The primary objective of the monetary policy will be to secure price stability. |
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Many economics textbooks fail to mention QE, suggesting that this is a new and extreme form of monetary policy. |
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Of course many of us have to relearn these lessons in a new cycle because changes in monetary policy seldom suit our book at the time. |
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The Fed said recently that monetary policy can be accommodative for some time. |
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This phrase was replaced with a statement that the Fed would be patient in removing its accommodative monetary policy. |
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If anything, he was inclined to dismiss monetary policy as the weak sister of economic stimulus. |
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Individual countries can no longer adapt monetary policy to suit their particular economic situation. |
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A lot of the excess liquidity you speak of can be traced to the aggressiveness of their monetary policy. |
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There will be no knee-jerk cut in interest rates when the Bank's monetary policy committee meets next month. |
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We have to be cognizant of those lags and move monetary policy anticipating that it has a lagged effect on the economy. |
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For economic and monetary policy formulation, the price index represents a central indicator. |
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Patrick O'Brien defends British monetary policy against its bullionist and Ricardian critics. |
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As it happened, I had a fairly lively and animated discussion with the governor on monetary policy, my favourite hobby horse. |
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It is clear that the present Governor loosened monetary policy earlier than his predecessor would have done. |
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Instead of running more public-sector deficits and loosening monetary policy, there should be a radical overhaul of taxes. |
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This is understandable given the prominence of monetary policy in macroeconomic management. |
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This implies that national central banks have an important say in monetary policy decisions. |
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How will dollarized nations react to a U.S. monetary policy over which they have no say? |
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The credibility of two of the leading actors of American monetary policy today is somewhat threadbare, to say the least. |
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However, in spite of the tightened monetary policy, the growth rate of private sector credit increased moderately. |
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It is probably best described as the exercising of monetary policy, but not via low interest rates. |
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The remarkable thing is how little attention in the West this fiscal and monetary policy has received. |
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A second lesson is that the money supply or the exchange rate make poor targets for monetary policy. |
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Better to wait until bubbles burst and manage the consequences, softening the economic blow by loosening monetary policy very quickly. |
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How do derivatives affect the business cycle, and thus the course of monetary policy? |
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When that man was in charge of monetary policy, he was known as the most hawkish Reserve Bank governor in the entire developed world. |
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In the case of monetary policy the executive ceded power to the Bank, in matters of military policy it should cede power to parliament. |
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For example, there is a particularly heavy emphasis on the role of central banks and monetary policy. |
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Seldom before has a move by a central bank to tighten monetary policy been greeted with such a surge of enthusiasm. |
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The central bank's tight monetary policy has presented severe problems for the business community. |
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There is no doubt that in making monetary policy, central banks need an extensive network of information gathering. |
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We can define a bubble as activities that spring up on the back of loose monetary policy of the central bank. |
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However, the inflationary backdrop and monetary policy are very different from the times of previous oil price rises. |
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But in the medium term looser fiscal and monetary policy poses serious inflationary risks. |
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Critics of congressional monetary policy would point out the legislative lags that result and the consequent harm to economic performance. |
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Neither do monetary policy measures publicized under the heading of stabilization imply a constancy of purchasing power. |
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The fixed-income markets, interest rates and monetary policy are touched on lightly, if at all. |
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That is why my original article called explicitly for the active cooperation of monetary policy. |
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The bully pulpit can be grabbed if he combines cutting tax rates with lowering interest rates and easing up on Fed monetary policy. |
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If monetary policy were inappropriate, presumably risks would never be in balance. |
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By dampening expected future sales, a deflationary monetary policy may decrease the firm's net worth. |
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Less purposefully, the president also attained the type of monetary policy that he had earlier sought. |
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Except for a severe contraction in 1974, monetary policy was largely expansionary and contributed to the inflation outcome. |
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At present, monetary policy is expansionary, as interest rates are less than the rate of inflation. |
