Val and I knew each other even before our appointment but it was in our working together at the Monetary
Board where my respect and admiration for him grew deeper.
Board believes that the BSP has attained sufficient progress in its shift towards the use of market-based monetary
instruments since the adoption of the interest rate corridor (IRC) framework in June 2016,' Espenilla said.
policy--characterized by "zero interest rate policy" (ZIRP) and "quantitative easing" (QE), along with macro-prudential regulation--has increased the power of central banks in the United States, Japan, and Europe.
Much of the recent debate has focused on whether unconventional monetary
policies have had the expected effects on asset prices and the real economy.
Keywords: Contractionary monetary
policy, expansionary monetary
policy, stock market, inflation, Reserve require market, OMOs
In honor of the fiftieth anniversary of the publishing of the original edition, White, Vanberg, K|hler and their contributors (not always in agreement) call for reform of the monetary
system and aim to reinvigorate the debate: should there be constitutional provisions empowering government or should there be provisions inhibiting government interference.
base comprises money supplied to the markets by the Bank of Japan (BOJ), including cash in circulation and commercial banks' deposits held at the BOJ's current accounts.
The member states of the GCC monetary
union are in talks with the two nations in a bid to persuade them to join the union," said Anas Al-Saleh, Kuwait's finance minister.
Over the past decade there have been significant changes in monetary
policy regimes in developing countries.
Thus, if monetary
policy has real economic effects, shifts in monetary
policy should affect stock prices.
It is our objective in this paper to shed new empirical light on this murky relationship between monetary
policy and long-term interest rates.
Hong Kong Monetary
Authority's economists Chang Shu and Brian Ng have written a nice paper which tries to demystify Chinese monetary