Operationally, the Monetary
Board functions differently form a regular corporate board.
Contributors to this volume revisit the thinking behind unconventional monetary
policy and the "new monetary
framework," make the case for transparent monetary
rules versus foggy discretion, and point to the distortions generated by ultra-low interest rates and preferential credit allocation.
Other presenters discussed how to assess a country's monetary
policy stance and its impact on the real economy when the policy interest rate is lowered to zero, that is, when it hits the zero lower bound.
The OMO, which SBP started on ad hoc basis in October 1991, supplemented by the changes in the discount rates and cash reserve requirements and issuance of T bills of different maturity in June 1998, facilitated in the management of the monetary
and credit expansion.
He said that the four members are pushing ahead with the monetary
union but said some "technical points" need to be cleared.
Patelis (1997) examines whether shifts in the stance of monetary
policy can account for the observed predictability in stock returns.
One implication of this understanding is that as changes in the target federal funds rate became more predictable, changes in the monetary
base may have become less predictable.
The empirical analysis shows that the most important policy objectives are economic growth and inflation, which are in fact the which the Government also announces annual targets, do not have significant impact on the PBoC's monetary
The court determined that because the guaranty was coextensive with the rent subsidy, the parties intended the term of the guaranty to be limited to three years unless Madison suffered some tangible monetary
loss during those three years.
Enthusiasts for European monetary
union hoped that its establishment would itself be a force for convergence of labor costs so that relative exchange rate changes within the zone could be abandoned.
Voting for the FOMC monetary
policy action were: Alan Greenspan, Chairman; Timothy E Geithner, Vice Chairman; Susan S.
Controlling inflation has been a big worry for the Central Bank--its goal is to limit inflation to 3% annually--a path also taken by other monetary
authorities in the region.