The purpose of this paper is to discuss the choice between an exchange rate target and an inflation target for Norway. The paper also contains a brief discussion of the objectives of monetary policy and of an optimal delegation of monetary policy in a representative democracy, which serves to place this choice in a broader context. 1 Monetary policy goals Let me start from the presumption that ...

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 posit...

-Monetary policy operates in a different environment than it did a decade ago. Financial market innovations have eroded the distinctions among monetary assets, making the definition of money increasingly arbitrary. Deregulation of interest rates and banking activity is changing the behavior of the monetary aggregates, as banks pay interest on monetary assets and nonbanks offer monetary-like ass...

Background: Financial rewards can be employed in mHealth apps to effectively promote health behaviors. However, the optimal reinforcement schedule—with a high impact, but relatively low costs—remains unclear. Methods: We evaluated impact of different schedules on engagement levels with app six-week, three-arm randomized intervention trial, while taking into account personality differences. Part...

Chinese monetary and financial authorities have been among the pioneers in promoting green finance. This article investigates use of one specific policy tool, namely window guidance, by Peoples’ Bank China (PBC) Banking Regulatory Commission (CBRC) to encourage institutions expand credit sustainable activities curb lending heavy-polluting industries. ‘Window guidance’ is a relatively informal i...

Financial Globalization and Monetary Policy* The process of financial globalization has significantly altered the environment in which national monetary policy authorities operate. What implications does this have for the design of monetary policy? The question can be properly addressed only in the context of a model where monetary policy interacts with financial market efficiency. This paper i...

Well before the global financial crisis, the stance of fiscal policy in a number of countries had raised concerns about risks for the outcomes of monetary policy. To provide some insights this paper examines the fiscal-monetary interactions in a novel game theory framework with asynchronous timing of moves. It generalizes the standard commitment concept of Stackelberg leadership by making it dy...

Since 2007, many monetary authorities have drastically changed its monetary policy. They began an aggressive struggle with the biggest economic crisis since the Great Depression. Despite the substantial decline in Central banks interest rates in US and EMU and despite the sharp easining of monetary policy in many other countries, the cost of credit to both households and businesses has generall...

The history of monetary policy in Iran, judging by their performance in keeping the value of the currency, maintaining a steady growth in the Gross Domestic Product, faltering investment, show that monetary policy has not been a portrait of consistent successes, to say the least. As a result of the recent studies two rules have emerged as guideline for policy makers: Taylor rule and McCallum ru...

The paper investigates the public’s attitude towards monetary union arrangements associated with different levels of monetary policy autonomy. The results indicate that support for monetary union declines significantly with expected loss of autonomy. Survey data from Kenya shows that public support for the proposed East African Community monetary union is highest in an arrangement where the cou...