The future of monetary policy

The Future Monetary Policy

The Future Monetary Policy
There are many. The problem is rather that each such story, while plausible enough at first or even second thought , turns out to depend on one or another of a series of by-now familiar fictions: Households and firms need currency to purchase goods and services. Banks can issue only reserve-bearing liabilities. No nonbank financial institutions create credit. And so on.

The Future Monetary Policy
This central mystery notwithstanding, at the practical level there is today little doubt that a country’s monetary policy not only can but does largely determine the evolution of its general price level over the medium to longer run, and almost as little doubt that monetary policy exerts significant influence over aspects of real economic activity, like output and employment, over the short to medium run. The assumptions necessary to explain in simple terms how this happens are fictions, but they are useful fictions. Apart from purely empirical matters of magnitude ...

Nivel: Facultate
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Materia: Economie

Instrumente de politica monetara si eficienta

Instrumente de politica monetara si eficienta
In plus, in cursul ultimilor decenii, bancile au insotit si uneori au devansat internationalizarea economiei. Aceasta le confera noi responsabilitati de natura geopolitica. Polirtica monetara este o coimponenta esentiala a politicii economice. Prin masurile specifice pe care le promoveaza, autoritatile monetare incearca sa regleze nivelul cererii aggregate din economie, influientand nivelul lichiditatii, conditiile de acordare si disponibilitatea creditului I economie. Obiectivele politicii monetare trebuie sa fie integrate in cadrul mai larg al politicii economice, de performantele fiecarui grup de politici depinzand succesul de ansamblu.

Alte referate despre: instrumente de politica monetara, instrumentele de politica monetara, utilizarea instrumentelor de politica monetara

Inflation targeting

Inflation targeting
Inflation targeting also has the key advantage that it is easily understood by the public and is thus highly transparent. Because an explicit numerical target for inflation increases the accountability of the central bank, inflation targeting also has the potential to reduce the likelihood that the central bank will fall into the time-inconsistency trap. Moreover, since the source of time-inconsistency is often found in (covert or open) political pressures on the central bank to undertake overly expansionary monetary policy, inflation targeting has the advantage of.3 focusing the political debate on what a central bank can do in the long-run -- i.e., control inflation -- rather than what it cannot do -- raise output growth, lower unemployment, increase external competitiveness-- through monetary policy.

Alte referate despre: advantages of inflation targeting, inflation targeting advantages, advantage of inflation targeting

The transmission mechanism of monetary policy

The transmission mechanism of monetary policy
Links in the chain
Monetary policy works largely via its influence on aggregate demand in the economy. It has little direct effect on the trend path of supply capacity. Rather, in the long run, monetary policy determines the nominal or money values of goods and services—that is, the general price level. An equivalent way of making the same point is to say that in the long run, monetary policy in essence determines the value of money—movements in the general price level indicate how but these can be important..Monetary Policy Committee much the purchasing power of money has changed over time. Inflation, in this sense, is a monetary phenomenon.

Alte referate despre: transmission mechanism of monetary policy, bank of england the transmission mechanism of monetary policy, transmission mechanism of monetary

The First Year of the Eurosystem

I. Goals
The Maastricht Treaty assigns price stability as the primary objective for the Eurosystem but leaves to the Eurosystem the formulation of an operational de–nition. In October 1998 the Eurosystem de–ned price stability as isas a year-on-year increase in the Harmonised Index of Consumer Prices for the euro area of below 2%lo (ECB 1998a). It has several times emphasized the medium-term orientation of its policy and that a gradualist and measured response to threats to price stability will not introduce inunnecessary and possibly self-sustaining uncertainty into short-term interest rates or the real economy...le (ECB 1999). This emphasis on the medium term, gradualism, and stability of the real economy is consistent with ii/exiblel, rather than ihstrictll in/ation targeting.

Alte referate despre: the first year of the eurosystem, my first camera, britain after first world war

Evolutia indicelui globalizarii

Liberalizarea comertului cu servicii, se observa, in mod special, in domeniul telecomunicatiilor, asigurarilor si bancar. Aceasta tendinta a inceput masiv inca din anii '70 in SUA, fiind continuata in anii '80 in Marea Britanie si ulterior in Uniunea Europeana si Japonia. Tendinta continua si in prezent, incluzand si tarile Europei Centrale si de Est, printre care si Romania.

Alte referate despre: evolutia indicelui globalizarii, evolutia indicelui globalizarii intre 2005 si 2006, evolutia indicelui globalizarii 2004-2005

Finate publice - concept, continut, functii

Finate publice - concept, continut, functii astfel, în cadrul lucrării de faţă, în afara recunoaşterii generale a unor aspecte ale finanţelor publice, m-am ocupat în mod special, de problematica larg oferită de noul cod fiscal, aplicat în România, începând cu 1.01.2004, cu modificările aferente, aplicabile începând cu 1.01.2005. Finate publice - concept, continut, functii

Finate publice - concept, continut, functii - pe fondul amplu al bibliografiei din domeniul finanţelor publice pe baza căreia am conturat principalele elemente teoretice ale finanţelor publice, am reuşit să încorporez rezultatele noilor modificări legislative, cu implicaţii atât în plan teoretic, cât mai ales în cel practic.

