tổng quan về công ty tnhh mtv kovin

... things, making loan against a wide variety of collateral under special lending programs The Fed’s ability to alter the monetary base and its balance sheet pretty much at will through open market ... key players in the international central-banking community and in private financial markets As a young man, I thought, for a complex variety of reasons, that the best career in the world would ... inflation, the Fed’s influence and responsibility were quite evident During a depression, the Fed or any other central bank can often hide its responsibility for continued economic weakness behind...

Ngày tải lên: 30/10/2014, 16:54

... families and on society, but it also poses risks to the sustainability of the recovery itself through its effects on households’ incomes and confidence Maintaining price stability is also a central ... The possibility that securities purchases would be most effective at times when they are most needed can be viewed as a positive feature of this tool However, uncertainty about the quantitative ... policy, undermining confidence and the ability of firms and households to make longerterm plans, while squandering the Fed’s hard-won inflation credibility Inflation expectations would also likely...

Ngày tải lên: 08/03/2014, 08:20

... In reality, the trend change of velocity and the central bank’s target rate of inflation should also be taken into account when formulating a money supply rule For the sake of simplicity, this ... particular magnitude Typical target variables are the money supply, which except for changes in velocity should increase at the same rate as nominal GDP, or the rate of inflation A typical, implicit ... targets of the ECB are described in the Treaty establishing the European Community.16 The independence of the ECB is clearly defined According to the Treaty, “neither the ECB, nor a national central...

Ngày tải lên: 20/02/2014, 20:20

... Fed to use open market operations to provide the quantity of reserves and currency that the economy demands at that federal funds rate The quantity of monetary base demanded adjusts so that the ... the aggregate supply of broad liquidity Thus, open market operations would have the potential to manage productively the aggregate quantity of broad liquidity in the economy independently of interest ... interest rates In the paper, I pointed to the potential for quantitative policy to operate productively on broad liquidity even if narrow liquidity were satiated with the interbank rate at the intereston-reserves...

Ngày tải lên: 06/03/2014, 02:21

... uncertainty While its substantive concern (financial market volatility) is quite different, Jansen (2008) supports this suggestion Using objective measures of readability to measure the clarity of ... bank has an inflation target, a quantitative definition of price stability, or no quantified target at all A related strand of the literature focuses on the uncertainty of inflation forecasts and ... sometimes in quantitative terms Some central banks that are not given quantitative objectives by their governments have nonetheless decided (or been directed) to provide their own quantification,...

Ngày tải lên: 15/03/2014, 10:20

... that the liquidity indicator captures the probability of a bank default only in the first part of the sample when securitisation is limited It also suggests that banks hold liquidity not only to ... bank size, liquidity and capitalisation (the standard indicators used in the bank lending channel literature) may not be adequate for the accurate assessment of banks’ ability and willingness ... equity issuance on a large scale to compensate for writeoffs However, due to the higher level of risk, as perceived by the financial markets, and the large amount of capital needed, equity issuance...

Ngày tải lên: 15/03/2014, 10:20

... representative consumer Banks choose between two types of firms to fund, where risky firms have a higher volatility of productivity than safe firms This volatility is harmful to consumers because firms have ... scale imply that in selecting a firm type to finance, banks face the same type of trade-off as in the previous section Bad type firms offer a higher volatility of returns, which 17 is of value to ... authority places weight on a financial stability objective In response to a negative demand shock, this objective is shown to make rate cuts both deeper and shorter-lived, as the monetary authority...

Ngày tải lên: 22/03/2014, 21:20

... the  capacity  to  have  a  higher  future  standard  of  living44.  From  this  perspective,  higher  equity  prices  constitute  wealth  only  if  based  on  higher  expected  productivity  and  ... The first has been an environment of ever growing uncertainty about a number of important  issues;  future  domestic  demand  in  light  of  uncertainty  about  job  prospects,    future  foreign  demand given uncertainty about exchange rates and protectionism, and uncertainty as to how  ... pressures and/or the possibility of excessive disinflation (or even deflation) over the medium term. See White  (2006a). Operationally, this implies that separating the price stability function from the financial stability function ...

Ngày tải lên: 22/03/2014, 23:20

... bank learns its private type j J fh; lg; where j=f h with prob (“high type” ) l (“low type” ) with prob In aggregate, half of banks are type h and half are type l Banks of type j J have a fraction ... types The planner can ignore the liquidity-shock state i, bank type j; and bank ij liquidity withdrawal shocks : The planner maximizes the expected utility of depositors subject to feasibility ... different types of liquidity shocks Finally, we show that failure to cut interest rates during a crisis erodes financial stability by increasing the probability of bank runs Key words: bank liquidity,...

