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Read the text and do the tasks 1. In most countries price stability has become the primary objective...: ответ на тест 1029305 - Английский язык

Read the text and do the tasks
1. In most countries, price stability has become the primary objective of monetary policy. Central bankers, economists, and other knowledgeable observers around the world agree that price stability both contributes importantly to the economy’s growth and employment prospects in the longer term and moderates the variability of output and employment in the short to medium term.
2. Price stability is considered as a situation in which the economy’s price level does neither increase nor decrease over time; that said, price stability is a situation in which inflation (that is an ongoing increase in the economy’s price level) and deflation (that is a ongoing decline in the economy’s price level) are actually absent, or, to put it differently: price stability is a situation in which the purchasing power of money remains unchanged over time.
3. The idea of preserving the value of money by stabilising the economy’s price level – which is actually typically represented by a consumer price index – is based on the work of Irving Fisher (1867–1947) between 1895 and 1922, in particular on Fisher’s The Making of Index Numbers from 1922. Fisher was one of the first experts on the calculation of price index numbers, and he began the first weekly newspaper publication of a wholesale price index in 1923. Before that, the value of the currency was fixed against a certain amount of gold. In fact, Fisher’s «index regime» has become the «state-of-the-art» concept in monetary policy.
(Ansgar Belke : Monetary economics in globalised financial markets / A. Belke, T. Polleit. – Springer, 2009. – P.531).
Define the statements which correspond to the contents of the text.
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  • According to the text, price stability is a situation, when purchasing power of money can change over time and depends on inflation and deflation.
  • It was noted in the text that Fisher began to fix the value of the currency against a certain amount of gold in his paper publication in 1923.
  • It must be mentioned that price stability, being the main target of monetary policy, makes a great contribution to the development of economy and employment perspectives.
  • Price stability can be defined as a situation, when inflation and deflation are not observed as activities.
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Вопрос задал(а): Анонимный пользователь, 13 Ноябрь 2020 в 17:31
На вопрос ответил(а): Анастасия Степанова, 13 Ноябрь 2020 в 17:31

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Вопрос № 1029310

Read the text and do the tasks
1. In most countries, price stability has become the primary objective of monetary policy. Central bankers, economists, and other knowledgeable observers around the world agree that price stability both contributes importantly to the economy’s growth and employment prospects in the longer term and moderates the variability of output and employment in the short to medium term.
2. Price stability is considered as a situation in which the economy’s price level does neither increase nor decrease over time; that said, price stability is a situation in which inflation (that is an ongoing increase in the economy’s price level) and deflation (that is a ongoing decline in the economy’s price level) are actually absent, or, to put it differently: price stability is a situation in which the purchasing power of money remains unchanged over time.
3. The idea of preserving the value of money by stabilising the economy’s price level – which is actually typically represented by a consumer price index – is based on the work of Irving Fisher (1867–1947) between 1895 and 1922, in particular on Fisher’s The Making of Index Numbers from 1922. Fisher was one of the first experts on the calculation of price index numbers, and he began the first weekly newspaper publication of a wholesale price index in 1923. Before that, the value of the currency was fixed against a certain amount of gold. In fact, Fisher’s «index regime» has become the «state-of-the-art» concept in monetary policy.
(Ansgar Belke : Monetary economics in globalised financial markets / A. Belke, T. Polleit. – Springer, 2009. – P.531).
Choose the correct summary of the text.
The extract I am going to speak about is from the monograph «Monetary economics in globalised financial markets» edited by Ansgar Belke and Thorsten Polleit. In most countries, price stability has become the primary objective of monetary policy. All knowledgeable people around the world know that price stability facilitates a lot to economy’s growth and employment. We speak about price stability when there is no inflation or deflation. They are fortunately absent. Purchasing power of money remains the same over time. It was a brilliant economist Fisher, who invented the calculation of price index numbers. Before that, the value of the currency was fixed against a certain amount of gold.
I’ve read the passage from the monograph «Monetary economics in globalised financial markets». A key question of the extract is how to obtain price stability. It means absence of inflation and deflation, as you know. I’d like to note that it is quite clear that inflation is an ongoing increase in the economy’s price level and deflation is an ongoing decline in the economy’s price level. Between 1895 and 1922 Irving Fisher wrote a work where he represented the idea of preserving the value of money by stabilizing the economy’s price level. Before him, the value of the currency was fixed against a certain amount of gold. His index regime was state-of-the-art.
The passage is taken from the monograph «Monetary economics in globalised financial markets» edited by Ansgar Belke and Thorsten Polleit. The extract is about price stability as a main goal of economists all over the world. Price stability is a situation in which the economy’s price level doesn’t change over time, that is inflation and deflation are absent. The passage supports the view that price stability initiates economy’s growth and employment. So price stability is a great thing! It was Irving Fisher who first represented consumer price index in his newspaper publication of a wholesome price index in 1923. This «index regime» became out-of date concept in monetary policy.
The extract I’d like to speak about is from the monograph «Monetary economics in globalised financial markets» edited by Ansgar Belke and Thorsten Polleit. It deals with the problem of price stability as a situation in which the purchasing power of money remains unchanged over time. The main idea of the passage is to reveal the fact that preserving the value of money by stabilizing the economy’s price level, represented by a consumer price index is the primary objective of monetary policy. According to the survey economists and bankers agree that price stability contributes importantly to economic growth and employment prospects in the longer term. Due to economist Irving Fisher «state-of-the-art» concept of index regime was represented in 1922.

