what re the main tools of monetary policy
Tiểu luận công cụ chính sách tiền tệ the tools of monetary policy
Ngày tải lên :
29/07/2017, 11:29
... ngày kể từ ngày mua ban đầu Bởi tác động lên lượng dự trữ hợp đồng repo bị đảo chiều vào ngày đáo hạn hợp đồng, nên hợp đồng repo thực là việc mua tạm thời thị trường mở và là cách đặc biệt ... vụ bán tạm thời thị trường mở, Fed tham gia vào giao dịch mua - bán đối ứng (đôi gọi là reverse repo), tức là Fed bán các chứng khoán và người mua đồng ý bán lại chúng cho Fed tương ... và suốt khủng hoảng tài toàn cầu mà bàn đến phần tiếp theo, vai trò này trở nên quan trọng vài thập kỷ trước BÀI ĐỌC “INSIDE THE FED”: Một ngày làm việc Phòng kinh doanh Người quản lý...
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tools of monetary policy
Ngày tải lên :
05/01/2014, 16:58
... and Resale Agreements (SPRAs) are a tool to reduce undesired upward pressure on the overnight rate • Sale and Repurchase Agreements (SRAs) are a tool to reduce undesired downward pressure on the ... bank reserves and the monetary base, lowering interest rates and raising the money supply • Open market sales reduce bank reserves and the monetary base, increasing interest rates and reducing the ... rate of the Canadian dollar determine the monetary conditions in which the economy operates How Monetary Policy Affects the Economy III How Monetary Policy Affects the Economy IV Nominal Interest...
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The transmission mechanism of monetary policy docx
Ngày tải lên :
29/03/2014, 01:20
... abroad, the path of fiscal policy, the state of the world economy, and the credibility of the monetary policy regime itself In order to give some broad idea of the size and time-path of the responses ... mechanism of monetary policy so monetary aggregates are indicators only However, for each path of the official rate given by the decisions of the MPC, there is an implied path for the monetary aggregates ... future short-term rates, so the outcome depends upon the direction and extent of the impact of the official rate change on expectations of the future path of interest rates A rise in the official...
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THE SECTORAL IMPACT OF MONETARY POLICY IN AUSTRALIA
Ngày tải lên :
08/01/2017, 19:49
... sets of impulse responses: the responses of variables to a monetary policy shock, and the response of the cash rate to the other aggregate variables Given that the primary interest lies in the ... intensity of production, the degree of leverage, the degree of trade openness and the exposure to financial markets via the extent of external financing, amongst others Yet these differences in the responses ... about the impact of monetary policy In early 2005, the Reserve Bank of Australia (RBA) raised interest rates in response to growing risk of inflationary pressures Some of these anticipated pressures...
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Ensuring Financial Stability: Financial Structure and the Impact of Monetary Policy on Asset Prices
Ngày tải lên :
24/10/2012, 09:40
... are valued using their current market prices According to Figure 9, however, there are no differences in the mean responses of residential property prices and GDP but the responses are more precisely ... than the GDP decline in the other group The reactions of the other variables to a monetary policy shock are essentially the same A third important characteristic of the financial system is the ... to depress real GDP by 21 While our results not indicate the presence of a price puzzle, we nevertheless believe that the estimates underpredict the impact of monetary policy on the level of prices...
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The Conduct of Monetary Policy: Strategy and Tactics
Ngày tải lên :
15/11/2013, 20:27
... expansionary monetary policy, thereby ameliorating the time-inconsistency problem • Disadvantages of the Fed’s “Just Do It” Approach: – lack of transparency; strong dependence on the preferences, skills, ... rights reserved Lessons for Monetary Policy Strategy from the Global Financial Crisis (cont’d) • Macropudential policy: regulatory policy to affect what is happening in credit markets in the aggregate ... The Price Stability Goal and the Nominal Anchor • Over the past few decades, policy makers throughout the world have become increasingly aware of the social and economic costs of inflation...
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Transmission mechanisms of monetary policy the evidence
Ngày tải lên :
05/01/2014, 17:01
... the Importance of Money • Monetary policy does not matter at all • Three pieces of structural model evidence – Low interest rates during the Great Depression indicated expansionary monetary policy ... looking directly at the relationship between the two • Analyzes the effect of changes in money supply on aggregate output (spending) to see if there is a high correlation • Does not describe the specific ... small firms are hurt more by tight monetary policy than are large firms The asymmetric view of credit market imperfections has proved useful in explaining the existence and structure of financial...
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INTEREST RATES AND THE CONDUCT OF MONETARY POLICY pot
Ngày tải lên :
15/03/2014, 01:20
... in the later period, as predicted by the expectations theory of the term structure, given the greater persistence of the three-month rate The evidence strongly suggests that the Fed altered the ... support for the expectations theory of the term structure (see references in Cook and Hahn (1989)) The standard test of the expectations theory in these papers is to regress the change in the 3-month ... recent theoretical developments They are the empirical regularities that must be explained in order to understand the practical implementation of monetary policy Moreover, awareness of these regularities...
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BANK LENDING AND THE TRANSMISSION OF MONETARY POLICY pdf
Ngày tải lên :
15/03/2014, 10:20
... changes in monetary policy, thereby strengthening the importance of the lending channel The second set of regulatory changes affecting the lending channel were changes in capital requirements Specifically, ... capital requirements are binding To summarize, the effect of capital requirements on the transmission of monetary policy depends on whether the risk-weighted capital requirement is binding or not The ... capital requirements were implemented, the required level of capital was raised, and enforcement became more stringent, beginning in 1990 The implications of these changes are the primary focus of the...