Ngày tải lên: 29/03/2014, 13:20

... (hàng hóa khác biệt, mức độ cạnh tranh công ty nước nước ngoài)  Như vậy: hiệu ứng không hoàn toàn truyền dẫn tỷ giá giải thích cạnh trạnh không hoàn hảo Tổng quan nghiên cứu trước  Krugman , 1987, ... hóa theo ngoại tệ Sự quan sát ngẫu nhiên cho thấy nhiều mức giá, chủ yếu tài sản hàng tiêu dùng lâu bền, số hóa tỷ giá hối đoái Điều tranh luận cho hệ số truyền dẫn lớn TỔNG QUAN LÝ THUYẾT  Tác ... IN CROATIA GIỚI THIỆU TỔNG QUAN LÝ THUYẾT VẤN ĐỀ DỮ LIỆU PHÂN TÍCH THỰC NGHIỆM KẾT LUẬN GIỚI THIỆU  Bối cảnh thực nghiên cứu:  Chính sách tỷ giá mục tiêu thắt chặt thành công việc chấm dứt siêu...

Ngày tải lên: 10/04/2014, 13:10

Ngày tải lên: 31/05/2014, 01:31

... Group, Monetary Authority o S gapo e o eta y ut o ty of Singapore March 14, 2012 The following comments are my personal views and should not be attributed to the Monetary Authority of Singapore Comments ... commodity prices h bl h high fl l key The problem with h h inflation raises several k issues  Macroeconomic management;  Monetary policy goals;  Monetary policy transparency and predictability; ... percent in 2008  Due in large part to rising international commodity prices and excess domestic demand  Once domestic demand and commodity p y prices weakened, , inflation dropped to 2.5 percent in...

Ngày tải lên: 12/07/2014, 12:01

... property prices is likely to have a greater impact on residential property prices and GDP than if mortgage equity extraction is not possible Figure shows that the ability to withdraw mortgage equity ... property prices that are seen as causing a threat to financial stability, it would induce potentially large swings in real economic activity: To offset a 15% rise in residential property prices, ... monetary policy, asset prices and financial stability raise macroeconomic volatility, potentially increasing the risk of financial instability developing Fourth, the size of interest rate movements...

Ngày tải lên: 24/10/2012, 09:40

... using simple VAR-type causality tests, shows that the spread between the prime rate and the commercial paper rate is a poor predictor of output (much worse than the KSW quantity-based mix variable, ... accompany new equity issues see Myers-Majluf (1984)) for a bank to adjust the amount of equity financing it has, then (6) may bind It is easy to see that in this case, the liquidity constraint ... substitutes It does not hinge critically on whether or not there is quantity rationing in the loan market As a matter of practical reality, shifts in bank loan supply may well be accompanied by variations...

Ngày tải lên: 06/09/2013, 05:46

... stability economic growth stability of financial markets interest-rate stability stability in foreign exchange markets © 2013 Pearson Education, Inc All rights reserved Should Price Stability Be ... employment (output stability •Price Stability as the Primary, Long-Run Goal of Monetary Policy - Either type of mandate is acceptable as long as it operates to make price stability the primary goal ... All rights reserved Criteria for Choosing the Policy Instrument • Observability and Measurability • Controllability • Predictable effect on Goals 16-21 © 2013 Pearson Education, Inc All rights...

Ngày tải lên: 15/11/2013, 20:27

... Instruments, Intermediate Targets and Goals The Price Stability Goal • Low and stable inflation • Inflation – Creates uncertainty and difficulty in planning for future – Lowers economic growth – Strains ... Targeting Overnight Funds Criteria for Choosing the Policy Instrument • Observability and Measurability • Controllability • Predictable effect on Goals The Taylor Rule, NAIRU, and the Phillips Curve ... in time-inconsistency trap – Stresses transparency and accountability • Disadvantages – – – – Delayed signaling Too much rigidity Potential for increased output fluctuations Low economic growth...

Ngày tải lên: 05/01/2014, 16:58

... level – As the price level rises, the quantity of money in real terms falls, and the LM curve shifts to the left until it reaches Yn (long-run monetary neutrality) • Neither monetary nor fiscal policy...

Ngày tải lên: 05/01/2014, 17:00

... commit to price stability over the long-term is to maintain a political constituency in civil society supportive of such a policy regime.8 That support from civil society, not any legal statute, ... its ‘political virginity’ or purity last month.14 One is tempted to ignore or dismiss such idle chatter, but let us take it at its vulgar face value to show just how empty these characterizations ... of virginal purity, of a stylized maiden’s reputation, tend to be backward superstitious cultures that impede people exercising autonomy and making responsible choices For society, and arguably...

Ngày tải lên: 15/02/2014, 13:20

... θ−1 θ dj Ptz (i) Ptz −θz Ptz (i) Ptz −θz θ θ−1 Yt (j)dj Yt Vty , and Vty ≡ (7) (Yt (j)/Yt )dj Note that Vty becomes larger than unity if Yt = Yt (j) for some j It is assumed that final-goods firms ... using the labor force of type i as the sole input The production function is simply given by Zt (i) = At Lt (i), (5) where At is a countrywide productivity shock with mean unity The owners of intermediate-goods ... proviso that there is a possibility of revaluation with probability − q In 90 International Journal of Central Banking September 2008 this case, the length of maturity is expressed as a random variable...

Ngày tải lên: 17/02/2014, 03:20