Optimal Monetary Policy Framework in an Emerging Market Economy under Sanctions Pressure and Restrictions on Capital Flows
References
- Abradu-Otoo, P., Acquaye, I., Addy, A., Akosah, N.K., Attuquaye, J., Harvey, S., Mkhatrishvili, S., Mumuni, Z., & Nalban, V. (2022). Quarterly Projection Model for the Bank of Ghana (IMF Working Paper No. WP/22/169). https://www.imf.org/-/media/Files/Publications/WP/2022/English/wpiea2022169-print-pdf.ashx.
- Alstadheim, R., & Røisland, Ø. (2017). When Preferences for a Stable Interest Rate Become Self-Defeating. Journal of Money, Credit and Banking, 49(2–3), 393–415. https://doi.org/10.1111/jmcb.12383.
- Benes, J., Clinton, K., George, A., Gupta, P., Jhon, J., Kamenik, O., Laxton, D., Mitra, P., Nadhanael, G.V., Portillo, R., Wang, H., & Zhang, F. (2017). Quarterly Projection Model for India: Key Elements and Properties (IMF Working Paper No. WP/17/33). https://www.imf.org/-/media/Files/Publications/WP/wp1733.ashx.
- Berg, A., Karam, P., & Laxton, D. (2006a). A Practical Model-Based Approach to Monetary Policy Analysis – A How-To Guide (IMF Working Paper No. WP/06/81). https://www.imf.org/external/pubs/ft/wp/2006/wp0681.pdf.
- Berg, A., Karam, P., & Laxton, D. (2006b). A Practical Model-Based Approach to Monetary Policy Analysis – Overview (IMF Working Paper No. WP/06/80). https://www.imf.org/external/pubs/ft/wp/2006/wp0680.pdf.
- Bezborodova, A., & Vlček, J. (2018). An Estimate of the Neutral Level of the IBL Rate Using Information on Lending Interest Rates: A Semi-Structural Model. Bank Bulletin Journal, Bank’s Research (15), 1–41.
- Bokan, N., & Ravnik, R. (2018). Quarterly Projection Model for Croatia (Croatian National Bank Surveys No. S-34). https://www.hnb.hr/documents/20182/2569513/s-034.pdf.
- Busetti, F., Neri, S., Notarpietro, A., & Pisani, M. (2021). Monetary Policy Strategies in the New Normal: A Model-Based Analysis for the Euro Area. Journal of Macroeconomics, 70(C). https://doi.org/10.1016/j.jmacro.2021.103366.
- Demidenko, M. (2008). Model for Medium-Term Forecasting and Planning of Monetary Policy. Bank Bulletin Journal, 31(432), 41–48.
- Demidenko, M., Hrebicek, H., Karachun, O., Korshunov, D., & Lipin, A. (2016). Forecasting System for the Eurasian Economic Union (Joint Report by the Eurasian Economic Commission and the Eurasian Development Bank). https://eabr.org/upload/iblock/a77/edb_centre_report_35_eng.pdf.
- Dorich, J., Mendes, R.R., & Zhang, Y. (2021). The Bank of Canada’s “Horse Race” of Alternative Monetary Policy Frameworks: Some Interim Results from Model Simulations. (Bank of Canada Staff Discussion Paper No. 2021–13). https://www.bankofcanada.ca/wp-content/uploads/2021/08/sdp2021-13.pdf.
- Evjen, S., & Kloster, T.B. (2012). Norges Bank’s New Monetary Policy Loss Function – Further Discussion (Norges Bank Staff Memo No. 11 | 2012). https://www.norges-bank.no/contentassets/be74882c580842b8888253800ee4a895/staff_memo_1112.pdf?v=09032017123439&ft=.pdf.
- Grui, A., & Vdovychenko, A. (2019). Quarterly Projection Model for Ukraine (NBU Working Papers No. 03/2019). https://bank.gov.ua/admin_uploads/article/WP_2019_03_Grui_Vdovychenko.pdf.
