For too long the Fed looked at this monetary equivalent of water hoarding and concluded there was no shortage.
It seems certain that the Federal Reserve will continue to accompany fiscal stimulus with the monetary equivalent in the form of near-zero interest rates and further quantitative easing.
If you have not drilled down your contributions to such a monetary equivalent then you have at least one more level to drill down before you are ready for the review.
FORBES: Annual Performance Review: Time Suck or Amazing Opportunity
The fact that so many supposed conservatives liken a belief in a gold standard as the monetary equivalent of membership in the Flat Earth Society shows just how far the American public has come from a true understanding of how money works within an economy.
Fortunately the U.S. does not yet suffer Japan's structural deadweights, but the Fed could still make the mistake of thinking that easing interest rates is the equivalent of monetary ease.
Bernanke may be making it so that he and his predecessors will have to treat every hiccup in the economy with the equivalent of a monetary Heimlich maneuver.
The general idea among most economists is that gold would be a step backward for our modern monetary system the equivalent of trading in an automobile for a horse and buggy.
But it does suggest the euro area might need an equivalent of the International Monetary Fund's rescue packages.
The wonder of a currency board is that it is not meant to allow the authorities any discretion at all: in Hong Kong's case, the three note-issuing commercial banks may print money only by surrendering equivalent dollars to the monetary authority at the set rate.
However, a fall in the currency is still equivalent to an easing of monetary conditions.
According to Gianfranco Viesti, an economics professor from Bari, the fiscal rigour needed for Italy to qualify for monetary union has led to cuts in public spending in the mezzogiorno equivalent to roughly 5% of local output.
应用推荐