This study examines the development of monetary theory and various policy frameworks as implemented at the time of writing. The aim of the study was to determine the effect of monetary policy on disintermediation and re–intermediation throughout the periods of the various monetary policy...

Uma avaliação empírica da existência de racionamento de crédito, segundo Stiglitz e Weiss (1981), requer o estudo do impacto da política monetária sobre o mercado de crédito, em especial sobre a taxa de juros dos empréstimos. Desta forma, o objetivo deste artigo é analisar as...

Monetary policy's weight in macroeconomic policy has increased over the past years, especially with the liberalization of financial markets and development of new financial instruments. With this new global economy, the gap between countries has become wider, and the less developed are...

The inflation expectations channel of the transmission mechanism is generally recognised as crucial for the implementation of modern monetary policy. This paper briefly reviews the practices commonly employed for measuring inflation expectations in South Africa, and offers an additional method,...

Information asymmetries seem to play an important role in monetary economics. We consider three forms of information transmission which can be used to alleviate these information asymmetries. First, if information is verifiable or the publication of information is in the central bank's interest,...

In recent years the New Keynesian Model with price stickiness of the Calvo type has become the most widely used theoretical framework for addressing various normative issues such as how optimal monetary and fiscal policy should be conducted. However, the New Keynesian Model has been criticized...