Under Monday's agreement, the EU said it will review the policy's effects on member states by May 1, a condition sought by Greece.
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There are substantial lags between changes in monetary policy, their effects on the financial markets, and their even later impact on the real economy.
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Democratic politicians are spending their time protesting against Wal-Mart, a giant retailer that bans unions, and calling for higher minimum wages, a policy whose economic effects are debatable and which would have little impact on most Americans.
Scientists tend now to see geo-engineering research as a form of insurance policy against the effects of continued global warning, not as an excuse for downplaying the problem, nor for tolerating more carbon emissions in the meantime.
Budgets should forecast up to 50 years out, so the full effects of policy are clearly seen.
Inside the government, a lively argument is going on about whether a surfeit of numerical targets can have perverse effects on policy.
On top of this, there is little scope for fiscal policy to cushion the effects of economic shocks affecting different countries in different ways.
If it does nothing, the Fed runs the risk that, when Wall Street does eventually fall, inflation will be rising and the dollar falling, making it harder to ease monetary policy to offset the effects of a crash.
Over time, a clearly articulated policy may well have ripple effects outside of a single company.
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The Fed had been easing its monetary policy to counteract the deflationary effects of the subprime crisis.
Furthermore, the effects of monetary policy tend to be spread less evenly across the economy than those of fiscal policy.
One school of thought is that a high unemployment rate is structural and immune to the stimulative effects of monetary policy.
But Mr King added that no monetary policy could prevent the current effects of rising food and energy prices on living standards.
The report, which was commissioned in January 1997 by the White House Office of National Drug Control Policy, looked at the effects of smoked marijuana on all the diseases for which some consensus exists that it might be beneficial.
There is probably no better place to look for the effects of industrial policy today than China, and it is to data on the performance of medium-sized and large Chinese companies between 1998 and 2007 that the economists turn to test their ideas.
"It is very difficult to assess how well the government is progressing toward its target of reducing net-migration to the 'tens of thousands', or to evaluate the effects of specific policy changes, " says Dr Martin Ruhs, Director of the Migration Observatory at the University of Oxford.
It is within that policy option that changes in the effects climate change move me around.
The U.S. congressional elections tomorrow are receiving widespread international coverage because of the far-reaching effects of US foreign policy.
Then there is the Fed and the effects of its monetary policy.
For it is not simply a question of intent, but rather a matter of what the practical effects of the new policy would be.
Some will see that slower pace as a hint that members of the MPC think this bout of easing will be less powerful than in the past - or perhaps that they are worried about possible negative effects of continuing the policy for so long.
If workers and businesses anticipate the effects of monetary and fiscal policy, they will not change their economic behavior.
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What can be done to make insurance a better policy tool and to avoid adverse side effects of the well-intentioned programs already in place?
Both campaigns dispute the Tax Policy Center's estimates, saying the study doesn't include the effects of their proposed spending cuts and that any estimates should be based on current policy--which includes the set-to-expire 2001 and 2003 tax cuts--not current law.
Foreign government accumulation of dollar reserves provides some measure of assurance against the ill effects of U.S. policy.
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Much has been written and can be found on the Internet about this policy and the current and long-term effects it is having and will have on China.
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So, again, I think if there are those with questions about the impact of or the effects of any aspect of our policy as it relates to the START treaty, there are many people in this government that can answer those questions.
In planning policy, you have to look at all these effects, and that's what our study does.
Despite these nasty side-effects, South Korea's won policy, for one, will likely remain in place for the time being.
"A critical task for the Federal Reserve over the course of this year will be to assess ... whether the policy actions taken thus far are having their intended effects, " he says.
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