金融英语演讲.ppt

Challenges for Central Banks in the Future What is the Central Bank The primary function of a central bank the Peoples Bank of China Bank of Japan the Federal Reserve of the United States the European Central Bank 1. providing price stability This goal requires credibility to work. In other words, people need to believe that the central bank will tighten its policy if inflation threatens. inflation /?nfle??(?)n/ 通货膨胀 2. stability and growth of the real economy. Low inflation is associated with better growth and overall macroeconomic performance. macroeconomic /m?kr???i:k?n?m?k/宏观经济的 Whats the macroeconomics? 1.GDP(Gross Domestic Product) 2.Inflation 3.Unemployment Rate 4.International balance of payment 国际收支 3. financial stability Research has shown that it also will be improved in an environment of low inflation, although some economists argue that asset price booms are spawned in such an environment. spawn /sp?:n/ 大量生产 Challenges for Central Banks in the Future A second challenge related to the first is for the central bank to keep abreast of financial innovations, which can derail financial stability . A third challenge facing the Federal Reserve in particular is whether to adopt an explicit inflation targeting objective like the Bank of England, the Bank of Canada, and other central banks. Challenges for Central Banks in the Future A fourth challenge for all central banks is to account for globalization and other supply-side developments, such as political instability and oil price and other shocks, which are outside of their control but which may affect global and domestic prices. Challenges for Central Banks in the Future The final challenge concerns whether implicit or explicit inflation targeting should be replaced with price-level targeting, whereby inflation would be kept at aero percent.