scholarly journals Public Spending, Monetary Policy and Growth: Evidence from EU Countries

2016 ◽  
Author(s):  
Sotiris Papaioannou
Keyword(s):  
Monetary Policy ◽  
Public Spending ◽  
Eu Countries

Russia's development plan may be too broad to succeed

2019 ◽  
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Development Strategy ◽  
Rapid Growth ◽  
Public Support ◽  
Public Spending ◽  
Development Programme ◽  
Content Type ◽  
Funding Sources ◽  
Specific Activities

Subject Russia's six-year development strategy. Significance A year on from its announcement, Russia's development programme to 2024 has many unanswered questions about specific activities and funding sources. Nor is it clear whether the programme will generate rapid growth and other positive impacts by 2024, as planned. Impacts The national projects should be a way of rallying public support but fewer than half of Russians have heard of them. The inflationary risks of higher public spending may push the central bank towards restrictive monetary policy. Essential legal, administrative, tax and other reforms are not high on the agenda.

INNOVATION, GROWTH, AND OPTIMAL MONETARY POLICY

2019 ◽  
pp. 1-24
Author(s):  
Barbara Annicchiarico ◽  
Alessandra Pelloni
Keyword(s):  
Monetary Policy ◽  
Inflation Targeting ◽  
Public Spending ◽  
New Keynesian ◽  
Positive Trend ◽  
Policy Recommendation ◽  
Optimal Monetary Policy ◽  
Keynesian Model ◽  
Trend Inflation ◽  
Short Run

This paper examines how innovation-led growth affects optimal monetary policy. We consider the Ramsey policy in a New Keynesian model where R&D leads to an expanding variety of intermediate goods and compare the results with those obtained when the expansion occurs exogenously. Positive trend inflation is found to be optimal under both assumptions, but much higher with profit-seeking innovation. Optimal monetary policy must be counter-cyclical in response to both technology and public spending shocks, yet the intensity of the reaction crucially depends on the presence of an R&D sector. However, the small amount of short-run deviations of prices from the non-zero trend inflation observed in response to shocks suggests inflation targeting as a robust policy recommendation.

scholarly journals Monetary Policy and Stock Markets: Evidence from EU Countries

2012 ◽  
pp. 1-11 ◽  
Author(s):  
Ovidiu Stoica ◽  
Delia-Elena Diaconașu
Keyword(s):  
Monetary Policy ◽  
Stock Markets ◽  
Eu Countries

Convergence for european union accession: challenges for czech monetary policy

1998 ◽  
Vol 7 (1) ◽  
Author(s):  
Stanislava Janáčková
Keyword(s):  
European Union ◽  
Monetary Policy ◽  
Czech Republic ◽  
Monetary Integration ◽  
Time Lags ◽  
Real Output ◽  
The European Union ◽  
The Czech Republic ◽  
Eu Countries ◽  
Transmission Mechanisms

If the analyses of the transmission mechanisms are not fundamentally wrong, it follows that Czech Republic shares a common feature typical for EU countries: the short-term non-neutrality of money with respect to real output. Money matters , money affects real output as well as prices. There can be significant differences, however, in the time lags, as well as in the strength of impact of monetary policy on both prices and output. Future steps of the Czech Republic toward monetary integration with the EU countries (starting with ERM 11 membership) will presuppose a further convergence of the transmission mechanism of Czech monetary policy toward the mechanism prevailing within the European Union. Such convergence can only proceed hand-in-hand with continuing transformation and restructuring of the Czech economy.

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