TAILIEUCHUNG - Central Bank

Flexible, transparent, accountable Advantages Almost immediate signals help fix inflation expectations and produce less inflation Almost immediate accountability Disadvantages Must be a strong and reliable relationship between the goal variable and the targeted monetary aggregate | Chapter 16 What Should Central Banks Do? Monetary Policy Goals, Strategy, and Tactics The Price Stability Goal Low and stable inflation Inflation Creates uncertainty and difficulty in planning for future Lowers economic growth Strains social fabric Nominal anchor Time-inconsistency problem Other Goals of Monetary Policy High employment Economic growth Stability of financial markets Interest-rate stability Foreign exchange market stability Should Price Stability be the Primary Goal? In the long run there is no conflict between the goals In the short run it can conflict with the goals of high employment and interest-rate stability Hierarchical mandate Dual mandate Monetary Targeting Flexible, transparent, accountable Advantages Almost immediate signals help fix inflation expectations and produce less inflation Almost immediate accountability Disadvantages Must be a strong and reliable relationship between the goal variable and the targeted monetary aggregate Inflation Targeting I Public announcement of medium-term numerical target for inflation Institutional commitment to price stability as the primary, long-run goal of monetary policy and a commitment to achieve the inflation goal Information-inclusive approach in which many variables are used in making decisions Increased transparency of the strategy Increased accountability of the central bank Inflation Targeting II Advantages Does not rely on one variable to achieve target Easily understood Reduces potential of falling in time-inconsistency trap Stresses transparency and accountability Disadvantages Delayed signaling Too much rigidity Potential for increased output fluctuations Low economic growth during disinflation Implicit Nominal Anchor Forward looking and preemptive Advantages Uses many sources of information Avoids time-inconsistency problem Demonstrated success Disadvantages Lack of transparency and accountability Strong dependence on the preferences, skills, and trustworthiness of individuals in charge Inconsistent with democratic principles Tactics: Choosing the Policy Instrument Tools Open market operation Reserve requirements Discount rate Policy instrument (operating instrument) Reserve aggregates Interest rates May be linked to an intermediate target Interest-rate and aggregate targets are incompatible Criteria for Choosing the Policy Instrument Observability and Measurability Controllability Predictable effect on Goals The Taylor Rule, NAIRU, and the Phillips Curve An inflation gap and an output gap Stabilizing real output is an important concern Output gap is an indicator of future inflation as shown by Phillips curve NAIRU Rate of unemployment at which there is no tendency for inflation to change

• Tiếng Anh thương mại
• Central Bank
• economics english
• english major
• english economics
• economic terminology in English
• English trade
• economic principles
• Measuring central bank
• Central bank independence
• Independence for Vietnam
• Inflation targeting
• Recent instabilities
• Exchange rate
• Stock price
• European central bank
• Influence stock prices
• Central bank intervention
• Foreign exchange rate markets
• Exponential GARCH model
• Central bank foreign exchange interventions
• Market during the period
• Reforming the state bank
• Vietnam towards
• Independent central bank
• The application
• New public management in Vietnam
• Bài giảng Tài chính
• Lecture Money banking & finance
• Conservative central banking
• Lecture Money Banking and Finance
• Bài giảng Tiền tệ ngân hàng
• The time inconsistency problem
• Link between transparency
• Independence of central banks
• Central banks
• Central banks positively affects
• Tóm tắt Luận văn Thạc sĩ
• Summary of Doctoral Thesis in Economics
• Inflation forecasting models
• Central bank’s monetary policy
• Bank’s Viet Nam
• Principles of economics
• Lecture Principles of economics
• Monetary policy
• Central banking system
• Federal reserve
• A global perspective
• Federal reserve system
• Explaining central bank behavior
• Central banks in other countries
• The determination of exchange rates
• Exchange rates
• Exchange rate equilibrium
• Fundamental of Central bank
• Demand Curve
• Central Bank and FED
• Public debt
• Panel data
• Public debt dynamics
• Market conditions
• Managing social change
• Nigeria’s ‘Cashless’ policy
• Recently introduced cashless policy
• Cashless policy
• Central Bank Cashless Policy
• Payment System in Nigeria
• Correlation Coefficient with SPSS 10
• Automated Teller Machine
• Point of Sale Terminal
• Agricultural credit
• Jaipur central Co operative bank
• Agricultural credit portfolio
• Growth in agricultural credit portfolio
• Purpose wise short term credit
• Lecture Macroeconomics in context
• Bài giảng Kinh tế vĩ mô
• Kinh tế vĩ mô
• Aggregate Expenditure
• Introduction to banking
• International banking
• Bank activities
• Central banking
• Bank regulation
• Bank failures
• tài chính
• ngân hàng
• tín
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• kế toán
• Tại sao gọi là FED mà không gọi là Central Bank
• Public sector lender of last resort
• Moral hazard
• Taxpayer funded central bank
• Lecture Money and Banking
• Bài giảng Tiền tệ và Ngân hàng
• Money and Banking
• The government’s bank
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• Economic Dispatch Applications
• Decomposition Approach
• antiretroviral treatment
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• Regulating the financial system
• The money supply process
• The central bank balance sheet