| 词汇 | example_english_money-supply |
| 释义 | Examples of money supplyThese examples are from corpora and from sources on the web. Any opinions in the examples do not represent the opinion of the Cambridge Dictionary editors or of Cambridge University Press or its licensors. It is also shown that there is no systematic relationship between the growth effect of moneysupply and local determinacy of the balanced growth path. Based on those findings, we consider the relationship between the determinacy of equilibrium and the growth effect of moneysupply. Note that the dynamics of output is only affected by the exogenous moneysupply. The model is driven by stochastic shocks to technology, government spending, taxes, and the moneysupply. An increase in the moneysupply will now have effects on the real economy. The month after the election, the moneysupply slowed down. But, in general, moneysupply may depend on lagged values of such auction market variables even when it does not depend on them contemporaneously. However, in the initial period of the shock, the price level rises far less than the moneysupply. The model consists of three equations, relating such quantities as consumption, production, and the moneysupply. If strategies require increased spending, this can be financed by increasing taxes, borrowing or the moneysupply. As a normalization, it is assumed that the moneysupply grows linearly at rate 1 over time. This can be seen in the highly public battle over moneysupply growth. This addition would, however, make steady states (in the ensuing analyses) sensitive to permanent changes in the rate of devaluation or expansion of moneysupply. By contrast, in the model with propagation, the nominal price level increases much more slowly, lagging the increase in the moneysupply for many periods. Consistent with the early papers, we assume that the moneysupply grows at a constant rate > 1 (or falls, if < 1). Despite these de-ationary policies the government consistently failed to achieve the desired growth in moneysupply. But since the lawmakers' stated goal was to guarantee a safe moneysupply, one has to wonder why deposits were not included as well. Most contemporaries agreed that the moneysupply had to be brought under control and that different monies should not compete with one another. In order to boost employment, the government might increase the moneysupply, thereby increasing inflation. Consequently, the volume of bank lending, the moneysupply and the price level falls. The volume of bank credit and the moneysupply expands and the price level is pushed upwards. The key to controlling inflation was controlling the moneysupply. However, the nonmonetary equilibrium with only costly matching is welfare superior to monetary search for any moneysupply. In addition to the growth effect of moneysupply, we investigate dynamic properties of the model economy out of the balanced-growth equilibrium. It is the proportion of non-currency money in the moneysupply. Figures 6 and 7 illustrate the time path of the price level, the nominal moneysupply, and real balances in these two economies. In such a situation, what would be the effect of an increase in moneysupply? Then it follows from the model that money would be neutral, and a change in the moneysupply would have no real consequences. A constant theme, indeed an obsession, of the book is the importance of the moneysupply. An unexpected shock to the moneysupply can have strong effects on interest rates and, through credit markets, on real output. If r = 0, then steady-state output would not depend on the rate of growth of moneysupply. It defines a private sector disturbance distinct from moneysupply and the shocks to rules of thumb. Should we try to manage the moneysupply so that full employment is restored, assuming that we can do nothing about the environmental resource failure? Expanding the moneysupply in violation of gold-standard precepts would only encourage further speculative excesses, leading to another crash and an even more catastrophic depression. They could not expand the moneysupply to stimulate domestic demand, for doing so would push up prices, provoke gold exports, and weaken the currency. In fact, the formula above says that the increase in moneysupply should be smaller than what would correspond to full employment. Thus, in this simple model, by using monetary policies, the government can always maintain full employment, by increasing or decreasing the moneysupply. And finally this is all set in the context of economic change, and especially of fluctuations in the moneysupply. The sixth equation lets the growth of the moneysupply respond to all shocks in the long run. Counter-cyclical spending was cut with the aim of controlling the growth of the moneysupply and thus keeping inflation in check. Money for such spending can come from increases in the moneysupply, state borrowing, or the sale of state assets. After period 1, the price level rises even more slowly, lagging the growing moneysupply for many periods. This paper studies the growth effect of moneysupply in the presence of increasing returns and endogenous labor supply. Tables 1 and 2 demonstrate that there are various patterns of the relationship between the growth effect of moneysupply and determinacy of equilibrium. In these cases, the growth effect of moneysupply is negative if > 1 and < 1, while it is positive if > 1 and < 1. Because this paper does not focus on comparison of the alternative moneysupply rules, we assume the simplest moneysupply regime. With this identification, moneysupply shocks have large effects on output, but they also have large effects, in the opposite direction, on prices. The moneysupply and money demand equations would approximately satisfy usual identifying restrictions. In the five months before the election, the moneysupply went up very rapidly. In particular, the model could display hyperinflation with a constant moneysupply! They thus are willing to hold the expanding moneysupply at a slowly increasing nominal price level. The government chooses moneysupply along the transition to maximize its welfare, which depends on purchasing powers of money or prices. There are