Re: Money from nothing
Inviato da Ashoka il 15/6/2006 14:58:04
Un limite alla produzione, potenzialmente illimitata di base monetaria è posto dall'obiettivo del mantenimento di un livello dei prezzi relativamente stabile, data la relazione diretta che storicamente si è osservata tra inflazione e offerta di moneta
E cosa fa la Banca Centrale Europea?
Officially the ECB treats M3 growth as the "first pillar" of a two-pillar strategy that it uses to assess the eurozone's inflation outlook. In principle, the faster M3 growth accelerates, the higher the risk of rising inflation. The ECB has a "reference value", or loose target, for annual M3 growth of 4.5 per cent over the medium term. But the bank says it does not react automatically to deviations from the reference value.
Ed infatti...
THE BROAD MONETARY AGGREGATE M3
Monetary dynamics strengthened in the first few months of 2006. At 7.9%, annual M3 growth in the first quarter of 2006 was broadly unchanged compared with the fourth quarter of 2005, but this conceals a pattern of moderation in the course of the fourth quarter and a subsequent reversal in the course of the first quarter to 8.5% in March. In April, annual M3 growth rose further to 8.8%, a level that was last recorded in mid-2003 at the end of a protracted period of high economic
and financial uncertainty
8,8% non male.. con il target al 4,5%.
Dati: www.ecb.int
The Make-Believe World of Central Banking
by Thorsten Polleit
[..]
Did central banks respond more strongly to signals from actual inflation or money supply? The data appears to suggest that inflation played a more important role than money supply changes in a central bank's interest rate decision making. This, in turn, would indeed argue that central banks did not pursue a pre-emptive policy but simply waited until their policies led to inflation (or to a build up of inflation pressure) and then reacted to reduce it. Needless to say, conceptually speaking, such a policy fails to prevent inflation as it systematically acts too late.
Ashoka
E cosa fa la Banca Centrale Europea?
Officially the ECB treats M3 growth as the "first pillar" of a two-pillar strategy that it uses to assess the eurozone's inflation outlook. In principle, the faster M3 growth accelerates, the higher the risk of rising inflation. The ECB has a "reference value", or loose target, for annual M3 growth of 4.5 per cent over the medium term. But the bank says it does not react automatically to deviations from the reference value.
Ed infatti...
THE BROAD MONETARY AGGREGATE M3
Monetary dynamics strengthened in the first few months of 2006. At 7.9%, annual M3 growth in the first quarter of 2006 was broadly unchanged compared with the fourth quarter of 2005, but this conceals a pattern of moderation in the course of the fourth quarter and a subsequent reversal in the course of the first quarter to 8.5% in March. In April, annual M3 growth rose further to 8.8%, a level that was last recorded in mid-2003 at the end of a protracted period of high economic
and financial uncertainty
8,8% non male.. con il target al 4,5%.
Dati: www.ecb.int
The Make-Believe World of Central Banking
by Thorsten Polleit
[..]
Did central banks respond more strongly to signals from actual inflation or money supply? The data appears to suggest that inflation played a more important role than money supply changes in a central bank's interest rate decision making. This, in turn, would indeed argue that central banks did not pursue a pre-emptive policy but simply waited until their policies led to inflation (or to a build up of inflation pressure) and then reacted to reduce it. Needless to say, conceptually speaking, such a policy fails to prevent inflation as it systematically acts too late.
Ashoka
Messaggio orinale: https://old.luogocomune.net/site/newbb/viewtopic.php?forum=46&topic_id=103&post_id=30279