This study compares the effects of economic internationalisation on the functional distribution of labour income in the U.S.and Germany. The benchmark for assessing the empirical analyses theoretically is the general equilibrium framework ofinternational trade theory. Focusing on general...

The “conservative central banker” has come under attack recently. Explicitly modeling the interaction of a trade union with monetary policy, it has been argued that the standard solution to the inflationary bias in monetary policy might actually be welfare reducing if the trade union has an...

Today' standard model of monetary policy has aggregate demand responding directly to an interest rate under the central bank's control, and ignores the role played by the quantity of money in the transmission mechanism. Even though monetary policy is usually aimed at controlling price level...

The object of the study – Lithuanian monetary policy. The purpose of the work – to estimate the level of achieved objectives of Lithuanian monetary policy and to forecast perspectives after joining to European Union. The main tasks: 1. to investigate the objectives, means and results of...

Inflation targeting is a forward-looking framework for monetary policy that has brought unprecedented transparency to the process of monetary policy. This paper aims to assess the degree to which the South African Reserve Bank's (SARB) Monetary Policy Committee (MPC) has, since the introduction...

The Central Bank of Turkey (TCMB) has a significant power on aggregate demand and inflation expectation via monetary policy tools. While deciding monetary policies it’s a crucial question and a discussion topic for TCMB (Turkish Republic Central Bank) if the policy makers should take into...

Este documento demuestra que las políticas de un banco central local pueden atenuar los efectos del ciclo financiero global [Global Financial Cycle (GFC)]. Para su identificación, analizamos la variación del GFC y las intervenciones del Banco Central de Brasil en los mercados derivados de...