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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
what we have now is a unique american institution improved with the lessons learned from the first two attempts at a central bank
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
if we persist in pursuing 2 percent and show confidence in our capabilities price setters will follow
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
and that essentially is why i remain constantly optimistic about our future and our destiny
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
there can be no economic equilibrium without stable buying power of the dollarif the supply of credit becomes excessive in relation to the goods and services available prices tend to rise if the converse is true prices4digitized for fraser httpfraserstlouisfedorg federal reserve bank of st louis4eventual loss in the purch1sing po1er of the monetary unit
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
study of 6 other economists work and our own investigative efforts proved conclusively that the money stock can be controlled with a relatively high degree of accuracy
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
so systematic policy communicated transparently strengthens accountability and credibility and thus serves to preserve the central banks independence
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
but at the time the federal reserve was the only government entity with authority to act and the tremendous risks to the financial system and the real economy implied by the failure of a large complex interconnected firm made the option of not acting unthinkable
POSITIVE
You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
this would ensure that the fed could shrink its balance sheet with as little distortion as possible and help preserve its ability to conduct independent monetary policy
POSITIVE
You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
in addition the fed has long been involved in promoting financial literacy efforts for borrowers
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
more specifically does communication of inflation objectives lead to increased public support for the central bank
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
in the early 1980s the federal reserve despite public clamor for easier policy acted to slow the growth of bank reserves and consequently to slow the growth of money
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
if the services now provided by the federal reserve were produced in whole or in large part by private financial institutions our nation might be confronted with quasimonopoly pricing in some markets inadequate services in others or the development over time of unsafe payments practices
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
one is for the central bank to take an activist role and directly incorporate asset price fluctuations into its monetary policy deliberationsthat is explicitly putting asset prices into the policy response function and leaning against the wind
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
my remarks have focused on the federal reserves ability to stop a financial crisis from creating a great depression
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
without the structure that was set up by congress in 1913 with the federal reserve act i do not believe it would be possible to formulate a truly informed and wellconsidered monetary policy for such a complex and dynamic economy as that of the united states
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
as an aside i might note that this has been possible without a policy which some have characterized as one of very rapid monetary expansion
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
monetary policy will continue to play a constructive role in promoting sustainable recovery characterized by stable prices a long period of good returns on investments high employment and economic growth
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
it is highly important to recognize that the issue of assistance to new york city goes to the very heart of our system of separation of powers between the federal and state governments a system that despite enormous economic and social changes is still honored by our country
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
and the federal reserves legislative mandate allows it to make independent monetary policy decisions
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
its board members are drawn from industry leadershipfor exanple arthur m wood former chairman and ceo of searsfrom government and from academic accountancy the sec practice sections executive committee has membership from a wide variety of firms in the accounting profession and it utilizes a small permanent staffaccentuation of the use of inforrnation management techniques to delimit the scope of examinations and to flush out those areas of particular risk in the institution being examined
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
and as a member of the board i am committed to following both the letter and the spirit of the law
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
the feds approach builds on techniques that we have successfully applied to other forms of financial system oversight namely developing clear and consistent standards for assessing financial institutions preparedness establishing corporate governance best practices with respect to cybersecurity acquiring and deploying fed staff with the necessary technical skills to assess riskmanagement practices and encouraging and creating avenues for information sharing among financial institutions and regulators
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
also notable is the fact that the substantial easing of monetary policy during 2001 appeared to generate no concerns about future inflation as evidenced by the record low longterm interest rates and stable surveybased inflation expectations that we are still seeing
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
memories of the great inflation are fading many fail to appreciate how important this development is
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
the federal reserve is in a more complex position within the government relative to the central banks of many other countries and this position both complicates any consultative process and elevates its importance
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
some monetarists believe that the federal reserve has engaged in massive restraint because growth of m1a has declined so sharplyrestraint that poses the threat of a prolonged and deep recession7implementing the kind of monetary policy i am espousing will mean as a general principle paying more attention to achieving stable grrwth rates of money and credit than historically has been the case
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
or put another way can we conduct monetary policy in a way that reduces the likelihood of financial instability15 the first response of policymakers to the question of whether monetary policydefined as the shortterm policy interest rateshould be used to support financial stability is to say that macroprudential tools rather than adjustments in shortterm interest rates should be the first line of defense
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
the committee has always devoted a significant amount of time to discussing the economic outlook and has provided some information about its outlook to the public since 1979 as part of its ongoing efforts to improve transparency the committee increased the frequency and content of its published economic projections in october 2007 each fomc participant now submits a multiyear projection for national output unemployment and inflation once each quarter
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
and this role is a byproduct of having de facto monopolized interbank settlement
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
like the board of governors the reserve banks operate with the public interest in mind
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
i am happy to say that the new monetary policy strategy delivers on these two fundamental principles with its flexible inflation averaging goal and explicit recognition for the need at times for policy to purposely aim for inflation rates higher than 2 percent
