Intervention, sterilization, and monetary control in Korea and Taiwan

Article Abstract:

A vector autoregression model for the economies of Korea and Taiwan is estimated to determine the monetary impact of the two countries' intervention and sterilization policies. Findings indicate that sterilization is a crucial component of the responses of both Korean and Taiwanese monetary authorities to foreign assets shocks. Differences in their responses, however, suggest that Taiwan may be more vulnerable to such shocks.

Taiwan, Management, Economic policy, Foreign exchange, Korea

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Structural change and monetary policy

Article Abstract:

Recent changes in the US economy are discussed and possible influences of this "new economy" on US monetary policy are analyzed. Productivity growth and changes in the business cycle are highlighted. The role of information technology in changes in productivity growth is a key point.

Semiconductors and related devices, Semiconductor Devices, Semiconductor and Related Device Manufacturing, Electronic computers, Computers, Electronic Computer Manufacturing, Productivity, Semiconductor industry, High technology industry, Computer industry, Economic aspects, Internet, United States economic conditions, Electronic commerce, E-commerce, Business cycles, Industrial productivity

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Monetary policy and monetary institutions

Article Abstract:

Six papers about monetary policy and the role of central banks are summarized. Several papers focus on the new European Central Bank and the "Eurosystem," the banks of the European Union's 11 member states. Movements of interest rates are also discussed.

European Union, Intnl Monetary NEC, History, Interest rates, Central banks, European Union. European Central Bank

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