Given that several countries have adopted inflation targeting, and that the main objective of this regime is to function as a guide for the inflationary expectations of economic agents, transparency in the handling of the monetary policy becomes a prerequisite for the success of this regime....

The role of open market operations - exchanges of different classes of government liabilities between the government and private sector - are considered in an oft-studied dynamic equilibrium model with money. Open market operation-financed changes in the money supply may have different...

Evidence about commercial banks’ liquidity preference says the following about the loan market in LDCs: (i) the loan interest rate is a minimum mark-up rate; (ii) the loan market is characterized by oligopoly power; and (iii) indirect monetary policy, a cornerstone of financial liberalization,...

Contemporary metal money is analyzed as a money form, explaining the reasons for making it, as well as the effects arising from its emission. Some new ones are emphasized, such as the numismatic effects. This conclusion is based on the traditional functions of this money form. The roots of some...

This paper compares monetary policy in the US and EMU during the last decade, employing an estimated hybrid New Keynesian cash-in-advance model, driven by five shocks. It appears that the difference between the two monetary policies between 1998 and 2006 is due to both surprises in productivity...

We construct an endogenous growth model with new Keynesian-type sticky prices and wages. In this model, monetary policy affects long-run output growth. We characterize the optimal operational monetary policy rule in this economy. We find that even though stabilization of output growth increases...

Starting from early 1960s to late 1970s, this study conducts a survey of the literature dealing with Philippine monetary policy and related aspects of the financial market. In doing so, several important research problems are noted. Hence, this study is able to aid researchers, planners and...

Once the Romania moved toward market economy, the presence of a free central banking institution started being necessary in, at least, two decision areas: the last resort lender or banker for all romanian banks and the monetary policy management. The lack of historic capitalism experience, the...

Several industrialised countries have had a similar inflation experience in the past 30 years, with inflation high and volatile in the 1970s and the 1980s but low and stable in the most recent period. We explore the dynamics of inflation in these countries via a time-varying factor model. This...