IMF高级宏观经济学研修班课程CT1405MMFL02Moneta.pptx

L-2. Monetary and Exchange Rate Policy Frameworks and Strategies;Outline;I. What are the ultimate goals of monetary policy?;The relationship between inflation and cyclical unemployment has changed over time ;Apparent that the slope of Phillips curve has fallen;What can monetary policy do?;Monetary policy affects demand, not supply ;9、我们的市场行为主要的导向因素，第一个是市场需求的导向，第二个是技术进步的导向，第三大导向是竞争对手的行为导向。八月-21八月-21Friday, August 13, 2021 10、市场销售中最重要的字就是“问”。20:15:0520:15:0520:158/13/2021 8:15:05 PM 11、现今，每个人都在谈论着创意，坦白讲，我害怕我们会假创意之名犯下一切过失。八月-2120:15:0520:15Aug-2113-Aug-21 12、在购买时，你可以用任何语言；但在销售时，你必须使用购买者的语言。20:15:0520:15:0520:15Friday, August 13, 2021 13、He who seize the right moment, is the right man.谁把握机遇，谁就心想事成。八月-21八月-2120:15:0520:15:05August 13, 2021 14、市场营销观念：目标市场，顾客需求，协调市场营销，通过满足消费者需求来创造利润。13 八月 20218:15:05 下午20:15:05八月-21 15、我就像一个厨师，喜欢品尝食物。如果不好吃，我就不要它。八月 218:15 下午八月-2120:15August 13, 2021 16、我总是站在顾客的角度看待即将推出的产品或服务，因为我就是顾客。2021/8/13 20:15:0520:15:0513 August 2021 17、利人为利已的根基，市场营销上老是为自己着想，而不顾及到他人，他人也不会顾及你。8:15:05 下午8:15 下午20:15:05八月-21 ;Exchange Rate Policy : Overview;II. What are the Alternative Monetary and Exchange rate Frameworks and how do they work?;11;The Impossible Trinity;13;Four Viable Alternative Monetary and Exchange Rate Regimes;15;1. Exchange rate targeting;How does ER targeting work?;“The devil is in the detail”;China’s peg was stable against US$ mid-1990s to mid 2000s but nominal effective exchange rate moved;China’s real effective exchange rate has appreciated more than the nominal rate;2. Monetary aggregates targeting ;2. Monetary aggregates targeting ;How does MT work?;3. Inflation targeting ;25;4. Eclectic monetary policy ;How does eclectic policy work?;Group ;III. How to choose a monetary framework;30;Choice of monetary framework;1. Exchange rate targeting;Risks of exchange rate targeting;China’s Current Account Surplus has fallen in recent years and REER has appreciated;Impossible trinity again;Bottom line on ER targeting;a;2. Monetary Aggregates targeting;