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...

The article considers the problems monetary policy in the US and the Eurozone have faced in recent years, analyses effectiveness of unconventional tools used by central banks, such as quantitative easing, negative interest rates, as well as considers the prospect of fast-growing in recent years...

Last global financial crisis, as well as any crisis, testifies imperfections of former model of development of economy and financial sector in particular. It forces to look in a new way and reconsider principles of functioning of the financial system. In article imperfections of the financial...

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...