One thing he will discover: Setting interest rates is a clumsy, blunderbuss, hit-or-miss way to conduct monetary policy.
Central bankers can conduct monetary policy by changing either the price of money, ie, interest rates, or its quantity.
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It is how they conduct monetary policy.
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Finally, House Republicans should pass legislation removing the discretionary monetary policy powers of the Federal Reserve, mandating it to conduct monetary policy in accordance with a price rule following market prices for gold, silver, oil and other commodities.
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The development of the Term Deposit Facility is an issue of prudent planning and should have implications for the near-term conduct of monetary policy.
Incoming Fed Chairman Ben Bernanke may do what his predecessor wouldn't do for 18 years--establish transparent guidelines and targets for the conduct of monetary policy.
J's conduct of monetary policy is about to become intensely politicised.
Although the ECB is prohibited by law from providing direct fiscal aid to member governments, it may buy debt in the market to ensure the proper conduct of monetary policy.
The chief advantage is that this outlaws any national discretion in the conduct of monetary policy: interest rates and the money supply adjust automatically to changes in economic circumstances, with the exchange rate totally fixed.
"Such conduct of monetary policy will support the positive movements in economic activity and financial markets, contribute to a rise in inflation expectations, and lead Japan's economy to overcome deflation that has lasted for nearly 15 years, " the bank said in its policy statement.
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Therefore, there were no instruments through which the government could conduct monetary or fiscal policy.
When it goes into effect on Jan. 1, 1999, individual European countries that are in the currency union will no longer be able to conduct their own monetary policy.
That means any Greek default would cost the ECB billions of euros in losses and potentially impact the value of the euro, disrupting European and international financial markets, and the conduct of European monetary policy.
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Given the difficulties a single currency has created for the conduct of domestic monetary and fiscal policy, Europe's much more immediate pensions problem and its greater exposure to terrorist threats, it is clear that no one would.
In particular, the extreme mobility of modern financial capital makes monetary policy more difficult to conduct.
These countries have no history of independent monetary policy and few institutions to conduct it.
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