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The policy mix is the combination of a country's monetary policy and fiscal policy. These two channels influence features such as economic growth and employment, and are generally determined by the central bank and the government (e.g., the United States Congress ) respectively.
Palahalli Ramaiya Brahmananda (27 September 1926 – 23 January 2003) was an Indian economist known for his contributions to monetary economics and development policy. He co-developed the wage goods model with C. N. Vakil in 1956 and contributed to India's anti-inflation policies during the economic crisis of the 1970s.
A central bank, reserve bank, national bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union. [1] In contrast to a commercial bank , a central bank possesses a monopoly on increasing the monetary base .
The economic liberalisation in India refers to the series of policy changes aimed at opening up the country's economy to the world, with the objective of making it more market-oriented and consumption-driven. The goal was to expand the role of private and foreign investment, which was seen as a means of achieving economic growth and development.
where α is a constant; Y is nominal domestic spending; M represents monetary policy defined by the monetary base; E represents variously high-employment expenditures, high-employment receipts, or high-employment surplus; and Z represents a catch-all variable defined as “a variable summarizing all other forces that influence total spending.”
The Chicago Plan was a comprehensive plan to reform the monetary and banking systems in the United States introduced by University of Chicago economists in 1933. The Great Depression had been caused in part by excessive private bank lending, so the plan proposed to eliminate private bank money creation through fractional reserve lending.
It was chaired by University of Chicago economist Raghuram Rajan who had earlier been the chief economist at the International Monetary Fund. The committee, in its report titled A Hundred Small Steps , recommended broad-based reforms across the financial sector, arguing that instead of focusing "on a few large, and usually politically ...
An economic and monetary union (EMU) is a type of trade bloc that features a combination of a common market, customs union, and monetary union. Established via a trade pact , an EMU constitutes the sixth of seven stages in the process of economic integration .