The reflections of new economy on monetary policy and central banking
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.
|Date of creation:||24 May 2006|
|Date of revision:||27 Sep 2006|
|Contact details of provider:|| Postal: |
Web page: https://mpra.ub.uni-muenchen.de
More information through EDIRC
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.:
- Jan Marc Berk, 2003. "New Economy, Old Central Banks?," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 32(1), pages 1-35, 02.
- Stephen G. Cecchetti, 2002.
"The New Economy and the Challenges for Macroeconomic Policy,"
NBER Working Papers
8935, National Bureau of Economic Research, Inc.
- Stephen G. Cecchetti, 2006. "The New Economy and the Challenges for Macroeconomic Policy," Chapters, in: The New Economy and Beyond, chapter 4 Edward Elgar.
- 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.
- Marco Arnone & Luca Bandiera, 2004. "Monetary Policy, Monetary Areas, and Financial Development with Electronic Money," IMF Working Papers 04/122, International Monetary Fund.
- 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.
- 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.
- Bennett T. McCallum, 2000.
"The Present and Future of Monetary Policy Rules,"
NBER Working Papers
7916, National Bureau of Economic Research, Inc.
- Edward J. Green, 2001. "Central banking and the economics of information," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q II, pages 28-37.
- 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.
- 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.
- Jan Marc Berk, 2002. "New Economy, Old Central Banks?," Tinbergen Institute Discussion Papers 02-087/2, Tinbergen Institute, revised 01 Aug 2002.
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:603. See general information about how to correct material in RePEc.
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.