Effective Monetary Policy Implementation - Nyumuah, Felix
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There is the question of whether to adopt the interest rate or the money supply as the policy instrument. In inflation targeting monetary policy, the central bank's reaction to deviations from policy targets often follows a monetary policy rule. This rule could be linear where the central bank has symmetric preferences and attaches equal weights to negative and positive deviations from policy targets, or could be non-linear whereby the central bank has asymmetric preferences and allots different weights to positive and negative deviations from target. Whenever the central bank resets the…mehr

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Produktbeschreibung
There is the question of whether to adopt the interest rate or the money supply as the policy instrument. In inflation targeting monetary policy, the central bank's reaction to deviations from policy targets often follows a monetary policy rule. This rule could be linear where the central bank has symmetric preferences and attaches equal weights to negative and positive deviations from policy targets, or could be non-linear whereby the central bank has asymmetric preferences and allots different weights to positive and negative deviations from target. Whenever the central bank resets the interest rate the effect operates through a transmission mechanism. Changes to the interest rate will give shocks to the money supply and through the credit and exchange rate channels affect output and prices. The results will be achieved provided the demand for money is stable and the effect of the interest rate variation is predictable. This book therefore tackles issues such as the stability of the money demand function, symmetric and asymmetric central bank preferences and the monetary transmission mechanism. These studies should help shed some light on effective monetary policy implementation.
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Autorenporträt
Felix Nyumuah est titulaire d'une maîtrise en économie de l'Université du Ghana, après avoir obtenu une licence combinée en économie et en statistiques dans la même université. Il est actuellement professeur d'économie et de finance au département de finance du Zenith University College (Accra, Ghana). Ses recherches portent principalement sur l'économie monétaire.