The European Union (EU) countries have started the Economic and Monetary Union (EMU) on January 1, 1999. With the EMU, the EU countries replaced their national currencies and national monetary policy autonomy by a common currency, the Euro, and a common monetary policy that is designed and implemented by the European Central Bank (ECB). A common currency was considered to form the completion of...

With the development of market-oriented economic reforms, Chinese monetary policy plays an important role in the world. The objective of this paper is to review the recent conduct of Chinese monetary policy and the central bank’s rule-based behavior in period 1994-2006 by estimating the monetary policy rules (monetary policy reaction function). It compares four kinds of monetary policy rules -T...

In recent years a growing consensus has emerged for price stability as the overriding, long-run goal of monetary policy. However, despite this consensus, the following question still remains: how should monetary policy be conducted to achieve the price stability goal? To shed light on this question, this paper examines the experience with different monetary policy regimes currently in use in a ...

in this paper, by using dynamic stochastic general equilibrium, optimal monetary rule derived for central bank of iran. monetary transmission mechanism of the model includes four equations, aggregate demand, aggregate supply, oil price and taylor rule. we have proved that dynamic structure of aggregate demand relation, regarding monetary inflation in iran, is a function of money growth rate. wi...

Monetary policy uncertainty affects the transmission of monetary shocks to longer-term nominal and real yields. For a given shock, reaction yields is more pronounced when level low. Primary dealers other investors adjust their interest rate positions low than high. These portfolio adjustments likely explain larger pass-through shock bond findings shed new light on role that plays in financial m...

Pathological gambling is an addictive disorder characterized by a persistent and compulsive desire to engage in gambling activities. This maladaptive behaviour has been suggested to result from a decreased sensitivity to experienced rewards, regardless of reward type. Alternatively, pathological gambling might reflect an imbalance in the sensitivity to monetary versus non-monetary incentives. T...

This paper suggests an identified VAR model that identifies monetary policy actions for the G-7 countries without encountering empirical puzzles such as the price puzzle and the liquidity puzzle. Using the model, the effects of monetary policy shocks are examined for the postwar period. Monetary policy shocks have significant effects on output in the short run. However, the contribution of mone...

This paper compares several methods for estimating the effects of monetary innovations on key macroeconomic variables and, subsequently, clarifies issues related to the use of instrumental variables in the identification of structural impulse responses. In particular, we make explicit the property that a measure of monetary policy must satisfy in order to identify the effects of monetary shocks...