Monetary Policy research
Explore our research in monetary policy, one of our 4 areas of expertise in Economics
Monetary policy is a central bank's actions to influence how much money is in the economy and how much it costs to borrow, with the aim of keeping inflation low and stable. Since the financial crisis of 2007 and 2008, central banks around the world have taken extreme monetary policy measures to recover the pre-crash dynamism of their economies.
Our research focuses on how to assess the impacts of monetary policy measures on and via the financial markets, and on indicators in the economy. Additionally, it examines related fields that belong to the category of macroeconometrics.
Our research covers the following topics
- Decision-making on stock and housing market regimes
- How stock and oil markets are affected by uncertainty about macroeconomic policy
- Central banks’ economic and institutional characteristics
- The correlation between monetary policy and economic growth
- The interaction between central banks and the financial market
- Design and instruments of monetary policy
Our research includes a variety of cutting edge techniques from the area of applied macroeconometrics and financial econometrics.
Funders and publications
Our research has been funded by the Great Britain Sasakawa Foundation and the Toshiba International Foundation, and published in the Journal of International Financial Markets, Institutions and Money; Economics Letters; Journal of Economic Issues; Journal of Macroeconomics; European Journal of Finance; and the International Review of Financial Analysis.
Chatziantoniou, I., Filis, G., & Floros, C. (2017). Global Finance Journal, volume 32, pages 97-112.
Mahadeo, S.M.R., Heinlein, R. & Legrenzi, G. (2022). The North American Journal of Economics and Finance, 60, p. 101629.
Chortareas, G., Magkonis, G. & Zekente, K.-M. (2020). International Review of Financial Analysis, 67, p. 101421.
High-frequency trading, liquidity withdrawal and the breakdown of conventions in foreign exchange markets
Stenfors, A., & Susai, M. (2018). Journal of Economic Issues, volume 52(2), pages 387-395.
Arestis, P., Chortareas, G., Magkonis, G., & Moschos, D. (2014). Journal of International Financial Markets, Institutions and Money, volume 31, pages 285-295.
Magkonis, G., & Zekente, K-M. (2020). Journal of Macroeconomics, volume 65.
Oh, E.Y. & Zhang, S. (2022). Economic Inquiry, 60(4), pages 1520–1539.
Stenfors, A. (2018). Journal of Securities Operations & Custody, volume 11(1).
Heinlein, R. and Mahadeo, S.M. (2023). Canadian Journal of Economics/Revue canadienne d'économique, 56(1), pp. 247–287.
Chortareas, G., Logothetis, V., Magkonis, G., & Zekente, K. (2016). Economics Letters, volume 140, pages 11-13.
Resource Economics and Environmental Policy
We examine how economics influences the preservation and sustainability of natural resources such as aquatic ecosystems.
Behavioural and Experimental Economics
We investigate how psychological, emotional and social factors affect economic decision-making.
Efficiency and Productivity
Through our research in this area, we're identifying inefficiency and its causes in specific sectors.