Taking into consideration the necessity of stabilising the inflation rate at a level consistent with an economic policy strategy that assumes Romania will join the euro-zone at the earliest date possible the paper aims to underline the main aspects related to the implementation of the inflation...

This paper provides a systematic empirical study of the role of credit market frictions in the transmission of monetary shocks. First, using macro data for a developing economy (Pakistan), we show that banking spreads are countercyclical, even when we control for credit risk, monetary policy and...

With the huge advances in the field of theoretical and applied econometrics recent years have made a period of growing faith in the analytical and forecasting abilities of economists, which resulted in a growing belief in the increasing ease of conducting counter-cyclical monetary policy and its...

The idea if EMU requires countries entering the euro zone to have a homogeneous system of monetary policy instruments including open market operations. This paper presents comparative analysis of Polish and European zone solutions in the range of open market operations.

The aim of the paper is to present processes of currency competition in the contemporary economics. The problem is of special importance, because such a competition has recently intensified to a large degree, mainly due to significant changes in monetary systems around the world.

The article synthetically presents economic situation in Poland as well as in the whole word during the crisis from 2007 to 2009. It also describes the condition of Polish banking sector and points its main problems, which accompany the occurence of credit crunch. The paper shows changes in...

Since the 1990s various kinds of exchange rate regimes have been employed, such as the adjustable peg regime, the crawling peg regime and the so-called ERM II shadow. This article aims at presenting Hungarian experiences concerning the exchange control policy and the effects of its application. Many

The recent increases in oil prices have raised the importance of studying the effects of oil supply and demand shocks on an economy. The purpose of this paper is to investigate the impact of the oil supply and demand shocks on the South African economy using a sign restriction-based structural...

The goal of this paper is to provide a better understanding of monetary policy effectiveness in the case of indexed bonds. When public debt management deals with bonds indexed to the interest rate set by the monetary policy, there is no wealth effect and, as a consequence, monetary policy has a...

Purpose – This study is motivated by the view that Democrats are concerned with reducing unemployment in the short-run, while Republicans are concerned with keeping inflation low to promote economic stability and growth. The purpose of this paper is to ask whether the Federal Reserve forecasts...