Monetary Policy in a Changing Economic Environment
نویسنده
چکیده
Three years ago at this same conference, I was given an opportunity to talk about Japans monetary policy in the years when asset price bubbles expanded.1 Today, I would like mainly to review monetary policy in the following phase when the bubbles burst, for an asset price swing is the changing economic environment most relevant to us. Incidentally, we are now in the third phase when the economy is in a liquidity trap, which I will leave for a future topic of discussion.
منابع مشابه
Changing Effects of Monetary Policy
A series of developments in the U.S. economic environment in the 1980s has resulted in major changes in prevalent thinking about how monetary policy affects economic activity. One important part of this change simply reflects the heightened awareness, following the experience of disinflation early in the decade, that monetary policy is not neutral-that is,,that actions taken by h e central bank...
متن کاملMonetary Policy Cyclicality, Industrial Output and Economic Growth Interactions in Nigeria
T his paper examined whether monetary policy is acyclical, procyclical or countercyclical and the implications of the interaction of such cyclicality with industrial output on real economic growth in Nigeria. After determining the time series properties of the variables and based on conventional cyclicality measures, the fully modified ordinary least square method was used to examine...
متن کاملA New Policy Environment to Achieve Monetary Goals
Monetary environment as the core of financial system has been functionally designed in light of the new set of extensive goals including financial stability, sustainable noninflationary growth, external sustainability, and price stability. A comprehensive monetary policy framework is proposed for Iran which systematically include the new goals, stance variables, instruments, transmission mechan...
متن کاملEstimating the Index of Monetary Policy Efficiency in a Selected Country: Pakistan
The ultimate goal of monetary policy is to achieve price stability and favorable economic growth through policy tools. The purpose of this paper is to determine the optimal monetary policy rule and measure and evaluate the effectiveness of monetary policy in an elected economy -Pakistan- with optimal control method. In this way, using Dynamic Programming, monetary policy maker's loss function ...
متن کاملMonetary policy in Russia: Recent challenges and changes
Increasing trade and financial flows between the world’s countries has been a double-edged sword for emerging market economies (EMEs). On the one hand, it has given EMEs ample opportunities to benefit from world economic growth and from the significant financial resources accumulated by developed countries. On the other hand, EMEs have become more vulnerable to shocks in global financial market...
متن کامل