calculate a "fair value" of bond yields. Figure 5 shows
that bond markets were overvalued in the course of 2005. But obviously the "disequilibrium"
was not unusually high in a historical perspective
want the central bank to put more emphasis on other objectives, such as reducing unemployment. Of course, this does not mean that the objective of achieving and maintaining price stability should be interpreted [...] even announced to publish an inflation and growth forecast of the Bank in the near future. But, of course, transparency does not mean publishing the maximum amount of information available.
num-Doc [...] Governing Council and a coherent summary of the information upon which decisions are based. But of course, transparency does not mean publishing the maximum amount of information available.
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focuses on the special role of banks in the transmission of monetary policy. It states that in the course of a tight monetary policy banks reduce their credit supply because of the informational asymmetries [...] but was interrupted for a short time in the second half of 1980. Figure 2 also shows that in the course of German unification only relatively moderate (unanticipated) monetary policy shocks occured.
decline of currency in circulation starting at the end of the year 2000 and gaining momentum in the course of the year 2001. The decline has been attributed univocally to the anticipation of the cash change-over [...] inhabitant held € 1,262 at end of 2000, with extremes being Germany (€ 1,631) and Finland (€ 573). Of course, these figures may be distorted by banknotes circulating outside the respective country. The total [...] shortened the period between the announcement of the new currency and its introduction. One could of course have had the fixing of the euro conversion rates and the introduction of the currency at one date
Actual growth
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target achieved� [...] kind in the mid-seventies, and there are good reasons why it is now one of the last to follow such a course. This recognition that price trends could be controlled by (indirectly) managing the money stock [...] For the first time a two-year target, according to which M3 is to grow by approximately 5 % in the course of 1997 and 1998. �
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3 Divisia aggregates
monetary policy operations of the Fed; they analyze the regional
developments and explain the course of monetary policy in their district. The presidents and
the research departments of the FRBs