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Measuring the long-term perception of monetary policy and the term structure docx
Ngày tải lên :
22/03/2014, 23:20
... agents about the structure of the economy and the policymaker preferences Hence, these two features increase the sensitivity of in‡ ation expectations and of the term structure of interest rates ... concerning among others the length of the window, the number of lags or the real rate level hypothesis rr and results are reported in the …rst eight rows of table For all these results, the ten-year ... due to the central place of the German policy in the European Monetary System before the launch of the ECB and because the German bond rates remain the benchmark for the long-term interest rates...
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WORKING PAPER NO. 218 THE ZERO-INTEREST-RATE BOUND AND THE ROLE OF THE EXCHANGE RATE FOR MONETARY POLICY IN JAPAN potx
Ngày tải lên :
22/03/2014, 23:20
... downward bias in the variability of the real rate depending on the level of the nominal equilibrium rate of interest The downward bias in the variability of the real rate accounts for the reduced effectiveness ... estimates for the preferred staggered contracts specifications and the aggregate demand equations are presented in Table For a more detailed discussion of these results we refer the reader to Coenen ... rate of 3%, the zero bound represents a constraint for monetary policy for about 10% of the time It becomes substantially more 12 The derivation of this covariance matrix and the nature of the...
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Dual-track interest rates and the conduct of monetary policy in China potx
Ngày tải lên :
29/03/2014, 13:20
... impact on the observed real interest rate: the more financially repressed the economy, the lower the real interest rate compared to the equilibrium interest rate (Table 4) Using the regression results, ... level The regression results are consistent with the theory: the real interest rate is positively related to real GDP growth and negatively related to time preference (saving rate) Financial repression ... around the equilibrium interest rate Therefore, we can write the observed real interest rate under financial repression as r = f ( g , θ ,τ ) (34) where τ is a measure of financial repression...
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The Implementation of Monetary Policy in The EURO Area potx
Ngày tải lên :
28/06/2014, 08:20
... banking secrecy and confidentiality; • the absence of restrictions on the mobilisation of the credit claim; • the absence of restrictions on the realisation of the credit claim The content of these ... and the technical features of SSSs, the timing within the day of the settlement of open market operations may differ across the euro area The time of settlement of the main and the longer-term refinancing ... reverse transactions either in the form of repurchase agreements (i.e the ownership of the asset is transferred to the creditor, while the parties agree to reverse the transaction through a retransfer...
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The Implementation of Monetary Policy in The EURO Area doc
Ngày tải lên :
28/06/2014, 22:20
... banking secrecy and confidentiality; • the absence of restrictions on the mobilisation of the credit claim; • the absence of restrictions on the realisation of the credit claim The content of these ... and the technical features of SSSs, the timing within the day of the settlement of open market operations may differ across the euro area The time of settlement of the main and the longer-term refinancing ... reverse transactions either in the form of repurchase agreements (i.e the ownership of the asset is transferred to the creditor, while the parties agree to reverse the transaction through a retransfer...
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the evolution of monetary policy and banking in the us (2008)
Ngày tải lên :
30/10/2014, 17:01
... of Governors of the Federal Reserve System However, it also tried to insure the Board’s independence by removing the Secretary of the Treasury and Comptroller of Currency from the new Board of ... Secretary of the Treasury and other administration officials Of course, there is an imThe 1935 Banking Act changed titles Before the act the chief executive officer of a Federal Reserve Bank and the ... of the Federal Reserve Board were “governors”; after the act the chief executive officer of a bank is a “president” and the members of the Federal Reserve Board of Governors are “governors” Referring...
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Fundamentals of Monetary Policy in the Euro Area
Ngày tải lên :
05/11/2014, 18:59
... Prof Dr Dieter Gerdesmeier Fundamentals of Monetary Policy in the Euro Area Concepts – Markets – Institutions Download free eBooks at bookboon.com Fundamentals of Monetary Policy in the Euro Area: ... our future Come and join us in reinventing light every day Light is OSRAM Download free eBooks at bookboon.com Click on the ad to read more Fundamentals of Monetary Policy in the Euro Area Institutions ... 4.4 Presidents of the European Central Bank 30 4.5 he Rise of the Euro 32 4.6 A closer look at the U.S Federal Reserve System 33 4.7 A closer look at the Bank of Japan 34 4.8 A closer look at the...
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Sun L. 2010-Bank loans and the effects of monetary policy in China-VAR-VECM approach
Ngày tải lên :
18/06/2016, 20:56
... indicators of China's monetary policy in a VAR approach because the accuracy of the estimates of the effects of monetary policy depends crucially on the validity of the measure of monetary policy ... data are from the People's Bank of China in Chinese currency, RMB, excluding the foreign currencies given the foreign currencies are rare used in the operations of domestic firms because of the regulation ... loans The later decline of output may also be the direct effect of monetary policy through the interest rate channel by reducing investment and thereby reducing industrial production Therefore,...
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The Stability of Monetary Policy The Federal Reserve, 1914-2006
Ngày tải lên :
08/01/2017, 19:48
... was ended The Fed’s disregard of the waves of bank failures during the Great Depression was not a failure to assist the money markets The bank failures of the Great Depression were regional insolvencies ... reserves The Fed might resist movements in all of them by reinforcing the movement in the interest rate The expression of these relations in the Taylor rule was described above The interest-rate/free-reserve ... understood the importance of the credibility of policy as well as bankers and central bankers before 1914 The best exposition of the Fed’s approach to monetary policy after 1923 was the Report of the...
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