Monetary Policy Shocks

The open economy faces many internal and external shocks, so the macroeconomic stability becomes the top priority goal. When the economy increasingly integrates into international economy, the central bank needs to gradually reduce using direct monetary tools and switch to using indirect ones.

37p mmlemmlem_124 22-12-2020 16 3   Download

This study assesses the importance of monetary policy in macroeconomic stability in Vietnam through controlling the credit growth; evaluates the relevance of the new Keynes model in explaining macroeconomic fluctuations; uses the SVAR new Keynes model to evaluate the response of macro variables to the shocks of themselves; proposes the DSGE new Keynes model that serves to analyze, forecast and communicate macroeconomic’s policies in Vietnam.

43p bibianh 19-09-2019 49 5   Download

The paper proposes an empirical VAR for the UK open economy in order to measure the effects of monetary policy shocks from 1981 to 2003. The identification of the VAR structure is based on short-run restrictions that are consistent with the general implications of a New Keynesian model. The identification scheme used in the paper is successful in identifying monetary policy shocks and solving the puzzles and anomalies regarding the effects of monetary policy shocks.

37p pnq9292 14-03-2017 69 3   Download