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Topic: Monetary Policy

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In the News (Thu 18 Jul 19)

  Monetary policy - Wikipedia, the free encyclopedia
Monetary policy is the government or central bank process of managing money supply to achieve specific goals—such as constraining inflation, maintaining an exchange rate, achieving full employment or economic growth.
Monetary policy is generally referred to as either being an expansionary policy, or a contractionary policy, where an expansionary policy increases the total supply of money in the economy, and a contractionary policy decreases the total money supply.
Monetary policy was seen as an executive decision, and was generally in the hands of the authority with seniorage, or the power to coin.
en.wikipedia.org /wiki/Monetary_policy   (3633 words)

 Monetary policy - Wikipedia, the free encyclopedia
Monetary policy is the financial policy of managing the money supply to achieve specific goals—such as reducing inflation or achieving full employment or more well-being.
In general, these institutions are called central banks and typically serve a role of supervising the smooth operation of the financial system as well as monetary policy.
Monetary policy is also often expressed by the central bank trying to target or manipulate the exchange rate with major trading partners.
www.encyclopedia-online.info /Monetary_policy   (2195 words)

 RBA: About Monetary Policy
Monetary policy aims to achieve this over the medium term and, subject to that, to encourage the strong and sustainable growth in the economy.
Changes in monetary policy mean a change in the operating target for the cash rate, and hence a shift in the interest rate structure prevailing in the financial system.
In describing the different ways in which monetary policy affects the economy, it should be kept in mind that they are far from being purely mechanical in their operation.
www.rba.gov.au /MonetaryPolicy/about_monetary_policy.html   (1888 words)

 Monetary Policy - Introduction
Monetary Policy involves changes in the base rate of interest to influence the rate of growth of aggregate demand, the money supply and ultimately price inflation.
Day-to-day operation of monetary policy in the UK is in the hands of the Bank of England (granted independence in setting interest rates in May 1997).
There are no supply-side controls on the growth of bank lending/credit instead monetary policy in the UK is designed to control the growth in the demand for money through changing the cost of loans and influencing the incentive to save.
www.tutor2u.net /economics/content/topics/monetarypolicy/policy_introduction.htm   (641 words)

 Monetary Policy   (Site not responding. Last check: 2007-10-21)
This statement covered the monetary policy for the full year of 2000, while the policy in the first six months was a continuation of that adopted in 1999.
In this statement, the Bank reaffirmed its commitment to maintain a tight monetary policy stance throughout 2000 in a continued effort to mitigate the downward pressure on the exchange rate, and increased inflationary pressures experienced during 1999.
In designing monetary policy for 2000, the Bank considered actual and projected developments in the international economy, domestic economic conditions, the balance of payments, and fiscal operations of the Government and their potential impact on monetary aggregates, the exchange rate and inflation.
www.bankpng.gov.pg /monetary-policy   (915 words)

 FRBSF: Economic Letter - U.S. Monetary Policy: An Introduction(01/01/1999)   (Site not responding. Last check: 2007-10-21)
The object of monetary policy is to influence the performance of the economy, as reflected in such factors as inflation, economic output, and employment.
Monetary policy is conducted by the Federal Reserve System, the nation's central bank, and it influences demand mainly by raising and lowering short-term interest rates.
Output, employment, and inflation are influenced not only by monetary policy actions, but also by such factors as our government's taxing and spending policies, the availability and price of key natural resources (such as oil), economic developments abroad, financial conditions at home and abroad, and the introduction of new technologies.
www.frbsf.org /econrsrch/wklyltr/wklyltr99/el99-01.html   (5952 words)

 Monetary policy   (Site not responding. Last check: 2007-10-21)
The monetary policy is one of the tools that the applications of a national government to influence monetary political his...
Decision of the committee of the monetary policy the 8 of 2006 march.
The report on the putting in practice of the monetary policy is put under the Sejm by the advice of the monetary policy in the term of five months of the end of the economic exercise.
monetary-policy.financereal.net   (3377 words)

 Statement on the Conduct of Monetary Policy
Monetary policy is a key element of macroeconomic policy and its effective conduct is critical to Australia's economic performance and prospects.
The procedures, in effect, allow the Government to determine policy in the event of a material difference; but the procedures are politically demanding and their nature reinforces the Bank's independence.
Monetary policy needs to be conducted in an open and forward looking way because policy adjustments affect activity and inflation with a lag and because of the crucial role of inflation expectations in shaping actual inflation outcomes.
www.rba.gov.au /MonetaryPolicy/statement_on_the_conduct_of_monetary_policy_1996.html   (973 words)

