đánh giá hiệu quả sử dụng vốn lưu động trong 3 năm 2010 2011 2012

inside the fed; monetary policy and its management, martin through greenspan to bernanke (2011)

... (U.S.) Banks and banking, Central—United States Federal Reserve banks I Title HG501.A95 2011 33 9.5 '30 9 73 dc22 2010 036 045 10 Contents Preface vii Introduction 1 Overview of Policy Management and Managers ... depression, for the economy’s extended failure to recover, and for the secondary recession in 1 937 –1 938 , when the Fed took action that arguably cut short a promising revival in economic activity ... “bills-only” policy, a policy adopted at the time to make it clear that open market In Bill Martin’s Time 33 operations were to be conducted only in Treasury bills (short-term market instruments maturing...

The Economic Outlook and Monetary Policy docx

Danh mục: Cao đẳng - Đại học

... maintaining its policy rate at zero until In April 2010, the Bank of Canada removed the conditional commitment from its statement, and in June 2010, the Bank raised its policy rate and announced ... current accounts remain a persistent problem This list of concerns makes clear that a return to strong and stable economic growth will require appropriate and effective responses from economic ... recovery only temporarily For a sustained expansion to take hold, growth in private final demand -3notably, consumer spending and business fixed investment must ultimately take the lead On the whole,...

Tài liệu Higher economic growth through macroeconomic policy coordination? The combination of wage policy and monetary policy docx

Danh mục: Cao đẳng - Đại học

... 10 2 .3 Summary 15 International Experience with Macroeconomic Coordination 16 3. 1 United States: Prolonged Expansion without Coordination 16 3. 2 The Netherlands: Success by Consensus 17 3. 3 Ireland: ... real 10 20 30 40 50 60 0.0 10 20 30 40 50 Quarter Consumer prices 0.1 60 Quarter Employment 0.6 0.0 0.1 - 0.4 0.2 0 .3 0.2 0.4 0.5 0.6 - 10 20 30 40 50 60 Quarter 0.0 10 20 30 40 50 60 ... Alfred Boss und Astrid Rosenschon Kiel, 39 3 August 2002 71 S 16 Euro 39 4 75 Punkte gegen die Arbeitslosigkeit Von Horst Siebert Kiel, August 2002 23 S Euro 39 5 Vom Mangel zum Überfluss – der ostdeutsche...

Interest on Reserves and Monetary Policy doc

Danh mục: Ngân hàng - Tín dụng

... Revolution?” International Finance 3, no (July): 189-209 Hall, Robert E 19 83 “Optimal Fiduciary Monetary Systems.” Journal of Monetary Economics 12, no (July): 33 -50 ——— 1999 “Controlling the Price ... International Finance 3, no (July) Goodfriend, Marvin 2000 “Overcoming the Zero Bound on Interest Rate Policy.” Journal of Money, Credit, and Banking 4, no 32 , part (November): 1007 -35 Goodhart, Charles ... (1997) for a survey See also Fama (19 83) and Hall (19 83) A few economists have discussed the use of interest on reserves as a policy instrument Hall (19 83, 1999) shows how interest on reserves...

WORKING PAPER SERIES NO 898 / MAY 2008: CENTRAL BANK COMMUNICATION AND MONETARY POLICY A SURVEY OF THEORY AND EVIDENCE doc

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... Greenspan testimony Greenspan speeches 24.1 *** 10.0 ** 1.0 37 .5 ** 16.4 41.4 *** 37 .1 *** 4 .3 3.9 28.9 ** 49.7 ** 43. 7 28.7 21.8 69 .3 57.8 45.2 2.1 6.2 4.1 1.8 ** *** *** ** Source: Kohn and ... policy? 28 4 .3 Do ﬁnancial markets respond to (which form of) central bank communication? 32 4.4 Communication about exchange rates 36 4.5 Uncertainty in central bank communication 37 The impact ... Kaiserstrasse 29 6 031 1 Frankfurt am Main, Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main, Germany Telephone +49 69 134 4 Website http://www.ecb.europa.eu Fax +49 69 134 4 6000 All rights...