1.1. Conceptul de finanţe publice

Finanţele publice constituie o componentă importantă a vieţii social-economice a fiecărei ţări, iar impactul lor asupra economiei naţionale are conotaţii atât în dimensiunile şi distribuirile Produsului ...

Alte referate despre: finante publice concept continut functii, rolul finatelor publice in indeplinirea functiilor statului, functiile finatelor publice

Le plus beau metier

Je peux affirmer fermement que je suis assez ambitieuce pour réussir dans la vie. J`ai un but bien défini et jusqu`a présent j`ai obtenu tout ce que je me suis proposé.

J`essaie aussi de contrôler mon principal défaut qui est l`impulsivité.

Alte referate despre: le plus beau metier, la plus beau metier, referat franceza le plus beau metier

WWF, institutii europene pentru protectia mediului

WWf incearca sa indeparteze subventiile care pot dauna mediului natural spre fonduri pentru dezvoltarea rurala care sustin natura. Eliminarea stimulentelor de piata care incurajeaza supraproductia si inundarea pietii din tarile in curs de dezvoltare cu marfuri ieftine.

Alte referate despre: wwf institutii europene pentru protectia mediului, institutii europene pentru protectia mediului, institutii europene de protectia mediului

The secret of life

The secret of life - If you haven’t been living by this rule, don’t worry about it because the past is behind you and you are now living in a new moment of time. You are living in the moment of power. It is only in the present that we have the power to change. And when I change my actions today, I am changing tomorrow’s past. As I continue to do my best each day, I build a new history of past successes, which then combine with the present to bloom into an even brighter future.

Alte referate despre: the secret of life, secret of life, english in my life


During the 1990s Greenpeace has been troubled by internal disagreements over political strategy. Some members want to persist with a militant approach, emphasizing civil disobedience and physical confrontation. Other members, including the organization's leaders, are convinced that Greenpeace must work cooperatively with the companies and industries that have been its targets in the past.Greenpeace has about 3 million dues-paying members and more than 40 offices in 30 countries. Its international headquarters are in Amsterdam, Netherlands.

Alte referate despre: environment, damage of the environment, the environment

Political Islam in Saudi Arabia

The Concept of Political Islam

Political Islam is a concept that defines the way in which Islamic religion is influencing politics in Islamic states. In this study I aim to establish to what extent the Islamic-thinking affects politics and especially Saudi Arabia’s internal and foreign policy. In order to do that, we need to know how powerful the Islamic ideology is in this particular country.
The population of Saudi Arabia is 90% Muslim Arab of the Wahhabi sect (a branch of Sunni Islam), although there is a small percentage of Shiites, mainly in the Northeast. Islam is the only officially recognized religion, and other faiths are not publicly tolerated.
The states resulted after the First World War were cursed to have a very harsh life. The geographic delimitation was mainly the result of the arbitrary division according to foreign interests. Twentieth Century’s Middle East is, in reality, an Anglo-French creation and had little to do with the dynamics of that specific region.

Alte referate despre: arabia saudita referat, referat arabia saudita, arabia saudita

Opinions about Romania

The worst thing is that everybody complains but nobody is willing to do anything at all to move an inch .The conclusion is that we got so used to living in anonymity that our minds started thinking that by changing anything , in a positive way, we would change the domain of definition from drama to science-fiction .

Alte referate despre: opinions about romania, opinions about romanians, la engleza opinions about romania

Managerial english - test paper

My personal qualities are:confidence – there are many situations that demonstrate the level of confidence that I have in myself or my manager has in me.creativity – there are many situations where I came up with creative solutions to many problems.

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Timpurile limbii engleze

Ex: 1) People have polueted the planet.
2) I have just done my homework.
3)My parents have alwais enjoi to country.

Alte referate despre: timpurile limbii engleze, toate timpurile limbii engleze, tabel cu timpurile limbii engleze



The territory that is now Romania first appeared in history as Dacia. Most of its inhabitants were originally from the region of Thrace, in Greece; they were called Getae by the Greeks, and later, by the Romans, they were known as Dacians. Between ad 101 and 106 Dacia was conquered by Roman emperor Trajan and incorporated into the Roman Empire as a province. Roman colonists were sent into Dacia, and Rome developed the region considerably, building roads, bridges, and a great wall that stretched from what is today the Black Sea port of Constanţa across the region of Dobruja to the Danube River.
In the middle part of the 3rd century the Goths drove the Romans out of much of Dacia. In about 270 Roman Emperor Lucius Domitius Aurelian decided to withdraw the Roman legions and colonies to an area south of the Danube; some Roman civilians chose to stay, however. Under the influence of the Romans, the people of Dacia adopted the Latin language.
For the next thousand years, ...

Alte referate despre: comunismul in romania, romania in perioada interbelica, somajul in romania
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