ЕФЕКТИВНОСТ НА СПЕЦИФИЧНАТА ПАРИЧНА ПОЛИТИКА ПРИ ВАЛУТЕН СЪВЕТ
Keywords:
Модел IS – LM, Валутен съвет
Abstract
При IS – LM модела за макроикономически анализ, както е известно, се
разглежда равновесието на стоковия и паричния пазар едновременно. В
стандартното уравнение на IS – кривата, съвкупното търсене е в права връзка с
неговите компоненти – потребителските разходи, инвестиции, публични разходи и
нетен износ. В стандартното уравнение на LM – кривата , реалното парично търсене
е в права връзка с транзакционните величини и в обратна с алтернативните разходи.
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Research, February 1995
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Relative Importance in Economic Stabilization“, Review, FRS of St. Louis, 1968, 11-24
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States”, American Economic Review, March 1977, 101 – 105
5. Barro Robert J., “Unanticipated Money, Output and Price Level“, Journal of Political
Economy, 1978 , 549 – 580
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Behaviour”, IMF, Working paper 97, 2000
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Brunner and A. Meltzer eds., real Business Cycles, Real Exchange Rates and Actual
Policies, Carnegie – Rochester Series on Public Policy, Amsterdam, NL, 1986 , 49 –99
9. Bernanke, Ben, “On the Predictive Power of Interest Rate and Power of Interest
Rate spreads“, New England Economic Review, 1990
10. Bernanke, Ben and Alan Blinder, “Credit,money and aggregate demand“, NBER,
Working paper 2534, 1988
11. Bernanke, Ben and Alan Blinder, ”The Federal funds rate and the channels of
monetary transmissions “, NBER, Working paper 5446, 1990
12. Bernanke, Ben and Mark Gertler, “Inside the black box: The credit channel of
monetary policy transmission“, NBER, Working paper 5146, 1995
13. Bernanke, Ben and Mark Gertler, “Monetary Policy and Assets Price Volatility“ in
New Challenges for Monetary Policy, FRB of Kansas, 1999
14. Bernanke, Ben, M. Gertler and Simon Gilchrist, “The Financial Accelerator in a
Quantitative Business Cycle Framework“, in John Taylor and Michael Woodford Handbook
of Macroeconomics, vol. 10, 1994
15. Bernanke Ben, Thomas Laubach, Adam S. Posen and Frederic Mishkin, “Inflation
Targeting: Lessons from the International Experience“, Princeton University Press, NY ,
1999
16. Bhaumik, Sumon Kumar, “Bulgaria: Legacy, Transition and Soft Underbelly of
Macroeconomic Stability“, Center for New and Emerging Markets, London Business
School, London, UK, 2001
17. Blinder Alan and Joseph Stiglitz, “Money, Credit Constraints and Economic
Activity“, American Economic Review, 1983, 297 – 302
18. Brayant, Ralph, Peter Hooper and Catherine Mann, “Evaluating Policy Regimes:
New Empirical Research in Empirical Macroeconomics”, Brooking Institution, Washington,
1993
19. Bruner, Karl and Allan H.Meltzer, “Money and Economy: Issues in Monetary
Analysis”, Cambridge university press, 1993
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How far can we go with “ credit view?”, IMF, Working paper 68, 2000
21. Cecchetti, Stephen and Stefan Krause, “Financial structure, macroeconomic
stability and monetary policy “, NBER, Working paper 8354, 2001
22. Christiano, Lawrence J. and Lars Ljungqvist, “Money Does Grander – cause Output
in the Bivariate Money – Output Relation”, Journal of Monetary Economics, September
1988 , 217 – 236
23. Clarida, Richard, Jordi Gali and Mark Gertler, “Monetary policy rules in practice:
some international evidence “, NBER, Working paper 6254, 1997
24. Enoch,Charles and Anne – Marie Gulde, “Making a Currency Board Operational“,
IMF, 1997
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31. Gertler Mark and Simon Gilchrist, “The Role of Credit Market Imperfection in the