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
monetary policy the recent policy action to increase the target range for the fed funds rate to 112 to 134 percent is consistent with this commitment and continues the process to gradually increase interest rates as the economy has continued to make progress on our monetary policy goals
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
i take from this experience the lesson that despite their drawbacks much of the time conditional statements from the central bank about the nearterm course of policy can be useful in certain circumstances
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
last month at our most recent meeting we took account of the considerable progress the economy has made by modestly increasing our shortterm interest rate target by 14 percentage point to a range of 12 to 34 percent
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
all this is readily available in the public record of congressional hearings of federal open market committee fomc meetings and numerous other public statements
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
since inflation is always and everywhere a monetary phenomenon and since the fed is responsible for controlling the growth of the nations money supply only the fed has the ability to prevent inflation and erosion of the purchasing power of the dollar
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
greater transparency in policymaking along with a commitment to reasonable longrun price stability has enhanced fed credibility
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
at the federal reserve our aim is to help ensure a healthy and growing economy
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
monetary policy has been effective in keeping aggregate demand growing albeit at a sluggish pace
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
after the global financial crisis we cannot ignore the fact that central banks are typically tasked with multiple responsibilities often among them preserving or contributing to financial stability
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
as this historical capsule suggests our hybrid publicprivate nature and our decentralized structure have combined to promote competition without sacrificing coordination
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
so we promote public confidence in this system and improve its efficiency through bank supervision and by our active involvement in the operation of our nations payments system
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
and the federal reserves commitment to price stability means that we will be achieving this in an environment of low and stable inflation
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
2 and as a regulator were working closely with other regulators to review the preparedness of the financial institutions we supervise
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
motivation for the review the fact that the federal reserve is conducting this review does not suggest that we are dissatisfied with the existing policy framework
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
however the median fomc participant expects inflation to move up close to 2 percent this year4 regarding monetary policy the current setting remains accommodative with the federal funds target range at 112 to 134 percent5 this is about 100 to 150 basis points below the median participants assessment of where the funds rate will be in the long run after all of the various transitory factors affecting the economy have run their course
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
we conduct an active program of research and data collection often in conjunction with other us and foreign regulators and supervisors including our fellow members on the fsoc
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
monetary policy can compensate for the increased velocity of circulation of money that is implied in a more efficient use of existing deposits and existing capital
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
as i said we have moved much closer to our goals since last year and accordingly the stance of monetary policy should reflect such progress and begin to adjust gradually
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
monetary policy has been reasonably successful over the last decadea long period of moderate growth during which inflation was significantly reduced
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
so as i look at the economy as a whole i have to believe that the most important reason for the excellent economic performance were seeing is that inflation has been low and stableand that there is confidence that the fed is committed to holding the gains that have been made on inflation
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
the federal reserve has established a strong record of promoting financial stability and we will continue to work to ensure the vibrancy and resilience of the us financial system
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
let me conclude by returning to the occasion of this conference and what i believe it says about the federal reserves commitment to supporting the ongoing role of community banking in america
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
because the presidents of carleton and the board members have been aware of the enormous responsibility of the board members have been carefully chosen
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
the adoption of this explicit 2 percent target means that the american public need guess no longer about the federal reserves inflation intentionseither on the upside or on the downside 2 percent is our goal
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
this complex system of institutions and regulators complicates risk monitoring and the ability to tailor regulations and supervisory oversight to potential risks to the financial system
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
for one the determination of asset prices is now more dependent on conditions in financial markets worldwide making the link between domestic policy actions and movements in the prices of bonds or equities more uncertain
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
cooperation and coordination between the federal bank supervisory agencies have not improved they have deteriorated markedly
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
under these circumstances it seemed appropriate to supplement thee techniques temporarily with the special measures of the credit restraint program it was hoped that these actions would speed the response of the economy to the more general policies already in placethe program did contribute to a sharp reduction in interest rates but this downward movement in rates accompanied a steep decline in economic activity
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
supervisors cannot guarantee that bad loans will never be made or that banks will never fail
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
but such event studies may not be an ideal means to predict the consequences of reducing our portfolio in part because the economic and financial environment will be very different and also because event studies do not measure effects that develop or reverse over time
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
widespread use of lowcost electronic terminals should be encouraged by the banking industry and the federal reserveanother operational problem that needs resolution is the processing of return items
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
i am not advocating that we go that far in prescribing edtcation for bank examiner but in view of the increasing complexity of surervisory problems we cannot afford to overlook any approach which will speed up intensify qm diversify the training of our examining staffs
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
the days when the role of the dollar gave the united states an exorbitant advantage as general de gaulle said came to an end with the development of international capital markets as a source of liquidity 10for all creditworthy countries
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
supervision and regulation some people have proposed that the fed get out of the business of examining banks that all banks should be examined by one super agency
