Analyzing monetary policy in China is not straightforward because the People's Bank of China (PBoC) implements policy by using more than one instrument. In this paper we use a Qual VAR, a conventional VAR system augmented with binary policy announcements, to extract a latent indicator of...

This paper has studied the monetary policy in Korea with a time varying VAR model using four key macroeconomic variables. First, inclusion of the exchange rate was a crucial factor in evaluating Korean monetary policy since the monetary policy demonstrated sensitivity to exchange rate movements...

This paper attempts to search the driving forces of the Korean economy after 2000 by analyzing an estimated DSGE model and observing the degree of implementation regarding non-systematic parts of both the monetary and fiscal policy during the global financial crisis. Two types of trends, various...

Recent years have witnessed the advances of e-money systems such as Bitcoin, PayPal and various forms of stored-value cards. This paper adopts a mechanism design approach to identify some essential features of different payment systems that implement and improve the constrained optimal resource...

This paper uses a new monetarist framework to present and explain the basic elements of a non-monetarist theory of money, classical banking theory, by modeling acceptance banking, the form of banking that was dominant during the 19th century when the theory was developed. The most important...

In most countries, the central bank is required to hold reserve assets as a means of providing credibility for the value of the fiat currency. These assets can be in the form of gold, foreign exchange, or some other internationally recognised reserve asset and are held to permit the country to...

Monetary policy is forward looking and, in its pursuit of transparency, it communicates its economic outlook to the public at large. As a result, there is great interest in the FOMC's projections and its determinants. Indeed, do these projections converge to the actual values and at what pace?...

The growth of “market-based” lending is closely related to the growth of repurchase agreements and similar contracts that grant the lender the right to sell collateral on the market if a threshold level of over-collateralization is not maintained. This paper argues that this contractual...