Transmission of Monetary Policy. Argument and Evidence”, Scandinavian Journal of
Economics, 1993, 43
32. Gertler Mark and Simon Gilchrist , “Monetary Policy, Business Cycles and the
Behavior of Small Manufacturing Firms“, Quarterly Journal of Economics, 1994
33. Goodfriend, Marvin , “Using the Term Structure of Interest Rates for Monetary
Policy“, FRB of Richmond, Economics Quarterly, Volume 84/3 , Summer 1998
34. Hanke, Steve, “The disregard for Currency Board Realities”, Cato Journal, Vol.20.
No1, 2000
35. Kerr,William and Robert King, “Limits on Interest Rate Rules in the ISLM model “,
FRB of Richmond , Economic Quarterly , Volume 82/2 , 1996
36. King Robert G., “Will the New Keynesian Macroeconomics Resurrect the IS-LM
Model”, Journal of Economic Perspectives, 1993, 7
37. King, Stephen R., “Interest Rates and Transmission of Monetary fluctuation to
Output and Prices”, Northwestern University , 1982
38. King, Stephen R., “Monetary transmission through Bank loans or Bank liabilities “,
Journal of Money , Credit and Banking , 1986 , 290 – 303
39. Kirchgeassner, Gebhard and Marsel Savioz, “Monetary policy and Forecasts for
GDP Growth: An Empirical Investigation for the Federal Republic of Germany “ , German
Economic Review , Vol 2 , 2001
40. Kwan, Y.K. and F.P.Lui, “Hong Kong’s Currency Board and Changing Monetary
Regimes”, NBER, Working paper 5723, 1996
41. Lawrence, Cristiano and Lars Ljungqvist, “Money does Granger – cause output in
the Bivariate Money – Output Relation”, Journal of Monetary Economics, 1988, IX
42. Litterman Robert B., “Forecasting and Policy Analysis with Bayesian Vector
Autoregrassion Models “, Quarterly Review , FRB of Minneapolis , 1984, vol .8
43. Litterman Robert B. and Laurence Weiss, “Money , Real interest rates and Output :
A Reinterpretation of Postwar US Data “, Econometrics , 53 , 1985
44. Lucas, Robert E. Jr., “Expectations and Neutrality of Money”, Journal of Economic
Theory, 1972, 4
45. McCallum Bennett, “A Reconsideration of Sims: Evidence Concerning Monetarism
“, Economics Letters, 15, 1983
46. McCallum Bennett, “Resent developments in monetary policy analysis: The roles of
theory and evidence “ , NBER, Working paper 7088, 1999
47. McMallum, Bennett T. and Edward Nelson, “An optimizing IS-LM Specification for
Monetary policy and Business Cycle Analysis”, NBER, Working paper 5878, 1997
48. Mishkin, Frederic and Franklin Edwards, “The decline of traditional banking:
Implication for financial stability and regulation policy”, FBR of New York, Economic Policy
Review, July 1995
49. Mishkin , Frederic and Arturo Estrella, “The term structure of interest rates and its
role in monetary policy for the European Central Bank “, NBER, Working paper 5279, 1995
50. Mishkin, Frederic, “Asymmetric Information and Financial Crises: A Historical
Perspective“ in Glenn R. Hubbard eds, Financial markets and Financial Crises, University
of Chicago Press , 1991
51. Mishkin, Frederic,“Money, Interest rates and Inflation“, Edward Elgar Publishing
Limited, Vermont , USA, 1993
52. Mishkin, Frederic, “The Channels of monetary transmission: Lessons for monetary
policy “, NBER, Working paper 5464, 1996
53. Mishkin, Frederic, „International experiences with different monetary policy
regimes“, NBER, Working paper 6965, 1999
54. Mishkin, Frederic, “Financial policies and the prevention of financial crises in
emerging market countries“, NBER, Working paper 8087, 2001
55. Obstfeld Maurice and Kenneth Rogoff, “The Mirage of Fixed Exchange Rates “,
Journal of Economic Perspectives , no. 4 , 1995 , 73- 96
