ทฤษฎีและนโยบายการเงิน Monetary Theory and Policy

  • Published on
    03-Jan-2016

  • View
    87

  • Download
    4

Embed Size (px)

DESCRIPTION

Monetary Theory and Policy. Intermediate Targeting. Ultimate Goals. Economic Growth Full Employment Price Stability Exchange Rate Stability. Monetary Policy. Ultimate Goals. Fiscal Policy. Monetary Policy. Ultimate Goals. Problems Structure Relationship - PowerPoint PPT Presentation

Transcript

<ul><li><p>Monetary Theory and PolicyIntermediate Targeting</p></li><li><p>Ultimate GoalsEconomic GrowthFull EmploymentPrice StabilityExchange Rate StabilityUltimate GoalsMonetary PolicyFiscal Policy</p></li><li><p>Monetary PolicyUltimate GoalsProblemsStructure Relationship2. Non Policy InfluenceLow Efficient Monetary Policy</p></li><li><p>Ultimate Target = aP + bEUltimate Target = f( P , E )E = Non Policy InfluenceP = Policy ActionHow do you control the result?</p></li><li><p>PolicyOperating TargetIntermediate TargetUltimate Goal??????</p></li><li><p>Intermediate TargetFormMonetary Aggregate -- &gt; MonetaristInterest Rate -- &gt; KeynesProperties Goal </p></li><li><p> Stability -- &gt; ( A ) -- &gt; ( B )A &gt; B -- &gt; Interest Rate B &gt; A -- &gt; Bank Reserve </p></li><li><p>Operating / Immediate TargetFormReserve in Commercial BankInterest RateProperties </p></li><li><p>Early Warning System -- &gt; IndicatorsIndicatorsDirectionForce of ActionCase + EffectTotal Effect = Policy Effect + Exogeneous Effect Conflict of Indicators</p></li><li><p>IndicatorsFormsLong Term Interest RateReturn on StockMoney SupplyBanking Reserve, Credit expansionProperties </p></li><li><p>Interest Rate </p></li><li><p> ( i = r + PE ) ( Friedman ) ( Thomas Saving ) </p></li><li><p> Lag Endogenous Variable Keynes Real Sector </p></li><li><p>Free Reserve = Excess Reserve + Borrowed Reserve</p></li><li><p>LAGDiscrete Time LagDistributed Time LagImplementation Lag ( Inside Lag )Recognition LagAdministrative LagOperational LagDecision LagProduction Lag</p></li><li><p>ProblemPolicy ActionImplementation LagRecognitionLagAdminist.LagEffect IntermediateGoalOperational LagIntermediateLagOutsideLagEffect ExpenditureDecisionLagProductionLag</p></li></ul>