định hướng phát triển vốn lưu động của công ty trong giai đoạn kinh doanh những năm tới

inside the fed; monetary policy and its management, martin through greenspan to bernanke (2011)

inside the fed; monetary policy and its management, martin through greenspan to bernanke (2011)
Ngày tải lên : 30/10/2014, 16:54
... management of policy, as well as with his own credibility with the public and Congress, which in turn strongly affects his internal credibility Nevertheless, a chairman can have an outsized impact ... 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...
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The Economic Outlook and Monetary Policy docx

The Economic Outlook and Monetary Policy docx
Ngày tải lên : 08/03/2014, 08:20
... 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 ... global economic activity and the beginnings of a recovery Concerted government efforts to restore confidence in the financial system, including the aggressive provision of liquidity by central banks, ... slow recovery in the labor market has restrained growth in labor income, raised uncertainty about job security and prospects, and damped confidence Also, although consumer credit shows some signs...
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Tài liệu Higher economic growth through macroeconomic policy coordination? The combination of wage policy and monetary policy docx

Tài liệu Higher economic growth through macroeconomic policy coordination? The combination of wage policy and monetary policy docx
Ngày tải lên : 20/02/2014, 20:20
... 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 ... increases remaining below productivity growth, has contributed to the period of strongest employment growth in Ireland and has strengthened companies’ propensity to invest (Blanchard 2000) However,...
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Interest on Reserves and Monetary Policy doc

Interest on Reserves and Monetary Policy doc
Ngày tải lên : 06/03/2014, 02:21
... 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 ... money More importantly, the Fed’s ability to affect broad liquidity in this way is strictly limited by the size of its balance sheet For the broad liquidity management contemplated here to be ... Milton 1959 A Program for Monetary Stability New York: Fordham University Press Holmstrom, Bengt, and Jean Tirole 1998 “Private and Public Supply of Liquidity.” Journal of Political Economy 106 (February):...
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WORKING PAPER SERIES NO 898 / MAY 2008: CENTRAL BANK COMMUNICATION AND MONETARY POLICY A SURVEY OF THEORY AND EVIDENCE doc

WORKING PAPER SERIES NO 898 / MAY 2008: CENTRAL BANK COMMUNICATION AND MONETARY POLICY A SURVEY OF THEORY AND EVIDENCE doc
Ngày tải lên : 15/03/2014, 10:20
... 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 ... understand the degree of uncertainty surrounding monetary policy making But in the collegial case, a similar diversity of views, if made public, might undermine clarity and common understanding Therefore, ... not tell us whether the rise in volatility reflects an increase 26 ECB Working Paper Series No 898 May 2008 in market uncertainty or a decrease in uncertainty that is outweighed by the immediate...
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Working PaPer SerieS no 1075 / July 2009: Bank riSk anD MoneTary PoliCy ppt

Working PaPer SerieS no 1075 / July 2009: Bank riSk anD MoneTary PoliCy ppt
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 ... more market-based pricing and stronger interaction between banks and financial markets exacerbates the incentive structures driving banks, potentially leading to stronger links between monetary ... exacerbates the incentive structures driving banks, potentially leading to stronger links between monetary policy and financial stability effects In this paper, we argue that risk must be carefully considered,...
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WORKING PAPER SERIES NO 1457 / AUGUST 2012: EXCESSIVE BANK RISK TAKING AND MONETARY POLICY pptx

WORKING PAPER SERIES NO 1457 / AUGUST 2012: EXCESSIVE BANK RISK TAKING AND MONETARY POLICY pptx
Ngày tải lên : 22/03/2014, 21:20
... 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...
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Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute - Ultra Easy Monetary Policy and the Law of Unintended Consequences* pptx

Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute - Ultra Easy Monetary Policy and the Law of Unintended Consequences* pptx
Ngày tải lên : 22/03/2014, 23:20
... 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  ... (which is not price stability either), the concerns about price and financial instability are simply  two sides of the same coin119. Adrian and Shin (2008) even insist that the link is growing ever  stronger, ...
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Federal Reserve Bank of New York Staff Reports: Bank Liquidity, Interbank Markets, and Monetary Policy pptx