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Working PaPer SerieS no 1075 / July 2009: Bank riSk anD MoneTary PoliCy ppt

Danh mục: Ngân hàng - Tín dụng

... -1.202 0 .34 2 3. 4 23 0.061 -0.951 *** -0 .37 6 *** -0.1 23 *** -0.005 0 .30 6 0.005 -0.127 0.8 43 *** -0.069 *** Coeff (V) 15,405 0.200 0. 137 0.0 03 0.140 0.000 2,947 1999-2005 YES 0. 035 *** 0 .39 8 -0.855 ... 1075 July 2009 -2.090 0.705 1 .32 1 0.181 i M t*EDFt-1 i M t*SIZEt-1 i M t*LIQt-1 i M t*CAPt-1 15,405 0 .38 3 0.1 23 0.000 2,947 15,405 0.140 0.150 0.0 03 0 .38 3 0.082 0. 932 0.021 0.184 0.144 (III) (IV) ... period 0. 030 *** *** *** *** *** NO 0.002 -2 .34 3 0.4 53 2.968 0.068 -0.616 *** -0.491 *** 0.0 03 0.001 0.0 13 0.000 0.006 0.165 0.005 S.Error NO 0. 034 *** *** *** *** *** -0.109 *** -0.007 0.1 53 0.006...

WORKING PAPER SERIES NO 1457 / AUGUST 2012: EXCESSIVE BANK RISK TAKING AND MONETARY POLICY pptx

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... Peydro (2011) , Altunbas, Gambacorta and Marquez-Ibanez (2010) , Dell’Ariccia, Laeven and Marquez (2010) , Buch, Eickmeier and Prieto (2010) , Delis and Brissimis (2010) , Delis and Kouretas (2011) ... Proceedings, 606-610 30 [32 ] Disyatat, Piti, 2010, Inﬂation targeting, asset prices and ﬁnancial imbalances: contextualizing the debate, Journal of Financial Stability 6 (3) , 145-155 [33 ] Drees, Burkhard, ... transmission, ECB Working Paper No 1 233 [ 23] Delis, Manthos D., and Georgios P Kouretas, 2011, Interest rates and bank risk taking, Journal of Banking and Finance, 35 , 840-855 [24] Delis, Manthos...

Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute - Ultra Easy Monetary Policy and the Law of Unintended Consequences* pptx

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... are ultimately government responsibilities. See also Issing (2012) p3 and Fisher (2012) . Both have stressed repeatedly that that there are clear limits to what central banks can do. 20 Galbraith (19 93) . 21 See Keynes (1 936 ). As noted below, however, this skepticism seemed to mark a change from his earlier thinking. ... See Galati and Melick (2004). Also Galati, Heemiejer and Moessner (2011) which provides a survey of recent theory and the available empirical evidence. 33 Svenson (20 03) 34 How long nominal depreciation results in a real depreciation is another highly debated issue. Inflation would ... These are very similar to the implications for pension funds which were discussed above. 111 Dickson (2001) 112 Antolin et al (2011) , French et al (2011) , Standard and Poors (2011) and Ramaswamy (2012) 32 companies had little room to maneuver on the ...

Federal Reserve Bank of New York Staff Reports: Bank Liquidity, Interbank Markets, and Monetary Policy pptx

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... i2I > i ; i2I i (32 ) ; i I; (33 ) > 0: The goods-clearing condition for the interbank market (10) is replaced by f ih ( i ) + f iD ( i ) = [f il ( i ) + f iS ( i )] for i I (34 ) Substituting for ... International Finance 2, 36 1 -37 8 [12] Freixas, Xavier and Cornelia Holthausen (2005) “Interbank Market Integration under Asymmetric Information,” Review of Financial Studies 18, 459-490 36 [ 13] Freixas, Xavier ... u0 (cij )]; 8i2I (51) 8i2I (52) i I; ( 53) respectively Loan returns are set according to a competitive loan market as K = P1 (54) i i K2 = rP2 ; (55) 33 such that the real returns K1 P1 = and...