- Hlédik, T., Musil, K., Ryšánek, J., & Tonner, J. (2018). A Macroeconomic Forecasting Model of the Fixed Exchange Rate Regime for the Oil-Rich Kazakh Economy (CNB Working Paper Series No. 11/2018). https://www.cnb.cz/export/sites/cnb/en/economic-research/.galleries/research_publications/cnb_wp/cnbwp_2018_11.pdf.
- Kharitonchik, A. (2019). Effect of Interbank Market Interest Rate Pass-Through to Bank Loans Interest Rates in the Republic of Belarus: Macroeconomic Approach. Belarusian Economic Journal, 1, 43–62.
- Kharitonchik, A. (2020). The Monetary Policy Transmission Mechanism Channels Efficiency in the Republic of Belarus. Journal of the Belarusian State University. Economics, 1, 29–40.
- Kharitonchik, A. (2023a). Inflationary Effects of Excessive Stimulation of Domestic Demand in Belarus (BEROC Policy Paper Series No. 116). https://beroc.org/upload/medialibrary/310/310438a6adf7a3101882f9cc58ae161c.pdf.
- Kharitonchik, A. (2023b). Quarterly Projection Model for Belarus: Methodological Aspects and Practical Applications (BEROC Working Paper Series No. 82). https://beroc.org/upload/medialibrary/33d/33d3d8a7c340c315fb9229279a081cba.pdf.
- Mæhle, N., Hlédik, T., Selander, C., & Pranovich, M. (2021). Taking Stock of IMF Capacity Development on Monetary Policy Forecasting and Policy Analysis Systems (IMF Departmental Paper No. DP/2021/026). https://www.imf.org/-/media/Files/Publications/DP/2021/English/TSICDMPFPASEA.ashx.
- Miksjuk, A., Pranovich, M., & Ouliaris, S. (2015). The Game of Anchors: Studying the Causes of Currency Crises in Belarus (IMF Working Paper No. WP/15/281). https://www.imf.org/-/media/Websites/IMF/imported-full-text-pdf/external/pubs/ft/wp/2015/_wp15281.ashx.
- Mironchik, N., Novopoltsev, A., & Kuznetsov, A. (2018). Neutral Interest Rate for the Republic of Belarus: The Laubach–Williams Model. Bank Bulletin Journal, 7(660), 17–26.
- Musil, K., Pranovich, M., & Vlcek, J. (2018). Structural Quarterly Projection Model for Belarus (IMF Working Paper No. WP/18/254). https://www.imf.org/-/media/Files/Publications/WP/2018/wp18254.ashx.
- Pelipas, I., & Tochitskaya, I. (2023). Transmission Mechanism of Monetary Policy in the MEMFIS Macroeconometric Model. Bank Bulletin Journal, 8(721), 12–33.
- Raju, Y N, & Acharya, D. (2020). Revisiting the Volatility-Growth Relationship: Some Cross Country Evidence, 1978–2017. Cogent Economics & Finance, 8(1). https://doi.org/10.1080/23322039.2020.1826655.
- Ramey, G., & Ramey, V.A. (1995). Cross-Country Evidence on the Link between Volatility and Growth. The American Economic Review, 85(5), 1138–1151.
- Svensson, L. E. O. (2020). Monetary Policy Strategies for the Federal Reserve. International Journal of Central Banking, 16(1), 133–193.
- Wagner, J., Schlanger, T., & Zhang, Y. (2022). A Horse Race of Alternative Monetary Policy Regimes under Bounded Rationality (Bank of Canada Staff Discussion Paper No. 2022–4). Retrieved from the Bank of Canada website: https://www.bankofcanada.ca/wp-content/uploads/2022/02/sdp2022-4.pdf.
- Woodford, M. (2003). Optimal Interest-Rate Smoothing. The Review of Economic Studies, 70(4), 861–886.
Language: English
Page range: 329 - 345
Published on: Sep 20, 2024
Published by: Sciendo
In partnership with: Paradigm Publishing Services
Publication frequency: 1 times per year
Keywords:
Related subjects:
© 2024 Anatoly Kharitonchik, published by Sciendo
This work is licensed under the Creative Commons Attribution 4.0 License.