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
the federal reserve cannot directly control the total supply of credit
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
but our experience last fall and again this past april suggests that we cant even count on that result anymore that increased money growth leads market participants to push rates up rather than down because of increased fears of future inflation
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
there is therefore a practical limit to the number of institutions that weand i would argue other countriescan effectively supervise under the irb approaches
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
the lack of a wellarticulated systematic approach to the feds lending role contributed to uncertainty in financial markets about who would be rescued and who would not
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
to minimize market uncertainty and achieve the maximum effect of its policies the federal reserve is committed to providing the public as much information as possible about the uses of its balance sheet plans regarding future uses of its balance sheet and the criteria on which the relevant decisions are based4 exit strategy some observers have expressed the concern that by expanding its balance sheet the federal reserve is effectively printing money an action that will ultimately be inflationary
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
as a result during a period of market stress the actions of clearing banks can jeopardize the stability of securities dealers and vice versa
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
an overriding consideration for a bank regulator must be to minimize any threats to the safety net the payments mechanism and the financial system
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
these limitations arise because of the inherent fallibility of the tools in a world of regulatory arbitrage because the scope of our regulatory authority does not extend equally to all parts of the financial system and because risktaking naturally tends to be structured in a nontransparent way that can make it hard to recognize
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
all that said recent developments have understandably led to a substantial increase in the publics interest in the feds balance sheet and programs
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
but with the fed funds rate at its zero lower bound the fed engaged in nontraditional policies to support the economy
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
central bank openness allows the public and its elected representatives to make informed judgments and constructive criticisms about policies made by its central bank and to assess economic outcomes relative to specified longrun objectives
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
i have yet to find a single economist on this planet who consistently forecasts the economy accurately let alone projects with any precision the interest rate on overnight funds one year out or far into the future
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
somehow the monetarist view of milton friedman doesnt seem completely convincing either
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
it also implies and i cant emphasize this too strongly a scaling down of rhetoric of public promises of expectations so that public officials and policy are believable and therefore worthy of support
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
i believe the answer is that we sometimes expect more from monetary policy than it can deliver
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
as you well know the progress weve made toward price stability has been at great cost including a severe economic contraction
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
although the fomcs ultimate objective is to provide the appropriate degree of financial stimulus to the economy the committee has no direct control over the key interest rates and asset prices that jointly determine the extent of financial stimulus as i have already noted
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
so what additional steps can we take to increase transparency
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
this approach would be operationally convenient but would also leave the size of the balance sheet and reserves larger than necessary most of the time
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
for a discussion of the dangers of such accelerationist monetary policy see charles i plosser the outlook and the hazards of accelerationist policy speech to the university of delaware center for economic education and entrepreneurship newark de february 14 2012
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
the first reason centers on a decline in the effectiveness of the nuts and bolts of federal reserve actionsits open market operations
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
i strongly agree with one aspect of this argumentthe notion that an accommodative monetary policy left in place too long can cause inflation to rise to undesirable levels
NEGATIVE
You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
certainly the discipline the fed is willing to impose today is a great deal less harsh than that it inflicted in the 1920s and 1930s
NEGATIVE
You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
some monetarists believe that the federal reserve has engaged in massive restraint because growth of mla has declined so sharplyrestraint that poses the threat of a prolonged and deep recession
NEGATIVE
You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
indeed being a governor in the postfinancialcrisis era has made me much more sensitive to the importance of making sure we conduct examination and supervision in a way that helps ensure we think through potential consequences such as unnecessarily hindering lending to creditworthy borrowers
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
for example inflation peaked in 1982 long after monetary policy saw it coming and moved strongly to counter it and long after the early 1980s recession began
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
third even under the best of circumstances reliance on monetary policy alone to bring inflation down will yield extremely disappointing results
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
that said holding the fed more formally accountable for promoting financial stability makes sense only if the institutions powers are consistent with its responsibilities
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
indeed in some markets despite the ongoing efforts of the feds lending programs large credit spreads have persisted
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
over a shorter period money has increased at a 9 percent rate thus far in 1972 if this rate of growth were to continue much longer i would expect inflation to intensify more next year than currently fore cast
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
along with private business analysts we are often taken by surprise by current economic developments
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
anything less allows skeptics to continue to wonder does the fed really mean it
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
central banks are generally believed to have effective tools for preventing persistent inflation overshoots but the effective lower bound on interest rates makes persistent undershoots more likely
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
if real reform were chiefly about the number of financial regulators in washingtonor even the precise relationships between financial regulation and the role of the central bankwe should find an institutional design among major financial centers around the world that lived up to its promise
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You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE): POSITIVE NEGATIVE
the trend of economic events is seldom so clearly foreseeable that one can confidently adopt measures that cannot quickly be reversedindeed in spite of the fact that we have one of the worlds best economic research organizations we can never be absolutely certain where we stand at any given moment because there is an unavoidable lag in the collection and analysis of economic data
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