Thus whenever
monetary policy matters are being discussed at the international level, for example in the IMF executive board (which conducts the Fund's day - to - day business), Eurozone Member States speak about — and decide on — issues without any longer possessing the corresponding powers domestically.
The Government recognises the independence of the Reserve Bank and its responsibility for
monetary policy matters and will continue to respect the Reserve Bank's independence as provided by statute.
Not exact matches
Of course no
matter if it is NGDP targeting, the Taylor rule, or even a rule that would have the Fed tie itself to gold - the entire debate about rules - based
monetary policy ignores the obvious: rules are meant to be broken.
They're addressing issues the Bush administration - and Democrats for that
matter — have with China's
monetary and trade
policies.
First, financial market conditions
matter in determining the appropriate stance of
monetary policy.
So what
matters is how
monetary policies or
monetary conditions affect the relationship between supply and demand.
Should
monetary policy drop its inflation target and instead do whatever it takes to maintain a stable growth path for nominal GDP, no
matter what that requires it do, no
matter what fiscal
policy is?
Additionally, as central banks move toward normalizing
monetary policy, the correlations between EM markets are declining and country and stock selection
matter more.
Consumers and most countries are tapped out and having to either curtail demand or attempt to create it through unconventional
monetary policies (that seem to just be making
matters worse).
Whether that means Canada will enjoy below - potential growth or that potential has taken a larger hit than the Bank of Canada currently believes is another
matter, but is certainly one of the larger
monetary policy questions that remains unanswered, especially with core inflation lingering above 2 percent.
I've long wondered that after four years of unprecedented
monetary policy with still very tepid at best economic growth, just whether investors would lose faith in the Fed (and really global central bankers for that
matter) and politicians.
The Fed's tendency to favor Treasury and agency securities when conducting
monetary policy operations, though innocuous enough when banks hold only minimal excess reserves so that the Fed leaves only a relatively modest «footprint» on overall credit allocation, becomes a serious
matter when banks pile - on excess reserves, turning the Fed into the central - bank equivalent of the abominable snowman.
That trend, rather than the published (or «headline») rate which can be affected by «special» factors, is what
matters for
monetary policy purposes.
J.P. Morgan forecasts suggest any strength in the Aussie will likely prove to be short - lived as what will
matter most for the Aussie Dollar are developments around domestic
monetary policy, as well as interest rates elsewhere in the world.
The drivers that
matter most for a given currency — from interest rate differentials and
monetary policy to investment flows and investor sentiment — can change quickly.
Whether we have a central bank or not is a lesser
matter, but the current Fed has blown it royally, and is no example for what we should have for
monetary policy.
No
matter what happens the rest of the year regarding
monetary policy, we have already witnessed something this year that had not happened since before the financial crisis: increases in the Fed Funds rate in consecutive quarters.
This is the FOMC that we have today, and the composition of the committee
matters when considering how they will execute
monetary policy.
As I have said before, it doesn't
matter who the next Fed Chairman is, because all of the candidates are basically the same when it comes to
monetary policy.