|Generate QR code
Open Access
Subscription Access
Monetary Policy's Priorities of Central Banks in New Conditions
https://doi.org/10.32609/0042-8736-2011-6-57-71
Abstract
The paper is devoted to the issues of central banks targets transformation in a situation of financial globalization and growing national financial markets integration. These processes greatly modify the traditional channels and instruments of monetary policy transmission mechanism.
About the Authors
S. Andryushin
Financial University under the Government of the Russian Federation; Institute of Economics, Russian Academy of Sciences
Russian Federation
Russian Federation
V. Kuznetsova
Lomonosov Moscow State University; Institute of Economics, Russian Academy of Sciences
Russian Federation
Russian Federation
References
1. Моисеев С. Р. Денежно-кредитная политика: теория и практика: Учебное пособие. 2-е изд. М.: МФПА, 2011.
2. Тинберген Я. Использование моделей в экономике: опыт и перспективы // Мировая экономическая мысль. Сквозь призму веков: В 5-ти т. Т. V: Всемирное признание: Лекции нобелевских лауреатов: В 2-х кн. Кн. 1 / Отв. ред. Г. Г. Фетисов. М.: Мысль, 2004. С. 36-48.
3. Тэйлор А. Глобальные финансы: прошлое и настоящее // Финансы & развитие. 2004. С. 28-31.
4. Adrian T., Hyun Song Shin. Prices and Quantities in the Monetary Policy Transmission Mechanism // International Journal of Central Banking. 2009. Vol. 5, No 4. P. 130-142.
5. Agenor P. R. Capital Inflows, External Shocks, and the Real Exchange Rate // Journal of International Money and Finance. 1998. Vol. 17. P. 713-740.
6. Aspachs O., Goodhart C., Tsomocos D., Zicchino L. Towards a Measure of Financial Fragility. L.: Financial Markets Group, London School of Economics, 2006.
7. Bernanke B. S. Monetary Policy Objectives and Tools in a Low-Inflation Environment. 2010. http://www.federalreserve.gov/newsevents/speech/bernanke20101015a.htm
8. Blinder A. S. It's Broke, Let's Fix It: Rethinking Financial Regulation // International Journal of Central Banking. 2010. Dec. P. 278-329.
9. Calvo G. The Perils of Sterilization // IMF Staff Papers. 1991. Vol. 38, No 4. P. 921-926.
10. Cerra V., Tekin S., Turnovsky S. J. Foreign Aid and Real Exchange Rate Adjustments in a Financially Constrained Dependent Economy // IMF Working Paper. 2008. No 204.
11. Chami R., Barajas A., Cosimano T. et al. Macroeconomic Consequences of Remittances // IMF Occasional Paper. 2009. No 259.
12. China Foreign Investment Rises 23, 4%, Adding to Overheating Risks // Bloomberg. 2011. Feb. 17.
13. Combes J.-L., Kinda T., Plane P. Capital Flows, Exchange Rate Flexibility, and the Real Exchange Rate // IMF Working Paper. 2011. No 9.
14. Disyatat P. Monetary Policy Implementation: Misconceptions and Their Consequences // BIS Working Papers. 2008. No 269. Nier E. W. Financial Stability Frameworks and the Role of Central Banks: Lessons from the Crisis // IMF Working Papers. 2009. No 70.
15. Elbadawi I. A., Kaltani L., Schmidt-Hebbel K. Foreign Aid, the Real Exchange Rate, and Economic Growth in the Aftermath of Civil Wars // World Bank Economic Review. 2008. Vol. 22, No 1. P. 113-140.
16. Goodhart C. A. E. The Changing Role of Central Banks // BIS Working Papers. 2010. No 326.
17. Hilsenrath J. Fed Chief Gets to Apply Lessons of Japans History // The Wall Street Journal. 2010. Oct. 13.
18. Humphrey Th. M. Classical Deflation Theory // Federal Reserve Bank of Richmond Economic Quarterly. 2004. Vol. 90, No 1. P. 11-33.
19. Hussain M., Berg A., Aiyar S. The Macroeconomic Management of Increased Aid: Policy Lessons from Recent Experience // Review of Development Economics. 2009. Vol. 13, No 3. P. 491-509.
20. Kinda T. Investment Climate and FDI: Firm-level Evidence // World Development. 2010. Vol. 38, No 4. P. 498-513.
21. Lane P., Milesi-Ferretti G. M. The Transfer Problem Revisited: Net Foreign Assets and Real Exchange Rates // Review of Economics and Statistics. 2004. Vol. 86, No 4. P. 841-857.
22. Lartey E. Capital Inflows and the Real Exchange Rate: An Empirical Study of Sub-Saharan Africa// Journal of International Trade & Economic Development. 2007. Vol. 16, No 3. P. 337-357.
23. Lartey E. K. K. Capital Inflows, Dutch Disease Effects and Monetary Policy in a Small Open Economy // Review of International Economics. 2008. Vol. 16, No 5. P. 971-989.
24. Lopez-Mejia A. Large Capital Flows: A Survey of Causes, Consequences, and Policy Responses // IMF Working Paper. 1999. No 17.
25. Mattich A. End of Central Banking's Golden Age // The Wall Street Journal. 2011. Jan. 31.
26. Mongardini J., Rayner B. Grants, Remittances, and the Equilibrium Real Exchange Rate in Sub-Saharan African Countries // IMF Working Paper. 2009. No 75.
27. Obstfel M., Shambaugh J., Taylor A. Monetary Sovereignty, Exchange Rates, and Capital Controls: The Trilemmain the Interwar Period // NBER Working Paper. 2004. No 10393.
28. O'Donnell S. BOE Leans toward More Purchases after October's Three-Way Split // Bloomberg. 2010. Oct. 20.
29. Perspectives on Inflation Targeting, Financial Stabilityand the Global Crisis // BIS Papers. 2010. No 51.
30. Plosser C. I. Bubble, Bubble, Toil and Trouble: A Dangerous Brew for Monetary Policy. 'A speech at the Cato Institutes 28th Annual Monetary Conference, Washington, D.C., November 18, 2010 <https://ideas.repec.org/p/fip/fedpsp/45.html>. https://www.philadelphiafed.org/publications/speeches/plosser/2010/11-18-10_cato-institute
31. Statement Regarding Purchases of Treasury Securities. November 3, 2010. http://www.newyorkfed.org/markets/opolicy/operating_policy_101103.html
Review
For citations:
Andryushin S., Kuznetsova V. Monetary Policy's Priorities of Central Banks in New Conditions. Voprosy Ekonomiki. 2011;(6):57-71. (In Russ.) https://doi.org/10.32609/0042-8736-2011-6-57-71
Views:
772
Email this article 
