Reflections of the New Economy on the monetary policy and central banking
AbstractDevelopments in the information and communication technologies have been causing significant changes on the working mechanisms of the economy both at the national and international areas. Some of the developments can be indicated as follows: the dramatic increasing of capital movements amongst nations; the speeding of global economic integration;the effects of world’s financial markets; the creation of new payment mechanisms; the decreasing of transaction and knowledge costs; getting the information in a permanent and fast way; the fluctuations in financial markets; increasing potential growth and productivity rates. It is possible to summarize the mentioned developments with the concept of “new economy”. In this paper, the reflections of new economy on monetary policies and central banking are examined. According to the results of this study, the views about monetary policies and central banks will no longer exist in the future is not realistic. As far as we are concerned, central banks will continue to guarantee the stability of financial system all over the world as was the case in the past.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 152.
Date of creation: 24 May 2006
Date of revision:
New economy; monetary policy; electronic money; central banking;
Other versions of this item:
- Haydar Akyazi & Seyfettin Artan, 2006. "Reflections of the New Economy on the Monetary Policy and Central Banking," Papers of the Annual IUE-SUNY Cortland Conference in Economics, in: Proceedings of the Conference on Human and Economic Resources, pages 373-387 Izmir University of Economics.
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
This paper has been announced in the following NEP Reports:
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- J M. Berk, 2001. "New Economy, Old Central Banks? An overview of monetary transmission in a new economic environment," MEB Series (discontinued) 2001-5, Netherlands Central Bank, Monetary and Economic Policy Department.
- Freedman, Charles, 2000. "Monetary Policy Implementation: Past, Present and Future--Will Electronic Money Lead to the Eventual Demise of Central Banking?," International Finance, Wiley Blackwell, vol. 3(2), pages 211-27, July.
- Marco Arnone & Luca Bandiera, 2004. "Monetary Policy, Monetary Areas, and Financial Development with Electronic Money," IMF Working Papers 04/122, International Monetary Fund.
- Kenneth N. Kuttner & Patricia C. Mosser, 2002. "The monetary transmission mechanism: some answers and further questions," Economic Policy Review, Federal Reserve Bank of New York, issue May, pages 15-26.
- Robert J. Gordon, 2000.
"Does the "New Economy" Measure up to the Great Inventions of the Past?,"
NBER Working Papers
7833, National Bureau of Economic Research, Inc.
- Robert J. Gordon, 2000. "Does the "New Economy" Measure Up to the Great Inventions of the Past?," Journal of Economic Perspectives, American Economic Association, vol. 14(4), pages 49-74, Fall.
- Gordon, Robert J, 2000. "Does the 'New Economy' Measure up to the Great Inventions of the Past?," CEPR Discussion Papers 2607, C.E.P.R. Discussion Papers.
- Kevin Dowd, 1998. "Monetary Policy in the 21st Century: An Impossible Task?," Cato Journal, Cato Journal, Cato Institute, vol. 17(3), pages 327-331, Winter.
- Jan Marc Berk, 2003.
"New Economy, Old Central Banks?,"
Banca Monte dei Paschi di Siena SpA, vol. 32(1), pages 1-35, 02.
- James B. Bullard & Eric Schaling, 2001.
"New economy-new policy rules,"
Federal Reserve Bank of St. Louis, issue May, pages 57-66.
- James Bullard & Eric Schaling, 2000. "New economy - new policy rules?," Working Papers 2000-019, Federal Reserve Bank of St. Louis.
- Bullard, J. & Schaling, E., 2000. "New Economy - New Policy Rules?," Discussion Paper 2000-72, Tilburg University, Center for Economic Research.
- Eric Schaling, James Bullard, 2001. "New economy : new policy rules?," Computing in Economics and Finance 2001 53, Society for Computational Economics.
- repec:cto:journl:v:21:y:2001:i:2:p:216-226 is not listed on IDEAS
- Daniel Piazolo, 2001. "The New Economy and the International Regulatory Framework," Kiel Working Papers 1030, Kiel Institute for the World Economy.
- McCallum, Bennett T, 2000.
"The Present and Future of Monetary Policy Rules,"
Wiley Blackwell, vol. 3(2), pages 273-86, July.
- Edward J. Green, 2001. "Central banking and the economics of information," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q II, pages 28-37.
- Saleh M. Nsouli & Connel Fullenkamp, 2004. "Six Puzzles in Electronic Money and Banking," IMF Working Papers 04/19, International Monetary Fund.
- Thomas I. Palley, 2002. "The E-Money Revolution: Challenges and Implications for Monetary Policy," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 24(2), pages 217-233, December.
- Woodford, Michael, 2000.
"Monetary Policy in a World without Money,"
Wiley Blackwell, vol. 3(2), pages 229-60, July.
- Cohen, Stephen S & Zysman, John & DeLong, Bradford J, 2000. "Tools for Thought: What is New and Important about the "E-conomy"?," UCAIS Berkeley Roundtable on the International Economy, Working Paper Series qt0c97w1gn, UCAIS Berkeley Roundtable on the International Economy, UC Berkeley.
- Martin Neil Baily, 2001. "Macroeconomic Implications of the New Economy," Working Paper Series WP01-9, Peterson Institute for International Economics.
- Martin Neil Baily, 2001. "Macroeconomic implications of the new economy," Proceedings, Federal Reserve Bank of Kansas City, pages 201-268.
- Stephen G. Cecchetti, 2002. "The New Economy and the Challenges for Macroeconomic Policy," NBER Working Papers 8935, National Bureau of Economic Research, Inc.
- repec:cto:journl:v:21:y:2001:i:2:p:227-244 is not listed on IDEAS
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht).
If references are entirely missing, you can add them using this form.