56. Siklos,Pierre K. and Martin T. Bohl , “Do Words Speak Lounder Than Actions? The
conduct of Monetary Policy at the Bundesbank “, www.wlu.ca , 2001
57. Romer, Christina and David Romer, “Does Monetary Policy Matter? A new test in
the spirit of Friedman and Schwarz “, NBER, Working paper 2966, 1989
58. Romer, Christina and David Romer, “New Evidence of the Monetary Transmissian
Mechanism”, Brooking Paper on Economic Activities, 1990, 1
59. Romer, David, “Short run fluctuations “ University of California , 1999
60. Romer, David , “Keynesian macroeconomics without the LM – curve “, NBER ,
Working paper 7461, 2000
61. Sims, Christopher A., “Money, Income and Causality“, American Economic Review ,
62, 1972
62. Sims , Christopher A. , “Comperasion of Interwar and Postwar Business Cycles:
Monetarism Reconsidered” , American Economic Review , 1980
63. Sims, Christopher A., “Interpreting the Macroeconomic Time Series Facts: The
Effect of Monetary Policy”, European Economic review, 1992, 36
64. Taylor, John, “Macroeconomic policy in a World Economy”, Economic design to
practical operation, New York, 1993
65. Taylor, John, “An Historical analysis of monetary policy rules “, NBER, Working
paper 6768, 1998
66. Tobin, James, “A General Equilibrium Approach to Monetary Theory “, Journal of
Money, Credit and Banking, February 1969
2. Ades, Alberto, “Currency Board and Implications for Argentina“, Economics
Research, February 1995
3. Andersen, Leonall and Jerry Jordan, “Monetary and Fiscal Action: A Test of their
Relative Importance in Economic Stabilization“, Review, FRS of St. Louis, 1968, 11-24
4. Barro Robert J., “Unanticipated Money Growth and Unemployment in United
States”, American Economic Review, March 1977, 101 – 105
5. Barro Robert J., “Unanticipated Money, Output and Price Level“, Journal of Political
Economy, 1978 , 549 – 580
6. Barro, Robert J., “Rational Expectations Macroeconomics in 1984”, American
Economic Review, Paper and proceeding, 1984, 74
7. Batiz,L.A. and A.N. Sy, “Currency Boards, Credibility and Macroeconomics
Behaviour”, IMF, Working paper 97, 2000
8. Bernanke, Ben, “Alternative Explanations of the Money – Income Correlation“ in K.
Brunner and A. Meltzer eds., real Business Cycles, Real Exchange Rates and Actual
Policies, Carnegie – Rochester Series on Public Policy, Amsterdam, NL, 1986 , 49 –99
9. Bernanke, Ben, “On the Predictive Power of Interest Rate and Power of Interest
Rate spreads“, New England Economic Review, 1990
10. Bernanke, Ben and Alan Blinder, “Credit,money and aggregate demand“, NBER,
Working paper 2534, 1988
11. Bernanke, Ben and Alan Blinder, ”The Federal funds rate and the channels of
monetary transmissions “, NBER, Working paper 5446, 1990
12. Bernanke, Ben and Mark Gertler, “Inside the black box: The credit channel of
monetary policy transmission“, NBER, Working paper 5146, 1995
13. Bernanke, Ben and Mark Gertler, “Monetary Policy and Assets Price Volatility“ in
New Challenges for Monetary Policy, FRB of Kansas, 1999
14. Bernanke, Ben, M. Gertler and Simon Gilchrist, “The Financial Accelerator in a
Quantitative Business Cycle Framework“, in John Taylor and Michael Woodford Handbook
of Macroeconomics, vol. 10, 1994
15. Bernanke Ben, Thomas Laubach, Adam S. Posen and Frederic Mishkin, “Inflation
Targeting: Lessons from the International Experience“, Princeton University Press, NY ,
1999
16. Bhaumik, Sumon Kumar, “Bulgaria: Legacy, Transition and Soft Underbelly of
Macroeconomic Stability“, Center for New and Emerging Markets, London Business
School, London, UK, 2001
