Effectiveness of Specific Monetary Policy by the Currency Board
This paper asks if when the monetary authority works under the rules of Currency Board, the weakness of IS–LM model for analysis the influence of monetary policy on the aggregate output reveals. The main result is that by the Currency Board the weakness does not exist. In this case the monetary policy keeps the role to influence on the aggregate supply. The result is testing in the case of Bulgaria for the period 2007–2012. Copyright CEEUN 2013
Volume (Year): 20 (2013)
Issue (Month): 3 (November)
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- Tobin, James, 1969. "A General Equilibrium Approach to Monetary Theory," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(1), pages 15-29, February.
- Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
- Robert G. King, 1993. "Will the New Keynesian Macroeconomics Resurrect the IS-LM Model?," Journal of Economic Perspectives, American Economic Association, vol. 7(1), pages 67-82, Winter.
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