dc.contributor.author | Kärkkäinen, Samu | |
dc.date.accessioned | 2021-11-04T09:05:18Z | |
dc.date.available | 2021-11-04T09:05:18Z | |
dc.date.issued | 2021 | |
dc.identifier.isbn | 978-951-39-8868-5 | |
dc.identifier.uri | https://jyx.jyu.fi/handle/123456789/78497 | |
dc.description.abstract | This doctoral dissertation studies questions related to monetary policy and its
economic effects. Particularly, the focus is on questions that have been relevant
from the point of view of both practical policymaking as well as academic research
in the recent decades. The dissertation consists of an introductory chapter
and three distinct research essays. The two first essays are empirical, while the
third one is more theoretical in nature.
The first essay examines the role of stock and currency market information
in the monetary policy rules of 14 OECD countries during the period of 1999–
2016. The results show that both the stock market as well as currency market variables
have been statistically significant predictors in the monetary policy rules of
several OECD countries. Additionally, the results indicate that stock and currency
market variables have had significance for monetary policy through their
potential role in providing information about future economic activity.
The second essay examines the influence of United States monetary policy
on the monetary policies of four small open economies. The results indicate
that US monetary policy has systematically influenced the monetary policies especially
in Canada and the UK. Moreover, surprise developments in US monetary
policy are shown to affect the interest rates in Canada, Norway, and Sweden,
although the strength of this result is somewhat dependent on the empirical
method used. In addition, the essay studies whether the small open economies
have utilised foreign exchange interventions to enhance their monetary policy
autonomy. This hypothesis is not supported in light of the empirical results of
the study.
The third essay builds a theoretical general equilibrium model that analyses
the extent to which the economic effects of the central bank’s quantitative easing
are dependent on the fiscal policy conducted by the government. It is shown
that the effectiveness of quantitative easing depends on whether the government
adjusts its budget constraint through changes in taxation or by issuing debt. In
the latter scenario, it is shown that quantitative easing is more effective when the
government is issuing bonds of long maturity. | en |
dc.format.mimetype | application/pdf | |
dc.language.iso | eng | |
dc.publisher | Jyväskylän yliopisto | |
dc.relation.ispartofseries | JYU dissertations | |
dc.relation.haspart | <b>Artikkeli:</b> Heimonen, K., Junttila, J.-P., & Kärkkäinen, S. (2017). Stock market and exchange rate information in the Taylor rule : Evidence from OECD countries. <i>International Review of Economics and Finance, 51, 1-18.</i> DOI: <a href="https://doi.org/10.1016/j.iref.2017.05.001"target="_blank">10.1016/j.iref.2017.05.001</a>. JYX: <a href="https://jyx.jyu.fi/handle/123456789/54207"target="_blank"> jyx.jyu.fi/handle/123456789/54207</a> | |
dc.rights | In Copyright | |
dc.title | Essays on monetary policy | |
dc.type | Diss. | |
dc.identifier.urn | URN:ISBN:978-951-39-8868-5 | |
dc.relation.issn | 2489-9003 | |
dc.rights.copyright | © The Author & University of Jyväskylä | |
dc.rights.accesslevel | openAccess | |
dc.type.publication | doctoralThesis | |
dc.format.content | fulltext | |
dc.rights.url | https://rightsstatements.org/page/InC/1.0/ | |
dc.date.digitised | | |