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The reflections of new economy on monetary policy and central banking

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  • Haydar, Akyazi
  • Seyfettin, Artan

Abstract

Developments 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 policy and central banking are examined. According to the results of this study, the views about monetary policy 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.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 603.

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Date of creation: 24 May 2006
Date of revision: 27 Sep 2006
Handle: RePEc:pra:mprapa:603

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Keywords: New economy; monetary policy; electronic money; central banking;

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  1. Leonard I. Nakamura, 2000. "Economics and the new economy: the invisible hand meets creative destruction," Business Review, Federal Reserve Bank of Philadelphia, issue Jul, pages 15-30.
  2. repec:cto:journl:v:21:y:2001:i:2:p:216-226 is not listed on IDEAS
  3. Marco Arnone & Luca Bandiera, 2004. "Monetary Policy, Monetary Areas, and Financial Development with Electronic Money," IMF Working Papers 04/122, International Monetary Fund.
  4. Daniel Piazolo, 2001. "The New Economy and the International Regulatory Framework," Kiel Working Papers 1030, Kiel Institute for the World Economy.
  5. repec:dgr:uvatin:2002087 is not listed on IDEAS
  6. Stephen G. Cecchetti, 2002. "The New Economy and the Challenges for Macroeconomic Policy," NBER Working Papers 8935, National Bureau of Economic Research, Inc.
  7. 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, Federal Reserve Bank of New York, issue May, pages 15-26.
  8. Jan Marc Berk, 2002. "New Economy, Old Central Banks?," Tinbergen Institute Discussion Papers 02-087/2, Tinbergen Institute, revised 01 Aug 2002.
  9. Edward J. Green, 2001. "Central banking and the economics of information," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q II, pages 28-37.
  10. 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, UCAIS Berkeley Roundtable on the International Economy, UC Berkeley qt0c97w1gn, UCAIS Berkeley Roundtable on the International Economy, UC Berkeley.
  11. 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.
  12. Bennett T. McCallum, 2000. "The Present and Future of Monetary Policy Rules," NBER Working Papers 7916, National Bureau of Economic Research, Inc.
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