Monetary Policy Implications of Central Bank Digital Currencies: Perspectives on Jurisdictions with Conventional and Islamic Banking Systems

Central Bank Transparency and Monetary Policy Effectiveness

The paper concentrates on the conditions, contingencies and determinants of central bank transparency and communication. From the state of the economy and the quality of national institutions, to the structure of monetary policy committees, the personality of the governor and the nature of the monetary policy framework - with a particular focus on the case of inflation targeting, there i...

In the Matter of Islamic Banking and Local Currencies

Performance of Monetary Policy with Internal Central Bank Forecasting∗

Recent models of monetary policy have analyzed the desirability of different optimal and ad hoc interest rules under the restrictive assumption that forecasts of the private sector and the central bank are homogenous. This paper studies the implications of heterogeneity in forecasting by the central bank and private agents for the performance of interest rules in a framework of econometric lear...

The effect of interest rates on investment function: A comparison of major countries with Islamic and conventional banking systems

Islamic banking has attracted much attention in the financial economics literature due to its rapid growth. Islamic banking has emerged as an alternative to the conventional form of banking and has grown rapidly in Muslim and non-Muslim countries over the past three decades. Islamic banks have expanded their bases in more than 60 countries around the world, and Islamic banks are expected to rec...

Ben S Bernanke: Central bank talk and monetary policy (Central Bank Articles and Speeches)

A few days before the last meeting of the Federal Open Market Committee (FOMC), I noticed a wire service story about the upcoming meeting with the following headline: “It’s Not What They Do, It’s What They Say.” The story alluded to the fact that, with a 25-basis-point increase in the federal funds rate target at the FOMC meeting being widely anticipated, financial-market participants planned t...