The Main Areas of Monetary Policy: Price Stability, Resistance to Shocks

Goryunov, Eugene; Drobyshevsky, Sergey; Трунин, Павел

doi:10.2139/ssrn.2889462

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“…Globally, fiscal and the monetary policy are the principal policy measures adopted by economies for inducing growth (Arestis, 2012; Boskin, 2012a; Czasonis et al, 2020; Day & Yang, 2010a). As regards the monetary policy, there is a broad consensus on the impact of money supply and interest rates on stimulating credit growth and achieving the monetary policy objective of price stabilization (Goryunov & Trunin, 2016;Johnson et al, 2000;Svensson, 1999;Wen, 2009). However, the economic view of the growth effect of fiscal policy has varied with time and among economists based on theory and empirical findings.…”

Section: Introductionmentioning

confidence: 99%

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2021

Review of Economic and Business Studies

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In a sample of 79 districts of the Slovak Republic for the period 1997 -2019, we examine the connection between the unemployment rate and the crude divorce rate. Our findings reveal a negative and statistically significant relationship, which suggests a procyclical nature in terms of the economic cycle. The estimated coefficients are relatively consistent even after the addition of control variables considering socio -economic factors or fixed effects. The results of the regression analysis show that an increase in the unemployment rate by one percentage point is accompanied by a decrease in the crude divorce rate by an average of 0.024 units. These findings support the assumptions of the theory of the high costs of divorce that spouses must bear. In a period of high unemployment, it is more acceptable for spouses to stay married than to bear the high costs associated with legal proceedings or the loss of part of the joint savings. The analysis of possible non-linear relationships between the unemployment rate and the crude divorce rate also showed a negative relationship. Quantile regression also points to the U-shaped relationship between variables and supports the opportunity theory. ii

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Section: Introductionmentioning

confidence: 99%

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2021

Review of Economic and Business Studies

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“…Globally, fiscal and the monetary policy are the principal policy measures adopted by economies for inducing growth (Arestis, 2012;Boskin, 2012a;Czasonis et al, 2020;Day & Yang, 2010a). As regards the monetary policy, there is a broad consensus on the impact of money supply and interest rates on stimulating credit growth and achieving the monetary policy objective of price stabilization (Goryunov & Trunin, 2016;Johnson et al, 2000;Svensson, 1999;Wen, 2009). However, the economic view of the growth effect of fiscal policy has varied with time and among economists based on theory and empirical findings.…”

Section: Introductionmentioning

confidence: 99%

Fiscal Impulse and Sectoral Output – Evidence From Indian States

NEGI¹

2021

Review of Economic and Business Studies

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The study covering the states of India for the period 2005 up to 2020 examines the growth effect of fiscal impulse on sectoral output. Gross value added of sectors is taken as the dependent variable while fiscal impulse as a ratio of the state domestic product has been taken as the explanatory variable. Four control variables are additional included. The study employs the generalized method of moments (GMM) for estimation. For industry and the services sector, growth effect of fiscal impulse is found to be positive and significant while for agriculture sector the effect is not significant. A sample split of states reveal developed states to be benefitting more from the growth effect of fiscal impulse as compared to the lesser developed states. The study contributes to the literature on fiscal policy and growth among the states of India.

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The Main Areas of Monetary Policy: Price Stability, Resistance to Shocks

Cited by 2 publications

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Fiscal Impulse and Sectoral Output – Evidence From Indian States

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