Representation ◽  
Representation System ◽  
Content Type ◽  
Justice And Development Party ◽  
Fiscal And Monetary Policy ◽  
At Home

Significance The ruling Justice and Development Party (AKP) should easily get the most votes, but it faces a likely setback and a dent in its authority. Weakening support from its voters and Turkey's proportional representation system are likely to drive its number of parliamentary seats down from the 327 out of 550 seats it won in 2011, perhaps even to the point where an overall majority is in doubt. Impacts Market confidence and the lira may weaken, but will not deteriorate drastically, unless AKP is forced out of office -- a remote scenario. Fiscal and monetary policy may be loosened to win support until a new government able to last for a full four-year term is in office. A politically weaker AKP risks long-term splits, but these will not emerge unless there have been months of instability. Growing internal discord -- and the government's defiant response to its critics at home and abroad -- may isolate Turkey internationally. The United States and EU will continue to avoid confrontation with the Erdogan government as far as possible.

scholarly journals Macroeconomic Implications of US Sanctions on Iran: A Sectoral Financial Balances Analysis

2019 ◽  
Vol 14 (3) ◽  
pp. 182-204
Author(s):  
Sivramkrishna Sashi ◽  
Sharma Bhavish
Keyword(s):  
Monetary Policy ◽  
Oil And Gas ◽  
Asset Accumulation ◽  
Fiscal Deficits ◽  
The Us ◽  
Macroeconomic Implications ◽  
Stock Flow ◽  
The Impact ◽  
Fiscal And Monetary Policy ◽  
Flow Consistency

AbstractIran is facing a severe macroeconomics crisis after the US (re)imposed sanctions on its oil and gas exports in May 2018, followed by additional sanctions on metal exports in 2019. Its exports have collapsed triggering a contraction of the economy along with accelerating inflation and depreciating currency. Using the sectoral financial balances (SFB) model, we study the interrelationship between several macroeconomic parameters maintaining stock-flow consistency across time and sectors of the economy. Fiscal and monetary policy cannot reverse the consequences of the sanctions although fiscal deficits as a percentage of GDP will see a rise to accommodate the domestic private sector’s desire to accumulate financial asset accumulation. The lack of a strong monetary policy mechanism in Iran may, however, be unable to quell the impact of expansionary fiscal policy on inflation and depreciating rial. Given the limited macroeconomic policy options open to Iran in dealing with the crisis Iran, the only option may be political – a return to the negotiating table with the US.

scholarly journals EFFECT OF MONETARY POLICY INSTRUMENTS ON SHADOW BANKING

2020 ◽  
Vol 8 (3) ◽  
pp. 2531-2545
Author(s):  
Fatih OKUR ◽  
Özgür Bayram SOYLU
Keyword(s):  
Monetary Policy ◽  
Money Supply ◽  
Consumer Price Index ◽  
National Income ◽  
Policy Instruments ◽  
Shadow Banking ◽  
Long Term Effects ◽  
Panel Ardl ◽  
Credit Guarantees

Shadow banks are financial mediators. There are maturity, credit, and liquidity transformation without access to central bank liquidity and public sector credit guarantees in their performance. The principle purpose of this study is to answer the question of the relationship between shadow banking and monetary policy, all financial activities that require a private or public payment guarantee other than traditional banking. This study analyses the short and long-term effects of national income, policy rate, CPI and money supply (M1) on shadow banking by using Panel ARDL method in selected ten countries throughout 2002-2016. The findings of the analysis point out that there is a short- and significant long-term relationship between the indicators discussed. Short-term PMG estimation results indicate that the long-term equilibrium will be reached over for approximately four years. Also, long-term PMG estimation results also pointed to the existence of a significant relationship between indicators, apart from national income. It is determined that the money supply and policy interest rate had a positive relation and the consumer price index had a negative relation with shadow banking.

