This paper examines the relationship between real balances (narrow or broad) and industrial output in Bangladesh with seasonally-adjusted monthly data for the period 1973:01-2003:06. The results of the ADF and the KPSS tests suggest that although real narrow money balances have a unit root, real...

This paper investigates the role of income distribution in a small monetary model for policy analysis and assesses whether a central bank in a small open economy can improve economic performance by paying explicit attention to changes in income distribution. The study answers this question by...

An important issue for selection of monetary policy instruments is the stability of demand for money. In this paper, the demand for narrow money in Bangladesh has been estimated using time series methods. The results of the analysis show that there is a well-determined and stable demand for...

This paper employs all quarterly time series currently available to determine endogenously the time of structural breaks for three monetary aggregates—the long- and short-term interest rates as well as the consumer price index—in Australia using the ZA (Zivot and Andrews, 1992) test and the...

This paper, using data from 1975:01 to 2001:12, re-examines the construction and relative performance of the Simple Sum (SS), Variable Elasticity of Substitution (VES), Divisia (DV) and Certainty Equivalent (CE) monetary aggregates for the Canadian economy. While the construction of the VES...

This paper proposes a method for measuring the contribution of an improved monetary policy to the changes in macroeconomic performance—identified with inflation and output stability. The technique used involves estimating actual and optimal policy rules as a function of the aggregate supply...

We use a structural VAR model with short-term restrictions to investigate the relative importance of interest rate, exchange rate and credit channels in the monetary policy transmission (MPT) for the Czech Republic, Hungary and Poland over 1993:1-2004:3. Main results are as follows. First, in...

The most problematic of the Basel II capital adequacy requirements is the subset of Pillar I, requiring provision for Operational Risk (OR) as distinct from credit and market risk. Previous tests of the strategic effect of this new regulation from three prior Quality Impact Studies (QIS),...

This paper discusses the question of the British state of convergence towards the Euro area, compared to the United States of American. Economically, the analysis is based in dependences on the money and capital markets, namely the Uncovered Interest Parity (UIP) and the Expectation Hypothesis...

This paper presents a macroeconomic model designed for Lebanon to analyze the impact of monetary and fiscal policy on macroeconomic outcomes under alternative assumptions related to the funding of fiscal budgetary deficits. The model emphasizes on the importance of rational expectations and the...