Thuyết trình Exchange Rate pass-through and monetary policy in Croatia

Danh mục: Tài chính - Ngân hàng

... (0.82) 1. 634 (0.01) 5.965 (0.05) HPOGAP -0 .38 7 (0.17) 2.046 (0.09) 4.781 (0.09) DKDAV 0.0 53 (0.85) 3. 811 (0.15) 2.120 (0 .35 ) DMPI 0.929 (0.00) 4 .39 3 (0.02) 17.08 (0.00) DRPI 0.868 (0.01) 3. 631 (0.26) ... nghiên cứu tác động tỷ giá lên giá nhập số giá sản xuất PPI số giá tiêu dùng CPI kinh tế công nghiệp lựa chọn  TGHĐ có ảnh hưởng không đáng kể đến lạm phát giá nước giá nhập có tác động mạnh mẽ ... tỷ giá, số giá bán lẻ không phản ứng với thay đổi tỷ giá - Phương pháp Var đồng liên kết: dài hạn đo lường tác động truyền dẫn tỷ giá hối đoái đến số giá sản xuất, tác động truyền dẫn tỷ giá...

towards a just monetary system a discussion of money, banking and monetary policy in the light of islamic teachings

Danh mục: Đại cương

...

inflation dynamics and monetary policy in vietnam

Danh mục: Phân tích tài chính doanh nghiệp

... 0.1 03 1.00 L1 0.590 *** L2 L3 4.55 Growth in M2 Money Supply L1 -1.411 1.411 -0. 736 * -1.28 1.28 -1.94 -0.846 *** 0 .32 1 32 1 *** -6.10 4.70 70 L2 L3 1.096 ** 0.017 017 2.47 0.10 10 L4 0.167 *** 3. 05 ... Credit to the Economy -0.27 -0 .37 -0.44 -0.21 -0.44 -0.18 -0.50 0. 03 -0. 63 0.25 -0.78 0.26 -0. 83 0.14 -1.09 0.06 10 -1 .39 3. 82 12 -3. 15 8.76 Source: IMF staff calculations  Elasticities for real ... economy 40 30 20 -10 10 -15 -20 -10 10 2010Q1 2009Q1 2008Q1 2007Q1 2006Q1 2005Q1 2004Q1 2003Q1 2002Q1 2001Q1 2000Q1 1999Q1 1998Q1 2010Q1 2009Q1 2008Q1 2007Q1 2006Q1 2005Q1 2004Q1 2003Q1 2002Q1...

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Ensuring Financial Stability: Financial Structure and the Impact of Monetary Policy on Asset Prices

Danh mục: Ngân hàng - Tín dụng

... -0.0 03 -0.4 20 0.0 03 10 15 20 10 15 0.2 0.000 -0.002 10 15 -0.2 -0.006 -0.005 -0.0 -0.004 -0.0 03 -0.4 20 0.0 03 10 15 20 10 15 0.2 0.000 -0.002 10 15 20 -0.2 -0.006 -0.005 -0.0 -0.004 -0.0 03 -0.4 ... 60-70 53 Market value Yes 78 Italy Fixed No 50 15 Market value No 80 Japan Fixed Yes 80 36 Market value No 61 Netherlands Fixed Yes 112 111 Market value Yes 53 Norway Variable Yes 70 63 Market ... growth rates for subcategories 36 Great Britain 25 30 Switzerland 20 24 15 18 10 12 0 -5 -6 -12 -10 1987 1990 19 93 1996 1999 2002 2005 all country 1987 1990 19 93 1996 1999 2002 2005 greater London...

Monetary policy and bank lending

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... debt to total debt, there is virtually no change over time Bank debt represents 34 .4% of total debt in 19 73, and 33 .0% in 1991 This aggregate number reinforces the conclusion drawn above — that ... in Section 3. 2A.) Thus it seems reasonable to believe that shocks to the supply of intermediated loans might have important aggregate implications, even in today's environment 13 3.2 Can the ... money view of monetary policy transmission can account for the decline in U.S output between 1 930 and 1 933 He finds that while a standard monetary model would predict a large drop in output, a significant...

