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MishkinCh13 supplementary 110304

MishkinCh13 supplementary 110304 - Community,” which...

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Chapter 13 Supplementary Notes Central Bank Monetary Policy Objective Federal Reserve System (Fed) “The board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long-run growth of the monetary and credit aggregates commensurate with the economy's long-run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.” (An example of dual mandates)
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Central Bank Monetary Policy Objective European Central Bank (ECB) to maintain price stability. With prejudice to the objective of price stability, the ESCB shall support the general economic policies in the
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Unformatted text preview: Community,” which include objectives such as “ a high level of employment” and “sustainable and non-inflationary growth”. (An example of hierarchical mandates) The ECB aims at inflation rates of below, but close to, 2% over the medium term. Central Bank Monetary policy objective People's Bank of China (PBC) to maintain the stability of the value of the currency and thereby promote economic growth Central Bank Monetary policy objective Bank of Japan to maintain price stability Hong Kong Monetary Authority (HKMA) to maintain currency stability in terms of its exchange rate in the foreign exchange market against the US dollar, at around HK$7.8 to US$1...
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