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However, the tight monetary policy wreaked havoc on the corporate sector, and by June 1980 it moved away to an expansionary policy stance. |
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However, if negative surprises act as negative shocks, expansive monetary policy is likely to lead to inflation. |
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The finance ministers had managed to limit the impact of fiscal retrenchment somewhat by an expansive monetary policy. |
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As the government has assumed power over monetary policy in contemptuous disregard of the expressed wishes of the savers, it aggrandizes power. |
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More important, Greenspan is jawboning the bond market into believing that the specter of deflation will stop the Fed from tightening monetary policy anytime soon. |
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Therefore, I believe the shift towards less independence of monetary policy is not just a temporary change. |
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The central bank then has a choice between implementing a contractionary monetary policy to fight inflation and an expansionary policy to fight recession. |
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Most of the discussions of fiscal and monetary policy seem to forget that in most models, these are temporary fixes. |
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The euro offers a basis for a similar performance in the international monetary system, but only if the institutions for external monetary policy are adequately reformed. |
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Both Milton Friedman's theory of monetarism and the rational expectations school of macroeconomics challenged the effectiveness of activist monetary policy. |
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But it is precisely because Britain must be globally competitive that we need to maintain control of our currency, monetary policy and fiscal policy. |
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In other words, neither Keynesian stimulus nor expansionary monetary policy are long term solutions. |
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The legislation places a statutory duty on the governor to ensure that the actions of the Bank in implementing monetary policy are consistent with the targets. |
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This week's interest-rate decision by the Bank of England's monetary policy committee is on a knife-edge, amid further evidence that the economy is weakening. |
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It is clear that despite our best endeavours to explain ourselves, a number of people think that the bank tightened monetary policy to cool down the property market. |
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Importantly, the tight money had always created pent-up demand in these three categories, which promptly catapulted the economy upward when monetary policy eased. |
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Moreover, monetary policy has the great virtue, when used as a stimulus, of not leaving behind a mass of deadweight debt to be serviced from the public purse. |
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That is making it nearly impossible to craft monetary policy that is both hawkish on inflation, and doesn't throw huge economies deeper into the slough of economic despond. |
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In the 1973-74 crises, monetary policy lay in the hands of the treasurer. |
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In order to enable the Fed's policy makers to guard the economy against various shocks, economists have devised various formulas for the efficient conduct of monetary policy. |
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The reserves allow the central bank to push forth towards aligning the domestic monetary policy with the international best practice norms, albeit incrementally. |
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Markets are coming to grips with the fact that accommodative US monetary policy has not only helped produce a solid recovery but has rekindled inflation, he said. |
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For their part, Democrats seemed to want to talk about everything but quantitative easing and monetary policy. |
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Federal Reserve Chair Janet Yellen goes before the Senate Banking Committee to give a semi-annual monetary policy testimony. |
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For the first time in a generation an actual Democrat will be in charge of monetary policy. |
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The rate of these weekly repos is the best indication of the stance of monetary policy in the short run as this instrument provides the bulk of refinancing to the banks. |
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Furthermore, it is not possible by means of loose monetary policy to set in motion a so-called unsustained economic growth as suggested by him and other writers. |
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The GOP economic plan, insofar that it exists, calls for austerity budgets, deep tax cuts, and tight monetary policy. |
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The identification problem arises from misattributing banking sector or other privates sector shocks to monetary policy. |
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One cause was the Federal Reserve's contractionary monetary policy, which sought to rein in the high inflation. |
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Governments and central banks primarily use monetary policy to control inflation. |
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In addition, a fixed exchange rate prevents a government from using domestic monetary policy in order to achieve macroeconomic stability. |
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In terms of financial management, it is in the process of assuming the task of both formulating and implementing monetary policy. |
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These typically used fiscal and monetary policy to adjust inflation, output and unemployment. |
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Roosevelt's fiscal and monetary policy regime change helped to make his policy objectives credible. |
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The latest fashion in monetary policy formulation is a renewed interest in inflation targeting. |
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Macedonia's foreign exchange market is stabilizing and therefore the monetary policy should loosen up. |
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Swaziland's currency is pegged to the South African Rand, subsuming Swaziland's monetary policy to South Africa. |
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From there, Strain turns to monetary policy, and this is even more comic. |