 European Monetary Union: Operating Monetary Policy - Finance & Development - September 1996
Stage 3 is defined as the ultimate stage of economic and monetary union wherein the currencies of the participating EU countries are irrevocably locked and replaced by a single currency, the euro.
As a monetary control device, reserve requirements help stabilize the relationship between reserve money and broader measures of money (this is usually called the money multiplier) and increase the extent to which the demand for money responds to a change in interest rates in case of less than full remuneration of the required reserves.
If the ECB adopts a monetary target, monetary control arguments for reserve requirements may be given some consideration, although the level of reserve requirements in the EMU could be lower than that prevailing in some of the major countries until a few years ago.
www.worldbank.org /fandd/english/0996/articles/070996.htm   (3528 words)

 Monetary Policy: Index
The monetary policy remit is unchanged from the previous remit.
Policy co-ordination is facilitated by the presence of a non-voting Treasury representative on the MPC.
Under the new monetary policy framework the Monetary Policy Committee is entrusted with the responsibility of choosing the appropriate level of interest rates to meet the Government’s price stability objectives.    The MPC meets on a monthly basis and decisions are made by a vote of the Committee on a one-person one-vote basis.
www.hm-treasury.gov.uk /documents/uk_economy/monetary_policy/ukecon_mon_index.cfm   (994 words)

 Second Statement on the Conduct of Monetary Policy
This statement should continue to foster a better understanding, both in Australia and overseas, of the nature of the relationship between the Reserve Bank and the Government, the objectives of monetary policy, the mechanisms for ensuring transparency and accountability in the way policy is conducted, and the independence of the Bank.
The procedures, in effect, allow the Government to determine policy in the event of a material difference; but the procedures are politically demanding and their nature reinforces the Bank's independence in the conduct of monetary policy.
A forward looking focus is essential as policy adjustments affect activity and inflation with a lag and because of the crucial role of inflation expectations in shaping actual inflation outcomes.
www.rba.gov.au /MonetaryPolicy/second_statement_on_the_conduct_of_monetary_policy_2003.html   (964 words)

 Finance & Development, March 1999 - The Monetary Policy of the Eurosystem
The Governing Council, which is responsible for formulating the single monetary policy and setting guidelines for its implementation, comprises the Executive Board and the governors of the national central banks of the 11 euro area countries.
For a new institution without a policy record, this is crucial to establish a high degree of credibility, which, in turn, is vital for a successful monetary policy.
This reference value is not regarded as an intermediate monetary target, however, in order to avoid an automatic monetary policy reaction to fluctuations in M3 growth that may not be associated with inflationary pressures but that may result, for example, from the introduction of the euro and financial innovations.
www.imf.org /external/pubs/ft/fandd/1999/03/issing.htm   (2625 words)

 Monetary Policy, by James Tobin: The Concise Encyclopedia of Economics: Library of Economics and Liberty
Monetary policy is the subject of a lively controversy between two schools of economics, monetarist and Keynesian.
Monetary and fiscal policies are distinct only in financially developed countries, where the government does not have to cover budget deficits by printing money but can sell obligations to pay money in the future, like U.S. Treasury bills, notes, and bonds.
Monetarist policies are premised on a tight linkage between the stock of money in dollars, say M1, and the flow of spending, GNP in dollars per year.
www.econlib.org /library/Enc/MonetaryPolicy.html   (3330 words)

 Monetary policy at opensource encyclopedia   (Site not responding. Last check: 2007-10-21)
In the 1980s, bankers began to become convinced that a central bank independent of the rest of government is the best way to ensure an optimal monetary policy, and those central banks which did not have independence began to gain it.
This type of policy is used in Australia, New Zealand, Sweden and the United Kingdom.
This type of policy is not used anywhere in the world, although it was widely in earlier centuries.
www.wiki.tatet.com /Monetary_policy.html   (1246 words)

 Monetary Policy
Monetary policy is one of the tools that a national Government uses to influence its economy.
Monetary policy is usually administered by a Government appointed "Central Bank", the Bank of Canada and the Federal Reserve Bank in the United States.
Without much debate, the effectiveness of monetary policy, its timing and its eventual impacts on the economy are not obvious.
www.finpipe.com /monpol.htm   (1469 words)