decades, hundreds of years, of economic thinking relating the moneysupply to inflation, and people to some extent have that in their bones. So, you're not always able to increase the real moneysupply. To avoid unemployment, it takes continuous care by either setting the right moneysupply or fixing the right interest rate. Simulations of the environment with constant moneysupply converge to the stationary equilibrium in which fiat money is valued. The purpose of segmentation there is to delay the diffusion of an unexpected increase in the moneysupply through the economy. There was a serious shortage of real money and irresponsible behavior in letting the moneysupply shrink. When = 1, a larger moneysupply may enhance the search process if search frictions are severe. The present paper has assumed that the monetary authority keeps the growth rate of nominal moneysupply constant over time. The government is responsible for taxing individuals, for controlling the moneysupply and for controlling emissions to the environment. This is because the model shows that the discrepancy becomes large when the moneysupply m is small. The best that money can do is not to distort this relative opportunity cost further: a fixed moneysupply is therefore optimal. For most parameterizations, allowing for adaptive behavior results in the price path eventually overshooting the moneysupply, leading to periods of boom and bust. The moneysupply grows 1% above its previous level, and then continues to grow. The rigidity prevents rational agents from reacting fully to innovations in moneysupply. Namely, both the production technology and the preference structure may play essential roles in determining the growth effect of moneysupply. The recent studies on indeterminacy in monetary dynamic models emphasize the role of moneysupply rule. There will be a unique level of real income that clears the money market, making the money demand equal to the moneysupply. Then, everybody saw that money cannot be unanticipated because information on the moneysupply is easily available. This result can be confirmed when the monetary authority fixes the ratio of moneysupply to debt and when it targets the inflation rate. The range of possible choices was rather limited - either an intermediate goal of moneysupply or exchange rate, or adoption of direct inflation targeting11. Attempts to control in parallel a moneysupply growth and the level of exchange rate often pushed policymakers into facing conflicting situations. Its four stabilizing anchors were the fixed exchange rate7, the money wage, real moneysupply and real interest rate. The past tradition and former legal framework were in favor of moneysupply control. That marked the beginning of the third stage, disinflation conducted within the framework of moneysupply control combined with the crawling band regime. The major change was specifically in downgrading the moneysupply figure from an intermediate target into something in between a reference value and a forecast. And the moneysupply-because people were taking their cash balances and repaying their credit cards-the moneysupply went down like a rock. The monetary authority controls the short-term nominal interest rate, and lets the moneysupply be determined by the bond market. Thus, repeated substitution for the exchange rate on the right-hand side of (41) would give et as a function of expectations of future values of the moneysupply and income. The government consumes a fixed share of output and finances its deficit by bonds and by seignorage, whereas the monetary authority controls the moneysupply by conducting open-market operations. This in turn leads to the third difference, which is that nominal goods prices are higher (relative to a given nominal moneysupply) than in the noninflationary steady state. The nominal moneysupply is exogenous. If instead monetary policy is conducted using the interest rate rule (7), the moneysupply becomes endogenous and, given expectations, is jointly determined with the interest rate and price level. In addition, we assume that households demand money services, include money balances in the demand for final product and assume that the moneysupply is exogenously determined. Several simulation experiments have been performed using the above model to study its responses to changes in tax rates, moneysupply, etc., that indicate it is operational. In contrast to the studies described, this paper focuses on output declines associated with reductions in the stocks of reserves, not reductions in the overall moneysupply. At the same time, we have found that there is no tight link between the growth effect of money supply and the determinacy of equilibrium around the balanced-growth path. We came to the conclusion that it was not very reliable to put so much weight on the moneysupply any more, so we backed off that approach. In the case of a constant moneysupply, in fact, staggering has no effect, because nominal wages and all of the nominal variables are constant over time. After the controls were removed, however, the sharp rundown in debt, moneysupply, and interest rates went into steep reversal with consequent ill effects for inflation. They were also concerned about the e^ect of an inadequate moneysupply (the less specie, the lower the moneysupply, and therefore the lower prices). The responses to moneysupply shocks under this identification look much like the responses to "y shocks" in the identification we discuss in more detail below. When there is insufficient nominal moneysupply to satisfy the full employment demand for money, the market is cleared through a decline in output and employment. Recall that the moneysupply is constant. Long-term contracts, rational expectations and the optimal moneysupply rule. In a money-based disinflation, where the nominal moneysupply is fixed, the required increase in real balances can only come about through a reduction in the consumer price level. These examples are from corpora and from sources on the web. Any opinions in the examples do not represent the opinion of the Cambridge Dictionary editors or of Cambridge University Press or its licensors. |
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