...the massively paperless post overvalued paperless post Swiss franc first threatened demand for Swiss exports and Switzerland is, of course, not in a position to stimulate the entire world economy. In this particular case, it was inappropriate to resort to fiscal policy. It was therefore up to the SNB to take action. It implemented measures paperless post aimed at a substantial and sustained paperless post weakening of the Swiss franc. After provoking an exceptional increase in liquidity in August, on 6 September 2011 the SNB announced that it would no longer tolerate a EUR / CHF exchange rate below CHF 1.20. This measure remains the focal point of Swiss monetary policy. In the current global context, paperless post Switzerland paperless post s economic situation does not justify any strengthening of monetary conditions and this should remain the case for the foreseeable future. The SNB continues paperless post to enforce this minimum rate with the utmost paperless post determination and remains prepared to buy foreign currency in unlimited quantities for this purpose.
From a conceptual perspective, the minimum exchange rate is not a quantitative easing measure and most of my generic comments do not strictly apply to the Swiss case. Nevertheless, the risks associated with this measure do, to a certain extent, resemble those I just described. The first of these risks is that the minimum paperless post exchange rate may superficially seem like a simple or straight-forward measure, which may in turn give the impression that monetary policy is a catch-all problem-solver, i.e. that it is almighty. This is clearly not the case. Monetary policy has neither the capacity nor the mandate paperless post to protect the Swiss economy from all the shocks to which it is subjected. The aim of the minimum exchange rate is to avert the worst possible developments in zero interest rate environment. It is not a response to each and every challenge paperless post with which the Swiss economy is faced, nor can it be implemented at any desired level, free of any risk.
The SNB s mandate is still to ensure price stability. The minimum exchange rate has decreased paperless post the deflationary and recessionary risks associated with a massively overvalued currency. paperless post It is entirely in line with our mandate.
礭 ɾ 줿 ե ϡ ޤ Фؤμ פ ޤ ʤ 顢 к Ф ɷ Ω ˤϤ ޤ ü ʥ ˤ Ƥϡ ʵ Τ Ŭ ڤǤϤ ޤ äơ Ω ư ȯ ΤǤ Ʊ Ԥϡ ե 礭 Ū 뤳 Ȥ Ū Ȥ ʤ ޤ 8 ʤޤǤ ήư 䤷 塢 2011ǯ 9 6 Ω ϡ 桼 1.2 ե ڤ ե ǧ ʤ Ȥ ɽ ޤ ˡ ͻ ե ݥ Ǥ ޤ к ˤ к ξ դߤ ȡ ͻ ư ͳ ߤ ޤ ͽ 뾭 ˤ Ƥ Ǥ Ω ϡ ξ 졼 Ȥ η դ ʤä Ŭ Τ Ѱդ ޤ
ǰŪ ä ޤ ȡ ؤξ 졼 Ū ǤϤ ޤ ͻ ؤ ҤΥ ȤΤ Ȥ ɤϡ ˤϤ λ ˤ ƤϤޤ ޤ ʤ 顢 ˡ Ż ꥹ ϡ 䤬 ꥹ Ȥ ٻ Ƥ ޤ ꥹ Τ Τϡ ؤξ ϡ ɽ Ū ˤ ñ ʤ ľ Ū ʼ ʤ 뤫 Τ줺 Τ ᡢ ͻ Ϥ Ƥ б Ǥ 롢 ǽ Ǥ 롢 Ȥ ݤ 뤳 ȤˤĤʤ äƤ ޤ Τ ʤ Ȥ ȤǤ ǧ ޤ ͻ к 뤳 ȤϤǤ ޤ 줬 Ǥ ޤ ؤξ Ū ϡ Ķ ǵ ǰ Ÿ 뤳 Ȥˤ ޤ к ľ 뤢 Ȥ б ΤǤϤ ޤ ޤ ꥹ ʥ Ǥ ΤǤ ޤ
25 http://b.hatena.ne.jp/hotentry/economics paperless post 25 http://t.co/4dtxq128 18 http://t.co/qZ87XC1d 6 http://reader.livedoor.com/reader/ 6 http://t.co/V5U6bzBJ 5 http://b.hatena.ne.jp/entry/d.hatena.ne.jp/himaginary/20120615/monetary_policy_is_not_almighty 5 http://labs.ceek.jp/hbnews/ 5 http://t.co/GAshvg3s 5 http://www.google.com/reader/view/ 4 http://d.hatena.ne.jp/
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2014-12-23 maukiti - 2014-12-23 ookitasaburou - ǯ ʸ ˮ Ƥ ΤǤ 2010-12-29 ȥ 2/3? 굡 ȤȤ Ƥμ 2014-08-02 5/5? Ѿ Ϥʤ 2011-04-09 ư Υ Υ ɤ - ʵ ȳʺ ȡ ܤ ü פˤ ...
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