Those at the bottom make a short-term exchange of cash for labour.
The system has encouraged workers to suppress short-term demands in exchange for a share in the longer-term benefits of growth.
The long-term chart of the exchange rate shows that it is barely a blip, as the long-term downtrend (line a) goes back to 1976, when the rate was 305 yen per dollar.
The other, fee-based side of its business involves managing long-term investor assets in exchange-traded funds, mutual funds and money market accounts.
It produces a short-term revenue bump in exchange for huge future losses.
Mr Eichengreen, for instance, wants emerging economies to discourage short-term capital inflows to minimise exchange-rate volatility.
If the private sector is accepting a 21% reduction in the net present value of their Greek holdings, in exchange for longer term bonds from a country that is now able to service to its debt, that would be a pretty good deal for the banks.
Techniques to keeping the build cost down, reducing the time from factory to the shop floor (and on to customer) and working with suppliers to support the development of new technology in exchange for long term exclusives on the results, they have all played their part.
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Wireless companies have long sold cellphones at discounted prices in exchange for long-term service agreements.
Wireless companies have long sold cellphones at discounted prices in exchange for long-term contracts.
In the long term, living with a fixed exchange rate demands wage and price flexibility.
Unlike the iPhone, which is subsidized by carriers in exchange for a long term contract, prepaid phones are typically sold for a modest up front cost, and service is paid for month-to-month.
But Polanski fled the country before he was sentenced, after he learned that the judge might not go along with the short jail term he expected to receive in exchange for his plea.
But Polanski fled the country before he was sentenced, after he learned that the judge might not go along with the short jail term he expected to get in exchange for his agreement to plead guilty.
It owns 10% of the Oslo Stock Exchange, and 60 other exchanges, depositories and clearing organizations, including the Nordic Exchange, an umbrella term used to describe the stock exchanges of Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga and Vilnius.
Central banks currently hold 70% of their foreign-exchange reserves in longer-term securities and 30% in deposits.
The long-term chart of the euro-dollar exchange rate shows a series of lower highs since 2007 (line c).
The Organic Exchange says that long-term commitments from big retailers now mean organic output is growing at a rapid clip.
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Yet, curiously, several academic studies have concluded that the Big Mac index is surprisingly accurate in tracking exchange rates over the longer term.
Also watch for contract negotiations in which union reps sign up members for smaller pay raises and benefits in exchange for a long-term contract.
In other words, these measures have had almost no mid-term impact on the dollar-real exchange rate because investments of all kinds continue flowing into this country.
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The Chinese government says it will move towards a more flexible exchange rate in the medium term, but for the moment it wants to keep the yuan stable in order to support broader economic stability.
With Banharn's incapable and allegedly corrupt government on the way out, the troubled stock exchange experienced a short-term boost -- "went crazy, " as one analyst put it -- as traders harbored hopes for a new (and cleaner) administration led by the opposition Democrat Party.
So I guess another way of thinking about it is that if -- certainly if we had made a determination that the deal was a permanent tax break for high-income individuals in exchange for these short-term things that people need right now, that would have been unacceptable.
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However, he continued, longer-term strategic investors are more likely buy into exchange-traded funds more-so than futures and also take a different approach toward gold.
For example, the Goldman Sachs monetary-conditions index (based on a weighted average of short-and long-term interest rates and the trade-weighted exchange rate) suggests that America's monetary policy is currently at its tightest since 1989, largely reflecting the strong dollar.
There was a deal to be had: keep up spending in the short term, with a stress on much-needed infrastructure investment, as well as extending the temporary tax cuts, in exchange for a big medium-term reduction in the deficit, centred on entitlements and tax reform.
Boston-based quant shop, ClearStream Investments, says the top four BRIC exchange traded funds are duds short-term.
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During her term as CEO at Barclays, the firm introduced exchange-trade funds, or ETFs, an instruments that has since proved hugely popular with investors.
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And so obviously over the long term a system that allows for robust debate and exchange of ideas is going to produce a better result.
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