Fiscal and Monetary Policy

2019 ◽  
pp. 64-82
Author(s):  
Romar Correa
Keyword(s):  
Monetary Policy ◽  
Monetary Authority ◽  
Stock Flow ◽  
Fiscal And Monetary Policy ◽  
Fiscal Authority

Romar Correa continues to use the Godley-Cripps (1983) stock-flow-consistent (SFC) framework in this update to refine the thesis that the monetary authority is the ‘handmaiden’ of the fiscal authority. The bank, commercial and central being indistinguishable, is central to the account. A revitalized ‘real bills doctrine’ is proposed. The deleterious consequences of promoting the alternative, ‘financialization’ are traced.

scholarly journals Indonesia Macro Economy Stability Pattern Prediction

2017 ◽  
Author(s):  
Andysah Putera Utama Siahaan
Keyword(s):  
Monetary Policy ◽  
Exchange Rate ◽  
Interest Rates ◽  
Government Spending ◽  
Economic Stability ◽  
Monetary Policies ◽  
Economic Fundamentals ◽  
The Exchange Rate ◽  
Fiscal And Monetary Policy

This study examines whether economic stability in Indonesia capable predicted by the model Mundell-Fleming. Prediction proxy stability of the interaction of fiscal and monetary policy. During Indonesia's economic stability is largely determined by the strength of economic fundamentals, while economic fundamentals are strongly influenced by fiscal and monetary policies. Therefore flemming Mundell predicts how strong the economic stability in Indonesia ?, the statement in the analysis by using a long-term predictions are Vector Autoregression. Research findings indicate patterns of interaction predictions variety of fiscal and monetary policy, both short term, medium term and long term. It turned out that fiscal policies are derived from taxes are more effective than government spending to control economic growth, investment and inflation, but government spending is more effective to control the exchange rate. The monetary policy of interest rates more effectively control the exchange rate and inflation, while the money supply is more effective in controlling the growth of economy and investment.

Abenomics and Active Pacifism

2017 ◽  
pp. 13-32
Author(s):  
Vittorio D'Aleo ◽  
Giacomo Morabito ◽  
Walter Vesperi ◽  
Roberto Musotto ◽  
Davide Di Fatta ◽  
...  
Keyword(s):  
Monetary Policy ◽  
East Asia ◽  
Public Discourse ◽  
Rate Range ◽  
The World Bank ◽  
The World ◽  
Entire World ◽  
International Role ◽  
Fiscal And Monetary Policy

Against deflation and stagnant growth in 2013 Abe and his ministers launched a mix of fiscal and monetary policy and structural reforms but these do not appear of successful for the principal economic indicators. Japan recorded a negative GDP trend rate range from 1.6% by 2013 to -0.1 in 2014. Some of the major competitiveness indices of the World Bank showed a negative trend. Nevertheless, the abenomics represents an important development not only for Japan and East Asia but an example of different way for the entire world. The adoption of a Keynesian approach represents a breaking political, intellectual and economic with the opinions that have dominated public discourse in recent years, especially in Europe. Japan is performing rearmament; this could mean that Japan would employ a new international role. The aim of this study is focus on the economic and geopolitical impact that could have the new Abe's “active pacifism”. Objective of this analysis is examine the economic prescription by Abe and his possible long-term impacts on the international economy.

SHORT-TERM AND LONG-TERM EFFECTS OF UNCONVENTIONAL MONETARY POLICY ON THE EQUITY MARKET

2015 ◽  
Vol 15 (2) ◽  
pp. 59-66
Author(s):  
Min-Ming Wen ◽  
Areli Baires ◽  
Yiyun Li ◽  
Aridai Fuente ◽  
Jingyu Zhao
Keyword(s):  
Monetary Policy ◽  
Equity Market ◽  
Unconventional Monetary Policy ◽  
Long Term Effects ◽  
Short Term

scholarly journals Cooperative decision-making on fiscal and monetary policy in Iraq using the prisoner’s dilemma

2020 ◽  
Vol 15 (4) ◽  
pp. 88-98
Author(s):  
Ahmed Abdulzahra Hamdan ◽  
Safaa Ali Hussein
Keyword(s):  
Decision Making ◽  
Monetary Policy ◽  
Phillips Curve ◽  
Foreign Currency ◽  
Payoff Matrix ◽  
Short And Long Term ◽  
Payoff Matrices ◽  
Cooperative Decision Making ◽  
Fiscal And Monetary Policy

