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Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Artur Vardanyan
Monetary Policy with Interest on Reserves in FTPL
Economics
(Bachelor’s programme)
2016
I analyze monetary policy with interest on reserves. I base the analysis on the fiscal thoery of price level. I explain why FTPL is unique theory for analyse the inflation rate in modern macroeconomic models. I give some explanations of conducting monetary policy, when monetary authorities target interest rate and pay interest on reserves. I test models with different specifications. In my paper I analyze simple dynamic model, new Keynesian model and hybrid model. All of these models are analyzed by two preconditions: monetary and fiscal dominance. The results should have immediate practical implications related to the effectiveness of monetary policy under the interest on reserves.

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