Вопрос № 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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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.
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.
According to the text, price stability is a situation, when purchasing power of money can change over time and depends on inflation and deflation.
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

Вопрос № 1029310

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.

Другие вопросы по предмету Английский язык

Вопрос № 1029306

Read the text and do the tasks
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.
2. The deposit of Saudi oil revenues in U.S. banks and the Saudis’ moderation of OPEC price increases, for example, reflect geopolitical forces (such as our military help in maintaining the Saudi regime) as much as market forces. One of the hidden pressures for NAFTA similarly involved U.S. government efforts to gain privileged access for U.S. firms and financial interests to Mexican oil. The latter has been insulated from foreign ownership by Mexican law.
3. The recent push for a neoliberal version of «free trade» (which, for example, often strives to protect intellectual property rights much more vigorously than labor rights) is as laden with nationalist geopolitical agendas as past global trading orders. It is also just as laden with the objectives of private corporations and economic interests in the host nations pushing different policies.
(Steven Mark Cohn : Reintroducing macroeconomics (a critical approach). – M.E. Sharp. Inc., 2007. – P. 208).
Define the statements which correspond to the contents of the text.

Economic relations have always been independent, not influenced by geopolitical factors and the use of foreign aid as a lever for structuring trade relations.

Without doubt, free trade does not try to protect intellectual property rights, but it defends labor rights.

Classical understanding of international trade means that geopolitical aspect is not the leading one when considering free trade rhetoric.

It is pointed out that moderation of price increases is linked with geopolitical forces.

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).
Choose the correct summary of the text.

I’ve read the extract from the monograph «Monetary economics in globalised financial markets» edited by Ansgar Belke and Thorsten Polleit. The extract deals with the problem of central bank’s independence. According to the text the dependence of central bank on national policy affects the inflation. I should mention that indices of central bank independence are negatively associated only with developed, not developing economies. I’d like also to add that turnover rates of bank’s staff are linked with inflation.

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. This extract is about inflation. Inflation can be in developed and developing countries. So central bank’s independence can bring to economic instability, in case independence results in low inflation. This low inflation leads to growing economic instability. There are lots of problems between real economic activity and central bank independence. It’s extremely difficult to understand what goes first: high inflation or turnover of bank managers.

The extract I am going to speak about is taken from the monograph «Monetary economics in globalised financial markets». The extract centers round the problem of inflation among developed and developing economies. The authors put forward the idea that central bank’s independence and consequent low inflation aren’t so good for economic stability. By the way, economic instability can be provoked by low inflation. As for the question of difficult evaluation of high inflation’s causality and political interference, which can lead rather fast to the fact, that central bank officials will be fired, it’s hard to define.

The title of the monograph the passage is taken from is «Monetary economics in globalised financial markets» edited by Ansgar Belke and Thorsten Polleit. The extract focuses on the problem of interrelationship of inflation and independence of the banks. The main idea of the passage is to show that if low inﬂation is caused by independence of the central bank, the case for independence might not be great, if low inflation is accompanied by a growing real economic instability. However, it should be taken into account that there are many questions, connected with the difficult evaluation of the causality of high inflation and political interference, leading to rapid resignation of central bank officials.

Вопрос № 1029308

The extract from the book is concerned with the problem of currency. The author speaks about issuers of currency, who must respect property-rights rules. They must ensure that a bill always corresponds to a given amount of commodities. In this regard it is named fully convertible currency. Of course, everybody knows that the main commodity standard is the international gold standard. A silver guinea was revalued in 1819 by the master of the mint Newton and gold became the main standard. Britain abandoned restrictions on the export of gold from Britain and formally adopted gold standard. The US adopted gold standard later and fixed the price of gold.

The title of the monograph the passage is taken from is «Monetary economics in globalised financial markets» edited by Ansgar Belke and Thorsten Polleit. Here are discussed such questions as exchange rate between money and goods, how currency becomes fully convertible, and gold standard’s adoption. It was Isaac Newton who revalued the silver guinea. There were restrictions on the export of gold coins from Britain in the 19th century. Gold standard was formally adopted in the US in 1834. Furthermore they fixed the price of gold. It was 20, 67 dollars per ounce. So it didn’t change until 1933.

I’m going to speak about the extract from the monograph «Monetary economics in globalised financial markets» edited by Ansgar Belke and Thorsten Polleit. The main idea of the text is to show us how commodity standard is linked with currency. Of course, there is no doubt that issuers must be sure that a banknote corresponds to one or many goods when they issue currency. They must maintain a fixed rate between bills and goods. I fully agree with the author that the best remembered commodity standard is the international gold standard. Gold standard was adopted after revaluation of silver one. So the price of gold was fixed and remained constant until 1933.

The extract I have read is taken from the monograph «Monetary economics in globalised financial markets» edited by Ansgar Belke and Thorsten Polleit. It deals with the problem of maintaining a particular exchange rate between currencies and commodities, implemented by issuers. The main idea is to show that the nominal price of goods will be fixed if issuer maintains a fixed exchange rate between a bill and a particular quantity of goods. The author takes the view that currency, issued under these conditions is fully convertible. It is proved by the fact that the best known commodity standard is the international gold standard, adopted in Britain in 1819. Further the author reports that the US changed bimetallic standard by law in 1900.

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.
(Ansgar Belke : Monetary economics in globalised financial markets / A. Belke, T. Polleit. – Springer, 2009. – P.325).
Choose the correct summary of the text.

The passage I’ve just read is from the monograph «Monetary economics in globalised financial markets» edited by Ansgar Belke and Thorsten Polleit. The passage examines two factors: the demand and the supply. They both depend on central bank’s activity. The extract gives us an outline about the aim of the central bank to ensure functioning of the money market. Credit institutions provide regular refinancing to banks to cushion transitory liquidity fluctuations. Central banks can also change their conditions in order to have deals with commercial banks.

The extract touches upon the issue of central bank’s position in the money market. It helps lots of credit institutions to meet their liquidity needs in a smooth manner. I’d like to note that there exist the demand, determined by minimum reserves and the cash drain and the supply, determined by the central bank regular operations. It stands to reason that the central bank’s aim is to ensure orderly functioning of the money market in order to help credit institutions to meet their liquidity needs smoothly. To do it, they provide regular refinancing to banks and facilities that allow them to deal with end-of-day balances and to cushion transitory liquidity fluctuations.

The title of the monograph the passage is taken from is «Monetary economics in globalised financial markets» edited by Ansgar Belke and Thorsten Polleit. The central bank is the main supplier of base money. It can exert an influence on the demand for central bank money. It’s in a good position to manage the conditions in the market for central bank money. There are two factors here: supply and demand. They are determined by different bank’s activities, for example, supply is determined by deposits that the central bank can shift to the commercial bank. I’d like to mention here that banks try to signal their monetary policy stance to the money market. So I think they do it to make deals with commercial banks.

The extract I would like to speak about is from the monograph «Monetary economics in globalised financial markets» edited by Ansgar Belke and Thorsten Polleit. The extract faces the problem of the central bank as the monopoly supplier of base money. The main idea of the passage is to define the demand and the supply, determined by different factors. The author considers the demand, determined by minimum reserves, the cash drain and working balances. As for the supply, it is indicated as a phenomenon, depending on regular operations of the central bank and other autonomous factors. It should be taken into account, that central banks can vary their terms in order to have deals with commercial banks.

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