Paper considers the impact of cash, debt, trade credit and equity financing on firm efficiency. Paper argues that 1) cash holding negatively affects firm efficiency, 2) debt and trade credit have both positive and negative impact on efficiency, 3) debt and trade credit are more conducive to...

The paper investigates the reasons why easy monetary policy in the US, Euro area and Japan doesn't promote economic growth. The paper argues that (i) ineffectiveness of easing monetary policy is caused by cash hoarding caused by excess of deposits over loans and (ii) cash hoarding is caused by...

Most of central banks are responsible for single inflation goal, some central banks (for example FRS) fulfill dual mandate of maximum employment and price stability. Paper argues that the best way to promote sustainable economic growth and at the same time to contribute to low inflation and full...

Despite the key role an increase in production efficiency plays in improving the competitiveness of the economy, the efficiency of production is not reflected in the objectives of monetary policy. The paper investigates the impact of the interest rate on firms’ efficiency and argues that it is...