From an analysis of the uncertainties, deficiencies and negative effects of the present monetary system the necessity and the requirements for a new monetary order are derived. These requirements are fulfilled by the presented regulations of a monetary order, which is based on the proposals of...

To what extent did the Bank of Japan's liquidity facilities for corporate financing reduce commercial paper (CP) issue-rates in Japan? To answer this question, we propose a simple structural model that illustrates the market for the CP operations and their effects on the CP primary market. Based...

To what extent did the Bank of Japan's liquidity provisions reduce the premium on money market rates over the year-ends in Japan? To answer this question, we propose a simple structural model that illustrates the year-end operations and the year-end interbank money markets. Based on the...

In this paper, I investigate the output composition of the monetary policy transmission mechanism in Japan. The predominant channel via which monetary policy affects output in Japan is usually thought to be the investment channel, namely the process whereby a change in the interest rate alters...

Standard theoretical models predict that higher inflation expectations generate greater current consumer spending at the zero lower bound of interest rates. However, a recent empirical study using US micro data finds negative results for this relationship. We use micro data for Japan, which has...

Friedman (1984), parasal büyümedeki değişkenliklerin paranın gelir dolanım hızında düşüşe yol açabileceğini ileri sürmüştür. Para otoritesi, para arzını kısa süre içerisinde arttırdığında para arzının oynaklığını arttırmakta ve buda belirsizliğe neden olarak...

An important question for central banks is how they should report the uncertainty of their forecasts. This paper discusses a way in which a central bank could report the uncertainty of its forecasts in a world in which it used a single macroeconometric model to make its forecasts and guide its...

On November 12, 1999, President Clinton signed the most significant piece of financial services regulation to be enacted since the Great Depression, at least up to that time. When the Financial Service Modernization Act of 1999, better known as the Gramm-Leach-Bliley Act (GLBA), was signed, the...

A magyar monetáris politika elmúlt évtizedét makroökonómia-tankönyvi modell keretében értékeljük, függetlenül a gazdaságpolitikai feltételek és a politikai hatások változásától. A monetáris politikát a gazdaságpolitika kulcselemeként értelmezzük, amelynek célja a...

If you always thought that macroeconomics was too complex and theoretical to understand, this book is the perfect introduction to the subject. The Macroeconomic Environment of Business provides a clear understanding of the economy by focusing on core issues such as inflation, unemployment,...