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Full-Text Articles in Social and Behavioral Sciences
Is The Philips Curve Useful For Monetary Policy In Nigeria, Carlos J. Garcia
Is The Philips Curve Useful For Monetary Policy In Nigeria, Carlos J. Garcia
CBN Occasional Papers
The objective of this article is to determine if the Phillips curve is a relevant tool to conduct monetary policy in African countries wishing to adopt an inflation-targeting regime. I choose Nigeria as a case of study because it is in the early stage of the implementation of this regime. I estimate a medium-sized model for monetary policy analysis. The model reflects a synthesis between the New Keynesian and the Real Business Cycle (RBC) approaches. Then I estimate the model by using Bayesian econometric technique in order to overcome the shortage of data availability. The study concludes that there is …
Banking Reforms For Effective Monetary Policy Transmissions., O. A. Uchendu
Banking Reforms For Effective Monetary Policy Transmissions., O. A. Uchendu
Bullion
This paper evaluates the effects of the recent banking sector in Nigeria on monetary policy transmission. The remainder of this paper is structured as follows: section two dwells on the transmission mechanism of monetary policy; section three examines the features of the banking sector that affect the conduct of monetary policy; section four presents banking sector reforms in Nigeria while section five examines the impact of the reforms on monetary policy. Section six presents the challenges while section seven concludes the paper.
(Wp 2010-09) Does Money Matter? An Empirical Investigation, Barry Huston, James M. Mcgibany, Farrokh Nourzad
(Wp 2010-09) Does Money Matter? An Empirical Investigation, Barry Huston, James M. Mcgibany, Farrokh Nourzad
Economics Working Papers
This paper uses a simultaneous-equations model of the new consensus macroeconomic model to examine whether the inclusion of the money stock in the aggregate demand function improves the statistical fit of the model. The results indicate that the consensus model is accurate for the U.S. in that the inclusion of money does not increase the predictive power of the model. However, the results reveal that the estimated coefficients are more robust when money is included as an instrumental variable in the simultaneous equations consensus model.
Monetary Policy Essay, Dan Brocklehurst
Monetary Policy Essay, Dan Brocklehurst
Academic Symposium of Undergraduate Scholarship
No abstract provided.
How European Is The European Central Bank's Monetary Policy?, Teodora D. Petrova
How European Is The European Central Bank's Monetary Policy?, Teodora D. Petrova
Honors Projects
Ever since its establishment in 1999, the European Central Bank worked on maintaining relative price stability mainly through inflation targeting. The ECB aims at a target inflation rate below but close to 2%. However, the diversity among the member states in the European Union and the Eurozone requires not only collective attention on the EU economy but also on each individual member state. Some Eurozone member states experience generally higher levels of inflation and higher unemployment. On the other side are countries like Germany which are more concerned with maintaining low inflation only. Many economists and politicians criticize the ECB …
The Impact Of Inflation Targeting Regime On The Relationship Between Stock Returns And Inflation: International Evidence, Unro Lee
Eberhardt School of Business Faculty Articles
Twenty six industrialized and emerging countries have adopted inflation targeting monetary policy since 1990 to combat persistently high inflation rate. This policy accords either the government and/or the central bank the authority to assign an explicit numerical target for inflation rate and implement an appropriate monetary policy to achieve its goal. This study investigates whether the adoption of inflation targeting strategy has affected the relationship between stock returns and inflation rate. Specifically, this study tests a hypothesis that, in an economy where inflation targeting has been adopted as a new monetary policy strategy, real stock returns should be sensitive to …
Is There A Case For Formal Inflation Targeting In Sub-Saharan Africa?, James Heintz, Léonce Ndikumana
Is There A Case For Formal Inflation Targeting In Sub-Saharan Africa?, James Heintz, Léonce Ndikumana
PERI Working Papers
This paper examines the question of whether inflation targeting monetary policy is an appropriate framework for sub-Saharan African countries. The paper presents an overview of inflation targeting, reviews the justification for the regime, and summarizes some major critiques. Monetary policy responses to inflation depend on the source of inflationary pressures. Therefore, the determinants of inflation in African countries are investigated, using dynamic panel data, and the implications for inflation targeting are discussed. These issues are examined in greater detail for the two African countries which have formally adopted inflation targeting, South Africa and Ghana. The analysis is placed in the …
Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2010, Central Bank Of Nigeria
Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2010, Central Bank Of Nigeria
CBN Annual Report
2010 annual report reviews the operations of the Central Bank of Nigeria (CBN) and appraises the macroeconomic policies in 2010. the report is structured into two parts. Part 1 reviews the corporate operations of the bank, while the part 2 evaluates the performance of the economy against the challenges in both the thrust of monetary policy and other financial measures was to improve liquidity and enhance the efficiency and stability of the financial system without compromising the primary goal of monetary and price stability.
Monetary Policies In A Small Open Economy Model With Labor Mobility And Remittances, Diana Rose Del Rosario
Monetary Policies In A Small Open Economy Model With Labor Mobility And Remittances, Diana Rose Del Rosario
Dissertations and Theses Collection (Open Access)
This paper presents a model of a small open economy that allows for international labor mobility, thereby endogenizing migrant transfers or remittances. The resulting model is calibrated to the Philippine economy, of which labor migration and remittance inflows are key forces that drive the economy’s growth. The model’s impulse response functions illustrate that the presence of these features generates a different set of dynamics from the standard small open economy model (without labor mobility). Depending on the source of the shock, labor mobility and remittances can either exacerbate or cushion the impact of the shock on the economy. A temporary …
The Impact Of Monetary Policy Announcements On Stock Market: Evidence From China, Yu Zeng
The Impact Of Monetary Policy Announcements On Stock Market: Evidence From China, Yu Zeng
Dissertations and Theses Collection (Open Access)
In this paper we examine how stock returns in China respond to monetary policy announcements made by PBC in a short term around announcement day. We employ a nonparametric event-study method to investigate such reactions. We arrive at the following conclusions. Firstly, there is information leakage of monetary policy changes, which is verified by significant changes in stock returns before monetary policy announcement and quitness of stock market after announcement. Secondly, financially constrained and financially unconstrained firms respond quite similarly to monetary policy shocks, which disobeys credit channel of monetary policy transmission in the short run. Thirdly, reserve ratio changes …