Monetary Policy with Interest on Reserves in FTPL

Student: Vardanyan Artur

Educational Programme: Economics (Bachelor)

Year of Graduation: 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.

Student Theses at HSE must be completed in accordance with the University Rules and regulations specified by each educational programme.

Summaries of all theses must be published and made freely available on the HSE website.

The full text of a thesis can be published in open access on the HSE website only if the authoring student (copyright holder) agrees, or, if the thesis was written by a team of students, if all the co-authors (copyright holders) agree. After a thesis is published on the HSE website, it obtains the status of an online publication.

Student theses are objects of copyright and their use is subject to limitations in accordance with the Russian Federation’s law on intellectual property.

In the event that a thesis is quoted or otherwise used, reference to the author’s name and the source of quotation is required.

Search all student theses