Вопрос № 1029303

Read the text and do the tasks
1. Originally, economists used to think in terms of commodity price rules for issuers of currency to follow. For them the most natural way was to implement a system of property-rights-respecting rules, which imposed on the issuers of currency the obligation to maintain a particular exchange rate between their currencies and one or more commodities.
2. If a bank issues, say, US$1 bills, a commodity standard requires it to ensure that the US$1 bills always exchange for a given amount of a commodity. Because the issuer would maintain a fixed exchange rate between the US$1 bills and a particular quantity (or quantities) of one or more real goods, the nominal price of that good (or goods) would be fixed. Currency issued under these conditions is said to be fully convertible.
3. Commodity standards were the historical norm. The perhaps best remembered commodity standard is the international gold standard. Britain adopted a de facto gold standard in 1717 after the master of the mint, Sir Isaac Newton (1643–1727), re-valued the silver guinea and formally adopted the gold standard in 1819, when the British Parliament abandoned long-standing restrictions on the export of gold coins and bullion from Britain. The US, though formally on a bimetallic gold and silver standard, switched to gold de facto in 1834 and de jure in 1900. In 1834, the US fixed the price of gold at US$20.67 per ounce. It remained at that level until 1933.
(Ansgar Belke : Monetary economics in globalised financial markets / A. Belke, T. Polleit. – Springer, 2009. – P.49).
Define the statements which correspond to the contents of the text.
According to the text, the price of gold in the USA was unfixed until 1900.
Currency is said to be fully convertible if nominal price of goods is established according to the issuer’s will.
As a matter of fact there had been a bimetallic standard over 60 years in the USA, before being turned into gold standard.
Economists wanted issuers to implement a particular system that obliged them to respect an exchange rate between currency and commodities.

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Вопрос № 1029306

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1. Heterodox economists also criticize the textbooks’ treatment of international trade for de-emphasizing the geopolitical context of free trade rhetoric. Trade patterns and other international economic relations have always been deeply influenced by geopolitical factors, exemplified by colonialism, persistent threats of military or covert interventions over economic issues, and the use of foreign aid as a lever for structuring trade relations. This continues today.
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Вопрос № 1029307

Read the text and do the tasks
1. Clearly, the specific form of independence may matter for inflation. Debelle and Fischer maintain it is goal dependence and instrument independence that would produce low inflation. In fact, such an arrangement may prevent policy makers from changing the objective of policy on a frequent basis, thereby provoking the time inconsistency problem.
2. What is more, even if central bank independence leads to low inflation, the case for independence might be greatly weakened if it is accompanied by a growing real economic instability. However, little relationship was found between measures of real economic activity and central bank independence.
3. In other words, countries with more independence central banks enjoyed lower inflation yet suffered no cost in terms of more volatile real economic activity. Viewed from this point, one may be inclined to see central bank independence as a kind of free lunch.
4. While standard indices of central bank independence were negatively associated  with inflation among developed economies, this was not the case among developing economies. Here, turnover rates of central bank governors were positively correlated with inflation. This is a case, however, in which causality is difficult to evaluate: Was inflation high because of political interference that leads to rapid turnover of central bank officials? Or did central bank officials get fired because they couldn’t keep inflation low?
(Ansgar Belke : Monetary economics in globalised financial markets / A. Belke, T. Polleit. – Springer, 2009. – P.11).
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Вопрос № 1029308

Read the text and do the tasks
1. Originally, economists used to think in terms of commodity price rules for issuers of currency to follow. For them the most natural way was to implement a system of property-rights-respecting rules, which imposed on the issuers of currency the obligation to maintain a particular exchange rate between their currencies and one or more commodities.
2. If a bank issues, say, US$1 bills, a commodity standard requires it to ensure that the US$1 bills always exchange for a given amount of a commodity. Because the issuer would maintain a fixed exchange rate between the US$1 bills and a particular quantity (or quantities) of one or more real goods, the nominal price of that good (or goods) would be fixed. Currency issued under these conditions is said to be fully convertible.
3. Commodity standards were the historical norm. The perhaps best remembered commodity standard is the international gold standard. Britain adopted a de facto gold standard in 1717 after the master of the mint, Sir Isaac Newton (1643–1727), re-valued the silver guinea and formally adopted the gold standard in 1819, when the British Parliament abandoned long-standing restrictions on the export of gold coins and bullion from Britain. The US, though formally on a bimetallic gold and silver standard, switched to gold de facto in 1834 and de jure in 1900. In 1834, the US fixed the price of gold at US$20.67 per ounce. It remained at that level until 1933.
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Вопрос № 1029309

Read the text and do the tasks
1. The central bank is the monopoly supplier of base money. At the same time, the central bank can, via imposing minimum reserve requirements, exert a (pre-dominant) influence on the demand for central bank money. That said, the central bank is in a (comfortable) position to manage the conditions in the market for central bank money (usually referred to as money market), that is determining the quantity of base money or the interest rate on base money balances.
2. Figure 1.25 shows a simple model of the inter-bank money market (for, say, 1-month money), where the interest rate is determined by the demand for and supply of base money. The demand is determined by minimum reserves, the cash drain and working balances. Supply is determined by the central bank’s regular operations and by autonomous factors (such as, for instance, deposits being shifted from central bank to commercial bank accounts and vice versa).
3. In their money market operations central banks aim to ensure an orderly functioning of the money market, helping credit institutions to meet their liquidity needs in a smooth manner. This is typically achieved by providing regular refinancing to banks and facilities that allow them to deal with end-of-day balances and to cushion transitory liquidity fluctuations. What is more, central banks tend to signal their monetary policy stance to the money market via changing the conditions under which the central bank is willing to enter into transactions with commercial banks.
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