This paper investigates the interaction between fiscal and monetary policy in Iraq after 2003 using the prisoner’s dilemma.The paper aims to determine the best form of coordination between these policies to achieve their goals; payoff matrix for both policies was constructed. To achieve the purpose, the quantitative approach was applied using several methods, including regression, building payoff matrices and decision analysis using a number of software.The results of the monetary policy payment function show that inflation rate has an inverse relationship with the auctions of selling foreign currency and a positive relationship with the government’s activity, while the fiscal policy function shows that real growth is positively related to price levels (the inverted Phillips curve) and correlates with the government’s activity. After using the Gambit Solution to determine the Nash balance, which is achieved through the expansion strategies of both policies to confirm the results, the Promethee-Gaia method was used for multi-criteria decision making. When the two policies interact with similar forces (50% each), the best decision is one of the expansionary strategies that help achieve their main objectives in the short and long term, represented by price stability and economic growth.The main conclusion is that the best way to achieve the goals of economic policy in Iraq is that the coordination of procedures between the two policies should be expansionary, since the Iraqi economy needs to be stimulated due to the under-exploitation of many its sectors, such as agriculture and industry.

Ovarian Dysfunction in Fetally Irradiated Beagles

1977 ◽  
Vol 35 ◽  
pp. 658-659
Author(s):  
T. M. Seed ◽  
M. H. Sanderson ◽  
D. L. Gutzeit ◽  
T. E. Fritz ◽  
D. V. Tolle ◽  
...  
Keyword(s):  
Gamma Rays ◽  
Low Dose ◽  
Long Term Effects ◽  
Ovarian Dysfunction ◽  
Dose Rates ◽  
Highly Sensitive ◽  
Microscopic Evaluation ◽  
Ovarian Pathology ◽  
Normal Offspring

The developing mammalian fetus is thought to be highly sensitive to ionizing radiation. However, dose, dose-rate relationships are not well established, especially the long term effects of protracted, low-dose exposure. A previous report (1) has indicated that bred beagle bitches exposed to daily doses of 5 to 35 R 60Co gamma rays throughout gestation can produce viable, seemingly normal offspring. Puppies irradiated in utero are distinguishable from controls only by their smaller size, dental abnormalities, and, in adulthood, by their inability to bear young.We report here our preliminary microscopic evaluation of ovarian pathology in young pups continuously irradiated throughout gestation at daily (22 h/day) dose rates of either 0.4, 1.0, 2.5, or 5.0 R/day of gamma rays from an attenuated 60Co source. Pups from non-irradiated bitches served as controls. Experimental animals were evaluated clinically and hematologically (control + 5.0 R/day pups) at regular intervals.

Ultrastructural investigations of MDL 19,660-induced effects on the canine platelet and megakaryocyte

1990 ◽  
Vol 48 (3) ◽  
pp. 374-375
Author(s):  
D.E. Loudy ◽  
J. Sprinkle-Cavallo ◽  
J.T. Yarrington ◽  
F.Y. Thompson ◽  
J.P. Gibson
Keyword(s):  
Antidepressant Drug ◽  
Beagle Dogs ◽  
Long Term Effects ◽  
Short Term ◽  
Platelet Counts ◽  
Toxicological Studies ◽  
Induced Aggregation ◽  
Internal Architecture

Previous short term toxicological studies of one to two weeks duration have demonstrated that MDL 19,660 (5-(4-chlorophenyl)-2,4-dihydro-2,4-dimethyl-3Hl, 2,4-triazole-3-thione), an antidepressant drug, causes a dose-related thrombocytopenia in dogs. Platelet counts started to decline after two days of dosing with 30 mg/kg/day and continued to decrease to their lowest levels by 5-7 days. The loss in platelets was primarily of the small discoid subpopulation. In vitro studies have also indicated that MDL 19,660: does not spontaneously aggregate canine platelets and has moderate antiaggregating properties by inhibiting ADP-induced aggregation. The objectives of the present investigation of MDL 19,660 were to evaluate ultrastructurally long term effects on platelet internal architecture and changes in subpopulations of platelets and megakaryocytes.Nine male and nine female beagle dogs were divided equally into three groups and were administered orally 0, 15, or 30 mg/kg/day of MDL 19,660 for three months. Compared to a control platelet range of 353,000- 452,000/μl, a doserelated thrombocytopenia reached a maximum severity of an average of 135,000/μl for the 15 mg/kg/day dogs after two weeks and 81,000/μl for the 30 mg/kg/day dogs after one week.

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