|Generate QR code
Open Access
Subscription Access
Methodological Eclecticism of Transmission Mechanism of Monetary Policy
https://doi.org/10.32609/0042-8736-2010-12-99-106
Abstract
The article analyzes theoretical and methodological features of the transmission mechanism of monetary policy and its channels of performance. The complex nature of this phenomenon is substantiated by a qualitative economic approach thus revealing its immanent theoretical contradictions, which cause a number of problems that monetary authorities face while conducting monetary policy. Possible ways of analysis aimed at resolving the mentioned issues are suggested.
About the Authors
I. Ivanchenko
Rostov State University of Economics
Russian Federation
Russian Federation
A. Maslov
Rostov State University of Economics
Russian Federation
Russian Federation
References
1. Иванченко И. С. Исследование российского трансмиссионного механизма денежно-кредитной политики // Финансы и кредит. 2006. № 14. С. 5-12.
2. Иванченко И. С. Применение формулы Фишера в анализе динамики российской денежной массы // Вопросы статистики. 2005. № 2. С. 66-70.
3. Иванченко И. С. Теория денежного поля // Финансы и кредит. 2008. № 15. С. 7-17.
4. Кейнс Дж. М. Общая теория занятости, процента и денег. М.: Прогресс, 1978.
5. Корищенко К. Н. Структурные факторы механизма денежной трансмиссии: тенденции и перспективы // Экономика и политика. 2005. № 2. С. 23-34.
6. Крючкова И. П., Сапьян М. Ю. Трансмиссионный механизм денежно-кредитной политики и особенности его функционирования в российской экономике // Банковское дело. 2003. № 9. С. 12-24.
7. Маслов А. И. Анализ природы основных трансмиссионных импульсов российской денежно-кредитной политики // Финансы и кредит. 2010. № 19. C. 45-55.
8. Моисеев С. Р. Трансмиссионный механизм денежно-кредитной политики // Финансы и кредит. 2002. № 18. C. 38-51.
9. Нуреев Р. М., Сапьян М. Ю. Состояние трансмиссионного механизма как фактор готовности к переходу к политике инфляционного таргетирования // Экономический вестник РГУ. 2008. № 1. С. 18-26.
10. Ожегов С. И. Словарь русского языка.
11. Улюкаев А. В. Современная денежно-кредитная политика: проблемы и перспективы. М.: Дело, 2008.
12. Ando A., Modigliani F. The "Life Cycle" Hypothesis of Saving: Aggregate Implications and Tests // American Economic Review. 1963. Vol. 53, No 1. P. 55-84.
13. Angeloni, I., Kashyap A., Mojon B., Terlizzese D. Monetary Transmission in the Euro Area: Does the Interest Rate Channel Explain All? // NBER Working Paper. 2003. No 9984. http://www.nber.org/papers/w9984.
14. Annex 4 - Monetary Transmission in Acceding Countries. www.eui.eu/Documents/ RSCAS/Research/EFN/Reports/Annex2004Spring/Annex4spring2004.pdf.
15. Bayangos B. Exchange Rate Uncertainty and Monetary Transmission in the Philippines. 2006. ideas.repec.org/p/iss/wpaper/434.html.
16. Bernanke B., Gertler M. Inside the Black Box: The Credit Channel of Monetary Policy Transmission // NBER Working Paper. 1995. No 5146. www.nber.org/papers/w5146.
17. Campbell J., Mankiw G. The Response of Consumption to Income: A Cross Country Investigation // European Economic review. 1991. Vol. 35, No 4. P. 723-767.
18. David P. A. Clio and the Economics of QWERTY // The American Economic Review. 1985. Vol. 75, No 2. P. 332-337.
19. Den Haan W. J., Sumner S. W., Yamashiro G. M. Bank Loan Portfolios and the CanadianMonetary Transmission Mechanism // Revue canadienne déconomique = Canadian Journal of Economics. 2009. Vol. 42, No 3. P. 1150-1175.
20. Drexler B. Does Central Bank Transparency Matter for Housing Finance in Central and Eastern Europe? // Housing Finance International. 2008. Vol. 22, No 4. P. 6-14.
21. Ferreira C. The Bank Lending Channel Transmission of Monetary Policy in the EMU: A Case Study of Portugal // The European Journal of Finance. 2007. Vol. 13, No 2. P. 181-193.
22. Fisher I. The Purchasing Power of Money: Its Determination and Relation to Credit, Interest, and Crises. N. Y.: Cosimo Classics, 2006.
23. Kuttner K. N., Mosser P. C. The Monetary Transmission Mechanism in the United States: Some Answers and Further Questions. 2002. http://www.newyorkfed.org/rmaghome/econ_pol/2002.
24. Menon J. Exchange Rate Pass-through // Journal of Economic Surveys. 1995. Vol. 9, No 2. P. 197-231.
25. Mishkin F. S. The Transmission Mechanism and the Role of Asset Prices in Monetary Policy // NBER Working Paper. 2001. No 8617. www.nber.org/papers/w8617.
26. Papadamou S., Oikonomou G. The Monetary Transmission Mechanism: Evidence from Eight Economies in Transition // International Economic Journal. 2007. Vol. 21, No 4. P. 559-576.
27. Petursson T. G. The Transmission Mechanism of Monetary Policy: Analyzing the Financial Market Pass-through // Central Bank of Iceland Working Paper. 2001. No 14. http://www.sedlabanki.is/ uploads/files/wp-14.pdf.
28. Poon W.-Ch. Does Credit Channel Matter in the Conduct of Monetary Policy in Singapore? // The IUP Journal of Monetary Economics. 2008. Vol. VI, No 3. P. 40-50.
29. Safaei J., Cameron N. Credit Channel and Credit Shocks in Canadian Macrodynamics - a Structural VAR Approach // Applied Financial Economics. 2003. Vol. 13, No 4. P. 267-277.
30. Suzuki T. Credit Channel of Monetary Policy in Japan: Resolving the Supply versus Demand Puzzle // Applied Economics. 2004. Vol. 36. P. 2385-2396.
31. Taylor J. The Monetary Transmission Mechanism: An Empirical Framework // Journal of Economic Perspectives. 1995. Vol. 9, No 4. P. 11-26.
Review
For citations:
Ivanchenko I., Maslov A. Methodological Eclecticism of Transmission Mechanism of Monetary Policy. Voprosy Ekonomiki. 2010;(12):99-106. (In Russ.) https://doi.org/10.32609/0042-8736-2010-12-99-106
Views:
630
Email this article 