Federal Reserve Bank of New York Staff Reports: Bank Liquidity, Interbank Markets, and Monetary Policy pptx
Ngày tải lên : 29/03/2014, 13:20
... 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,...
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Thuyết trình Exchange Rate pass-through and monetary policy in Croatia

Thuyết trình Exchange Rate pass-through and monetary policy in Croatia
Ngày tải lên : 10/04/2014, 13:10
... sách tỷ giá mục tiêu thắt chặt thành công việc chấm dứt siêu lạm phát ổn định kinh tế Croatia vào năm 1990 giữ lạm phát thấp suốt thời kỳ sau chiến tranh đầu năm 1990 Tuy nhiên, Luật Ngân hàng ... đề kinh tế đô la hóa Croatia nỗi lo cho việc thả tỷ giá dẫn đến siêu lạm phát thời kỳ chiến tranh năm 90  Croatia ví dụ bật lo sợ thả tỷ giá hối đoái Các phản ứng sách CNB giai đoạn siêu lạm phát ... chiến tranh năm đầu 1990 neo chặt đồng tiền vào đồng Mark Đức Ngay sau ổn định đạt năm 1994, sách tiền tệ trì theo hướng trọng đến tỷ giá hối đoái  Nỗi lo sợ thả  Khi so sánh Croatia với kinh tế...
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towards a just monetary system a discussion of money, banking and monetary policy in the light of islamic teachings

towards a just monetary system a discussion of money, banking and monetary policy in the light of islamic teachings
Ngày tải lên : 31/05/2014, 01:31
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inflation dynamics and monetary policy in vietnam

inflation dynamics and monetary policy in vietnam
Ngày tải lên : 12/07/2014, 12:01
... 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; ... impact are fairly strong compared with empirical estimates reported for other countries;  Credit growth has little impact on inflation in the short- to medium-term given the elasticity; g y;  However,...
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Ensuring Financial Stability: Financial Structure and the Impact of Monetary Policy on Asset Prices

Ensuring Financial Stability: Financial Structure and the Impact of Monetary Policy on Asset Prices
Ngày tải lên : 24/10/2012, 09:40
... 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...
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Monetary policy and bank lending

Monetary policy and bank lending
Ngày tải lên : 06/09/2013, 05:46
... 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 ... 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, ... which continues to perform strongly in the VAR-type tests.)2' Thus, the tests with price-based indicators lead to qualitatively similar conclusions as the tests using quantity-based indicators, although...
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The Conduct of Monetary Policy: Strategy and Tactics

The Conduct of Monetary Policy: Strategy and Tactics
Ngày tải lên : 15/11/2013, 20:27
... 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...
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what should central banks do monetary policy goals, strategy and tactics

what should central banks do monetary policy goals, strategy and tactics

Ngày tải lên : 05/01/2014, 16:58
... monetary policy • Lack of transparency • Uncertainty leads to unnecessary volatility in financial markets, doubt among producers/general public • Strong dependence on the preferences, skills and ... 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...
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monetary and fiscal policy in the ISLM model

monetary and fiscal policy in the ISLM model

Ngày tải lên : 05/01/2014, 17:00
... – 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...
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Tài liệu EXTERNAL MEMBER, MONETARY POLICY COMMITTEE, BANK OF ENGLAND AND SENIOR FELLOW, PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICS pptx

Tài liệu EXTERNAL MEMBER, MONETARY POLICY COMMITTEE, BANK OF ENGLAND AND SENIOR FELLOW, PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICS pptx
Ngày tải lên : 15/02/2014, 13:20
... 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...
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Tài liệu Incomplete Interest Rate Pass-Through and Optimal Monetary Policy∗ docx

Tài liệu Incomplete Interest Rate Pass-Through and Optimal Monetary Policy∗ docx
Ngày tải lên : 17/02/2014, 03:20
... 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...
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