The Conduct of Monetary Policy: Strategy and Tactics

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... – – – 16 -3 (1) (2) (3) (4) (5) high employment and output stability economic growth stability of financial markets interest-rate stability stability in foreign exchange markets © 20 13 Pearson ... disinflation © 20 13 Pearson Education, Inc All rights reserved Figure Inflation Rates and Inflation Targets for New Zealand, Canada, and the United Kingdom, 1980 2011 16-8 © 20 13 Pearson Education, ... Kingdom (1992) – Inflation has been close to its target – Growth has been strong and unemployment has been decreasing 16-6 © 20 13 Pearson Education, Inc All rights reserved Inflation Targeting (cont’d)...

what should central banks do monetary policy goals, strategy and tactics

Danh mục: Lý thuyết tài chính tiền tệ

... range was 2-4% by the end of 1992, 1.5 -3% by June 1994 and 1 -3% by December 1996 • After a new government took office in 19 93, the target was set at 1 -3% and has been kept at this level ever ... power to set interest rates (provided independence) • December 20 03, target was changed to 2% • Growth in U.K economy has been strong leading to reduction in the unemployment rate Inflation Rates ... 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...

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monetary and fiscal policy in the ISLM model

Danh mục: Lý thuyết tài chính tiền tệ

...

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Tài liệu EXTERNAL MEMBER, MONETARY POLICY COMMITTEE, BANK OF ENGLAND AND SENIOR FELLOW, PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICS pptx

Danh mục: Ngân hàng - Tín dụng

... review,” Public Choice, 93( 3-4): 39 5-426 Drazen Alan, and Paul Masson, (1994) “Credibility of policies versus credibility of policymakers.” Quarterly Journal of Economics, 109 (3) : 735 –754 Eijffinger, ... No 4, Washington: AICGS, pp 37 -51 Posen, Adam (1998) “Central Bank Independence and Disinflationary Credibility: A Missing Link?” Oxford Economic Papers, 50 (3) : 33 5 -35 9, July Posen, Adam (1995) ... Taylor, and “Farrell: Trichet—A Vestal Virgin No More,” May 24, 2010, CNBC Guest Blog Vince Farrell http://www.cnbc.com/id /37 31 434 3/Farrell_Trichet_A_Vestal_Virgin_No_More . Of course, attendees at this conference have heard many crude versions of such statements in off‐the‐record conversations. ...

Tài liệu Incomplete Interest Rate Pass-Through and Optimal Monetary Policy∗ docx

Danh mục: Ngân hàng - Tín dụng

... q = qH Relative Loss ( 13. 58, ψr ) ( 13. 58, 0) (4, ψr ) (4, 0) ( .35 , 3, 0) 1.225 ( .35 , 3, 0) 1.116 ( .3, 3, 0) 1.027 ( .35 , 3, 0) 1.225 ( .35 , 3, 0) 1.116 (.25, 3, 0) 1.054 ( .35 , 1, 0) 1.004 (.4, 1.65, ... (.25, 3, 0) 1.054 ( .35 , 1, 0) 1.004 (.4, 1.65, 0) 1.004 (.4, 2.6, 0) 1.021 ( .35 , 1, 0) 1.004 ( .35 , 1.15, 0) 1.008 ( .35 , 3, 0) 1.046 a The denominator of “relative loss” is the value of social loss ... Kiel Institute for the World Economy Calvo, G A 19 83 “Staggered Prices in a Utility-Maximizing Framework.” Journal of Monetary Economics 12 (3) : 38 3–98 Chowdhury, I., M Hoﬀmann, and A Schabert 2006...

Tài liệu Financial Markets, Monetary Policy and Reference Rates: Assessments in DSGE Framework docx

Danh mục: Ngân hàng - Tín dụng

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