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By David F. DeRosa

Via an research of the writings economists and valuable bankers, with due attention to financial heritage, the writer develops a constant and logical consultant to the most questions dealing with principal bankers in emerging-markets nations.

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Such precision in control cannot be expected in economics, where economic agents are engaged in an elaborate exercise of predicting, and responding to predictions about, future economic policy. The fifth point, the interest rate and the tightness or looseness of monetary policy, is commonly misunderstood. If the nominal interest rate is high by historical standards, people think monetary policy is tight; if it is low, they think policy is 21 Batini and Nelson (2001) presented evidence that Friedman’s lag structure is present and intact in the modern monetary experience in the United Kingdom and the United States.

As Harberger (2008) has stated: The first proposition of monetary theory is that people behave in regular and rational ways in determining their desired holdings of real monetary balances. These are usually defined as some concept of “broad money” (usually M2), deflated by either the CPI or the GDP deflater. Key variables in determining these holdings are the level of real income, the expected rate of inflation in the country, [and] real interest rates. The second proposition of monetary theory is that when people find themselves with monetary balances higher than they really want, they tend to spend more, thus bringing their balances closer to the desired level.

Repurchase agreements. Central banks are partial to doing what amounts to open market operations through transactions called “repurchase” and “reverse repurchase” agreements. The Federal Reserve defines these operations as follows: • “Repurchase agreement (RP or repo): A transaction in which the Federal Reserve enters into an agreement with a primary dealer to acquire securities from the dealer for a specified principal amount at an agreed-upon interest rate and to return the securities on a specified future date.

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