 Financial Dictionary — Meaning for Monetary policy
The branch of economic policy usually handled by a country's central bank and concerned with the management of the money supply, interest rates and financial conditions generally as part of the bank/government's broad objectives of achieving high employment, sound economic growth and low inflation (with the priority of these objectives varying from country to country).
In a deregulated financial system such as prevails in many countries, the tools of monetary policy include open market operations by the central bank in securities markets and intervention in the foreign-exchange market.
Surging inflation in the 1970s brought monetary policy into greater prominence as control of monetary growth was generally seen as necessary, if not sufficient, to control inflation.
www.anz.com /edna/dictionary.asp?action=content&content=monetary_policy   (264 words)

 monetary policy - Hutchinson encyclopedia article about monetary policy   (Site not responding. Last check: 2007-10-21)
Economic policy aimed at controlling the amount of money in circulation, usually through controlling the level of lending or credit.
Increasing interest rates is an example of a contractionary monetary policy, which aims to reduce inflation by reducing the rate of growth of spending in the economy.
This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional.
encyclopedia.farlex.com /monetary%20policy   (116 words)

 Monetary Policy - - Introduction - Bank of Canada
Monetary policy is concerned with how much money circulates in the economy and what that money is worth.
Canada's monetary policy is built on a framework consisting of two key components:
Low and stable inflation is the best contribution that monetary policy can make to a productive, well-functioning economy.
www.bankofcanada.ca /en/monetary.htm   (199 words)

 Monetary Policy   (Site not responding. Last check: 2007-10-21)
The best way to measure monetary policy is to analyze the inflation rate over a period of time because it is more difficult to maintain low stable inflation rates over a long period of time than over a short one.
Countries with high rates of inflation have a loose monetary policy and are graded higher because they have less economic freedom than countries with lower inflation rates.
For purposes of grading monetary policy, however, they are used only to determine whether inflation is going down, increasing, or staying even with historical levels.
www.gomainst.com /economicfreedom/06.htm   (396 words)

 Monetary Policy   (Site not responding. Last check: 2007-10-21)
The Bank implements monetary policy by setting the Official Cash Rate (OCR), which is reviewed eight times a year.
About Monetary Policy provides introductory fact sheets on monetary policy, a number of papers discussing the adoption of the Official Cash Rate to implement monetary policy, and articles explaining the impacts of monetary policy on the economy.
At the core of the Reserve Bank's Forecasting and Policy System (FPS) is a general equilibrium macro model with around 30 key behavioural variables.
www.rbnz.govt.nz /monpol   (219 words)

 Monetary Policy   (Site not responding. Last check: 2007-10-21)
Treasury's ‘borrow less than the redemption' policy which had been implemented since November 1996 decreased the amount of funds demanded from the financial markets by the public sector.
This policy relied on the resources that were derived from the so-called ‘resource packages'.
It was not implying a restrictive monetary policy, rather it might be regarded as accommodating.
www.tusiad.org /turkish/rapor/ekonomi98/html/sec5.html   (3223 words)

 Federal Reserve Bank of Minneapolis - About the Fed - United States Monetary Policy   (Site not responding. Last check: 2007-10-21)
Monetary policy is a central bank's actions to influence the availability and cost of money and credit, as a means of helping to promote national economic goals.
The Politics of Monetary Policy: Balancing Independence and Accountability, remarks by Governor Laurence H. Meyer,
Although the window was long ago superseded by open market operations as the most important tool of monetary policy, it still has a complementary role in the day-to-day implementation of policy.
woodrow.mpls.frb.fed.us /info/policy   (494 words)

 Bank of England|Monetary Policy
One of the Bank of England's two core purposes is monetary stability.
Monetary stability means stable prices - low inflation - and confidence in the currency.
Stable prices are defined by the Government's inflation target, which the Bank seeks to meet through the decisions on interest rates taken by the Monetary Policy Committee.
www.bankofengland.co.uk /monetarypolicy   (97 words)

 RBA: Monetary Policy
These statements have replaced the Semi-Annual Statements on Monetary Policy and the Quarterly Reports on the Economy and Financial Markets which were previously issued by the Bank.
Second Statement on the Conduct of Monetary Policy
Agreement between the Governor of the Reserve Bank and the Government on Australia's monetary policy framework and the roles and responsibilities of the Reserve Bank which builds on the 1996 Agreement.
www.rba.gov.au /MonetaryPolicy   (144 words)

 Brad DeLong's Semi-Daily Journal: Implementing Monetary Policy
Instead, the FOMC's monetary policy decision is expressed in terms of the Committee's target value for an otherwise obscure short-term interest rate, the federal funds rate.
As I have already hinted, however, monetary policy is effective only to the extent that Federal Reserve actions can affect a wide range of interest rates and asset prices.
Second, more generally, comments by FOMC officials about the Committee's general policy framework, including the Committee's economic objectives and members' views about the channels of monetary policy transmission and the structure of the economy, help the public deduce how policy is likely to respond to future economic circumstances.
delong.typepad.com /sdj/2005/04/implementing_mo.html   (4564 words)

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