货币金融学7版英文课件18大学课件2.pptxVIP

;Goals of Monetary Policy;High Employment;Economic Growth;Price Stability;Interest-Rate Stability;Stability of Financial Markets;Stability in Foreign Exchange Markets;Conflict Among Goals;Central Bank Strategy;Use of (Operating and Intermediate) Targets;Money Supply Target;Interest Rate Target;Choosing Targets;Criteria for Choosing Targets;History of Bank of Canada Policy Procedures;Inflation Rates; By the end of 1975 there was a consensus among central banks that fluctuations in M contained useful information about P and Y. This evidence contributed to the rise of monetarism (a theory that emphasized a steady, predictable ?). In response to this and the rising ? in the early 1970’s, the Bank introduced a program of “monetary gradualism,” under which M1 growth would be controlled within a gradually falling target range (see Table 18-1). The Bank, however, continued to use an interest rate as its operating target Result: Bank was successful at keeping actual M1 growth within the target range (see Table 18-1), but ? ? because of a series of financial innovations that ? the demand for M1 and ? the demand for M2. Monetary targeting was abandoned in November 1982.;The Bank was to announce in advance (in order to influence people’s ? expectations) the target path for the growth of M1 and then adjust policy during the course of the year to make the actual growth rate lie within the target range. ; With the abandonment of M1 targets, the Bank focused on a list of factors, including i, E, and broad monetary aggregates (like M2 and M2+), but no aggregate was found suitable as a guide for conducting monetary policy. The goal of monetary policy was ? containment in the short term and price stability in the long term i was the operating target and E was the intermediate target (with the Bank resisting ? in E, fearing that depreciation would worsen ?) Result: ? ? again (because of a persistent federal budget deficit that made it