17. Blinder Alan and Joseph Stiglitz, “Money, Credit Constraints and Economic
Activity“, American Economic Review, 1983, 297 – 302
18. Brayant, Ralph, Peter Hooper and Catherine Mann, “Evaluating Policy Regimes:
New Empirical Research in Empirical Macroeconomics”, Brooking Institution, Washington,
1993
19. Bruner, Karl and Allan H.Meltzer, “Money and Economy: Issues in Monetary
Analysis”, Cambridge university press, 1993
20. Catao, L. and S.L.Rodrigues, “Banks and Monetary Shocks in Emerging Markets:
How far can we go with “ credit view?”, IMF, Working paper 68, 2000
21. Cecchetti, Stephen and Stefan Krause, “Financial structure, macroeconomic
stability and monetary policy “, NBER, Working paper 8354, 2001
22. Christiano, Lawrence J. and Lars Ljungqvist, “Money Does Grander – cause Output
in the Bivariate Money – Output Relation”, Journal of Monetary Economics, September
1988 , 217 – 236
23. Clarida, Richard, Jordi Gali and Mark Gertler, “Monetary policy rules in practice:
some international evidence “, NBER, Working paper 6254, 1997
24. Enoch,Charles and Anne – Marie Gulde, “Making a Currency Board Operational“,
IMF, 1997
25. “The Framework for the Conduct of Monetary Policy in Canada: some Recent
Developments“, Notes for Presentation to the Ottawa Economics Association, January
1998
26. Fisher, Irving, “The Debt – Deflation, Great Depressions”, Econometrica, 1, October
1933
27. Friedman, Benjamin, “The role of interest rate in Federal Reserve Policymaking“,
NBER, Working paper 8047, 2000
28. Friedman, Benjamin, “ Monetary policy “ , NBER , Working paper 8057, 2000
29. Friedman Milton, “The Role of Monetary Policy“, AER, vol.2 VIII, March 1968
30. Friedman Milton and Anna Schwarz, “A Monetary History of the United States, 1867
– 1960 “, Princeton university Press for the NBER , NY, 1963
31. Gertler Mark and Simon Gilchrist, “The Role of Credit Market Imperfection in the
Transmission of Monetary Policy. Argument and Evidence”, Scandinavian Journal of
Economics, 1993, 43
32. Gertler Mark and Simon Gilchrist , “Monetary Policy, Business Cycles and the
Behavior of Small Manufacturing Firms“, Quarterly Journal of Economics, 1994
33. Goodfriend, Marvin , “Using the Term Structure of Interest Rates for Monetary
Policy“, FRB of Richmond, Economics Quarterly, Volume 84/3 , Summer 1998
34. Hanke, Steve, “The disregard for Currency Board Realities”, Cato Journal, Vol.20.
No1, 2000
35. Kerr,William and Robert King, “Limits on Interest Rate Rules in the ISLM model “,
FRB of Richmond , Economic Quarterly , Volume 82/2 , 1996
36. King Robert G., “Will the New Keynesian Macroeconomics Resurrect the IS-LM
Model”, Journal of Economic Perspectives, 1993, 7
37. King, Stephen R., “Interest Rates and Transmission of Monetary fluctuation to
Output and Prices”, Northwestern University , 1982
38. King, Stephen R., “Monetary transmission through Bank loans or Bank liabilities “,
Journal of Money , Credit and Banking , 1986 , 290 – 303
39. Kirchgeassner, Gebhard and Marsel Savioz, “Monetary policy and Forecasts for
GDP Growth: An Empirical Investigation for the Federal Republic of Germany “ , German
Economic Review , Vol 2 , 2001
40. Kwan, Y.K. and F.P.Lui, “Hong Kong’s Currency Board and Changing Monetary
Regimes”, NBER, Working paper 5723, 1996
41. Lawrence, Cristiano and Lars Ljungqvist, “Money does Granger – cause output in
the Bivariate Money – Output Relation”, Journal of Monetary Economics, 1988, IX
42. Litterman Robert B., “Forecasting and Policy Analysis with Bayesian Vector
Autoregrassion Models “, Quarterly Review , FRB of Minneapolis , 1984, vol .8
