abstract this study uses annual data over the period 2005-2014 and the panel vecm approach to examine financial inclusion and monetary policy effectiveness in africa. the study shows that financial inclusion and monetary policy effectiveness are linked by a set of long-run relationships. policy reaction to the positive financial inclusion shock is not significant. policy reaction to the positiv...

abstract in present paper has tried to examine and investigate quality of effectiveness of monetary shocks on the growth of agricultural sector by using time series dataes of iran economy during 1960-2006 , filter hodric-prescott method and liner regressive models. the resultes show that qualily of effectiveness monetary shocks on growth of agricultural sector is asymmetric and length of effect...

In the early years of macroeconomics as a discipline, the liquidity trap-that awkward condition in which monetary policy loses its grip because the nominal interest rate is essentially zero, in which the quantity of money becomes irrelevant because money and bonds are essentially perfect substitutes-played a central role. Hicks (1937), in introducing both the IS-LM model and the liquidity trap,...

Observed policy rates are smooth. Why should central banks smooth interest rates? We investigate if model uncertainty and parameters instability are a valid reason. We do so by implementing a novel ”thick recursive modelling” approach within the framework of small structural macroeconomic models. At each point in time we estimate all models generated by the combinations of a base-set of k obser...

Central banks’ international reserve holdings have increased significantly in the recent past. This paper assesses the consequences for monetary policy both on theoretical and empirical grounds. According to the quantity theory of money, the accumulation of reserves might result in inflationary pressures if the resulting monetary expansion is not fully sterilized and exceeds the growth of money...

Once upon a time in a faraway place, cattle was used for money. Alas, one black and gloomy day a wicked witch destroyed half the herd. With the fall in the supply of money, consumption of milk and meat declined. In such a golden age, it is easy to construct a link between the money supply (or monetary policy) and consumption. Thus to reduce the debate among economists, maybe the U.S. should swi...

the subject of monetary policy orientation and tailoring a framework within which the credibility and desirability of the policies and the policy makers is enhanced, while the most important goal of policies, i.e reaching to and preserving a low and stable inflation rate is achieved, has recently been a controversial issue for a large number of economists. in fact the necessity arised since the...

Let K/F and K/L be two cyclic Galois field extensions and D = (K/F, σ, c) a cyclic algebra. Given an invertible element d ∈ D, we present three families of unital nonassociative algebras over L ∩ F defined on the direct sum of n copies of D. Two of these families appear either explicitly or implicitly in the designs of fast-decodable space-time block codes in papers by Srinath, Rajan, Markin, O...

Measurements of CDP sample area were made in urgent but brief laboratory studies for RAF's two CDP probes (s/n #58 and #16). These two probes are nominally identical, but the features of these probes have changed over the past year, as follows: (a) electrical damage of #58 during the ICE-T project (July 2011) required rebuild by DMT; (b) December 2011 electronics and firmware upgrades were made...