macroeconomic

1 حسابداری و مالی:: اقتصاد کلان، اقتصاد کلان

Relative macroeconomic analysis across ma- jor industrialized countries is linked to the pro- jected relative term structure of interest rates and projected currency movements. For portfolio construction, macroeconomics variables from fundamental analysis are inputed into a selected optimization model. They reflect market par- ticipants' expectations about the future state of the economy, and contain macroeconomics aggregate information as to how effectively policy implementation channels market expec- tations into the directions set forth by mon- etary policy targets. In addition to key macroeconomic risk variables, many central banks evaluate the effectiveness of their monetary policy imple- mentation through the movements of asset prices, such as oil price, yield curve and FX option prices. Asset prices may embody more accurate and up-to-date information about macroeconomic variables than what is currently available.،The com­ parisons can either be undertaken on an individual instrument basis (for example, specific govern­ ment loans) by the agency responsible for compil­ ing these statistics, and/or at an aggregate level using other macroeconomic statistics datasets and compare, for example, external debt statistics of the government sector. • Serve as essential inputs for government budget preparation, for approval by parliament, for execu­ tion, for forecasting, as well as for compiling other macroeconomic statistics. Information may also be available from mon­ etary and financial, international investment position, and other macroeconomic statistics. 6.56 Data validation is crucial in ensuring the com­ pilation of reliable public sector debt statistics which, in turn, are essential for the management and formulation of a country's fiscal and other macroeconomic policies and strategies. At the aggregate level, the analytical function involves macroeconomic analysis to explore the various options available, given economic and market condi­ tions, and determining the future structure of the public sector debt.

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2 اقتصاد:: اقتصاد کلان، اقتصاد کلان، اقتصاد کلان

Third, I shall emphasize, as Kaldor himself did, the overriding importance of macroeconomic policy in conditioning his thinking on monetary matters. I conclude by asking what he would have made, in the second decade of the twenty-first century, of the 'new consensus' in macroeconomics, and especially in macroeconomic policy. His second macroeconomic diagram has been more intensely studied, if only because the money-supply curve now looks to be almost horizontal (Figure 8.2). All this changed with Milton Friedman's December 1967 Presidential Address to the American Economic Association, which announced the arrival of Chicago monetarism in the mainstream of US - and, very quickly, also world - macroeconomics (Friedman, 1968). It is not surprising that Kaldor's 58-page appendix to the Beveridge Report on Full Employment in a Free Society was devoted almost entirely to fiscal policy and had nothing to say about monetary policy; the continuation of the wartime policy of cheap money is assumed, but more for its beneficial effects on income distribution than for its contribution to good macroeconomic management (Kaldor, 1944, p. 399).،A somewhat different question is whether the well-being of the poor should enter as an independent determinant of policy choices, in addition to the usual focus on macroeconomic stability, microeconomic efficiency, and institutional quality. As these examples illustrate, in practice, even the standard, growth-oriented desiderata of macroeconomic stability, microeconomic efficiency, and institutional reform leave considerable room for maneuver. We know that large fiscal and macroeconomic imbalances are bad for growth. The actual story implicates macroeconomic policies rather than the trade regime. proximate reason for the economic collapse was the inability to adjust macroeconomic policies appropriately in the wake of these external shocks.،They control for the macroeconomic environment, country-level risk and for bank, borrower and loan characteristics, and they find that banks relax their lending standards and easily grant new loans to riskier borrowers when interest rates are low. ness cycle, banks may need time to smooth the effect of macroeconomic (i) Omitted variables: bank risk and interest rates might be endoge- nous to the local macroeconomic conditions (Ioannidou et al. As the DD is a wide measure of risk that incorporates a high quantity of information, the lasting positive effect between the DD and monetary policy indica- tors may be motivated by market perception, which may have inte- grated unfavorable macroeconomic news flows throughout the studied period (e.g.

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3 سیاسی و روابط بین الملل:: اقتصاد کلان

Neither will Southern European labour markets ever be able to easily manage such massive macroeconomic adjustments. Rather, the problem is that the equation of competitiveness and efficiency has created a vacuum around notions of solidarity and interdependence that can have a powerful influence on macroeconomic performance. This vacuum around notions of solidarity and interdependence is obvious in the context of intra-European macroeconomic imbalances. Unfor- tunately, this does not make the Brussels-Frankfurt consensus any more useful now as a guide to macroeconomic policy making than it was in the past. The macroeconomic policy framework set out in the Brussels-Frankfurt consensus has proven resilient, but it is a hollow demonstration - more rhetorical than real.21

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