43. Litterman Robert B. and Laurence Weiss, “Money , Real interest rates and Output :
A Reinterpretation of Postwar US Data “, Econometrics , 53 , 1985
44. Lucas, Robert E. Jr., “Expectations and Neutrality of Money”, Journal of Economic
Theory, 1972, 4
45. McCallum Bennett, “A Reconsideration of Sims: Evidence Concerning Monetarism
“, Economics Letters, 15, 1983
46. McCallum Bennett, “Resent developments in monetary policy analysis: The roles of
theory and evidence “ , NBER, Working paper 7088, 1999
47. McMallum, Bennett T. and Edward Nelson, “An optimizing IS-LM Specification for
Monetary policy and Business Cycle Analysis”, NBER, Working paper 5878, 1997
48. Mishkin, Frederic and Franklin Edwards, “The decline of traditional banking:
Implication for financial stability and regulation policy”, FBR of New York, Economic Policy
Review, July 1995
49. Mishkin , Frederic and Arturo Estrella, “The term structure of interest rates and its
role in monetary policy for the European Central Bank “, NBER, Working paper 5279, 1995
50. Mishkin, Frederic, “Asymmetric Information and Financial Crises: A Historical
Perspective“ in Glenn R. Hubbard eds, Financial markets and Financial Crises, University
of Chicago Press , 1991
51. Mishkin, Frederic,“Money, Interest rates and Inflation“, Edward Elgar Publishing
Limited, Vermont , USA, 1993
52. Mishkin, Frederic, “The Channels of monetary transmission: Lessons for monetary
policy “, NBER, Working paper 5464, 1996
53. Mishkin, Frederic, „International experiences with different monetary policy
regimes“, NBER, Working paper 6965, 1999
54. Mishkin, Frederic, “Financial policies and the prevention of financial crises in
emerging market countries“, NBER, Working paper 8087, 2001
55. Obstfeld Maurice and Kenneth Rogoff, “The Mirage of Fixed Exchange Rates “,
Journal of Economic Perspectives , no. 4 , 1995 , 73- 96
56. Siklos,Pierre K. and Martin T. Bohl , “Do Words Speak Lounder Than Actions? The
conduct of Monetary Policy at the Bundesbank “, www.wlu.ca , 2001
57. Romer, Christina and David Romer, “Does Monetary Policy Matter? A new test in
the spirit of Friedman and Schwarz “, NBER, Working paper 2966, 1989
58. Romer, Christina and David Romer, “New Evidence of the Monetary Transmissian
Mechanism”, Brooking Paper on Economic Activities, 1990, 1
59. Romer, David, “Short run fluctuations “ University of California , 1999
60. Romer, David , “Keynesian macroeconomics without the LM – curve “, NBER ,
Working paper 7461, 2000
61. Sims, Christopher A., “Money, Income and Causality“, American Economic Review ,
62, 1972
62. Sims , Christopher A. , “Comperasion of Interwar and Postwar Business Cycles:
Monetarism Reconsidered” , American Economic Review , 1980
63. Sims, Christopher A., “Interpreting the Macroeconomic Time Series Facts: The
Effect of Monetary Policy”, European Economic review, 1992, 36
64. Taylor, John, “Macroeconomic policy in a World Economy”, Economic design to
practical operation, New York, 1993
65. Taylor, John, “An Historical analysis of monetary policy rules “, NBER, Working
paper 6768, 1998
66. Tobin, James, “A General Equilibrium Approach to Monetary Theory “, Journal of
Money, Credit and Banking, February 1969
Published
2023-02-03
How to Cite
Асенова, К. (2023). ЕФЕКТИВНОСТ НА СПЕЦИФИЧНАТА ПАРИЧНА ПОЛИТИКА ПРИ ВАЛУТЕН СЪВЕТ. Vanguard Scientific Instruments in Management, 7(7). Retrieved from https://vsim-journal.info/index.php?journal=vsim&page=article&op=view&path[]=418
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