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Central bank monetary policy has become an explicit tool of the redistributionist state. |
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The Australian dollar could be weakened by tighter monetary policy in the US, but sterling is hardly in a very strong position either. |
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Their results suggest that contractionary fiscal and monetary policy are associated with significantly larger output losses after sudden stops. |
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The monetary policy of the eurozone is determined by the European Central Bank. |
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The ECB is the central bank for the eurozone, and thus controls monetary policy in that area with an agenda to maintain price stability. |
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The Bank's Monetary Policy Committee has a devolved responsibility for managing monetary policy. |
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The handing over of monetary policy to the Bank had been a key plank of the Liberal Democrats' economic policy since the 1992 general election. |
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Its monetary policy is set by the European Central Bank, which is headquartered in Frankfurt, the financial centre of continental Europe. |
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Further goals of monetary policy are stability of interest rates, of the financial market, and of the foreign exchange market. |
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A typical central bank has several interest rates or monetary policy tools it can set to influence markets. |
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In contrast, one generally thinks of monetary policy decisions as affecting primarily medium-length cycles or business cycles. |
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The result was a feeling that political factors were clouding what should be purely economic judgements on monetary policy. |
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The latter requires a commitment to offset the effects of unexpected inflation on the price level and makes monetary policy history-dependent. |
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For this reason, management of the money supply is a key aspect of monetary policy. |
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Federal Reserve, argued that monetary policy could respond to zero interest rate conditions by direct expansion of the money supply. |
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Governments and central banks responded with unprecedented fiscal stimulus, monetary policy expansion and institutional bailouts. |
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This was the largest liquidity injection into the credit market, and the largest monetary policy action, in world history. |
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Characteristics of social market economies are a strong competition policy and a contractionary monetary policy. |
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Although the Bank of England is responsible for setting interest rates, the Chancellor also plays an important part in the monetary policy structure. |
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The risk of deflation in the US and the eurozone may require more expansionary monetary policy, such as quantitative easing, QNB has said in a report. |
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In mid-February, the Bank of Japan took steps to clarify and strengthen its commitment to price stability and to improve its credibility for monetary policy. |
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The government has devolved responsibility to the bank's Monetary Policy Committee for managing the monetary policy of the country and setting interest rates. |
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Eritrea has taken an important step towards securing autonomy in monetary policy with the issue of its own currency, the nakfa, to replace the Ethiopian birr. |
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It is widely known that monetary policy affects the general level of prices, at least in the long run, and that it may influence output only transitorily. |
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In fact, America's monetary policy reveals most clearly this codependency. |
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Conventional monetary policy remains very stimulative, which manifests itself in the unappetisingly low interest rates available to depositors at their high-street banks. |
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In 1998, it became an independent public organisation, wholly owned by the Treasury Solicitor on behalf of the government, with independence in setting monetary policy. |
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Thus, Keynesian monetary policy aims for a steady rate of inflation. |
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It is argued that an independent central bank can run a more credible monetary policy, making market expectations more responsive to signals from the central bank. |
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It is also responsible for directing other aspects of the government's monetary policy framework, such as quantitative easing and forward guidance. |
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It also studies effects of monetary policy and fiscal policy. |
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The Chancellor controlled monetary policy as well as fiscal policy until 1997, when the Bank of England was granted independent control of its interest rates. |
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Monetarists emphasize a steady growth rate of money and use monetary policy to control inflation by increasing interest rates and slowing the rise in the money supply. |
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Critics argue that this will cause arbitrary fluctuations in the inflation rate, and that monetary policy would essentially be determined by gold mining. |
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Iceland is the only country in the world to have a population under two million yet still have a floating exchange rate and an independent monetary policy. |
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In terms of financial management, the monetary authority is in the process of assuming the task of both formulating and implementing monetary policy. |
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The central bank indicates its readiness to tighten the monetary policy stance further if inflationary pressures resurge or credit growth persists. |
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This period also saw the first stirrings of more active monetary policy. |
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