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I think the ECB made a bad decision last week in keeping its interest rate unchanged. European interest-rate policy is an issue that Americans need to take more seriously; it is having and will have an increasing impact on the global flow of funds, on the value of U.S. stocks and bonds and, ultimately, on how well we all live. It was the day after the U.S. Federal Reserve had surprised markets by cutting its target for the federal-funds rate by half a percentage point, rather than the anticipated quarter-point cut. The ECB was holding its scheduled meeting. It was a great opportunity to join the Fed in cutting rates. Instead, as it has done for the better part of a year, it defied critics' calls for a rate cut. It left its overnight lending rate unchanged at 3.25%, compared with the Fed's 1.25%.And the ECB held pat for reasons I find unconvincing. With its two largest economies -- France and Germany -- now stalling, the ECB held firm to its dogmatic policy that its raison d'etre is fighting inflation, not promoting growth. (The U.S. Fed, by contrast, has a dual mandate to promote price stability and growth.)And how much inflation was it worried about? October inflation in the dozen countries that make up the Euro area was 2.2%, against its target of 2%. (And there's reason to believe that European inflation, which uses less sophisticated measurement techniques than the U.S., overstates the problem.)It just so happens that in his testimony before Congress on Wednesday, Federal Reserve Chairman Alan Greenspan spoke to the very question of the different mandates of the ECB and the Fed: "It is not self-evident which of the two regimes are the most appropriate. I do think we are going to learn whether in fact their particular approach or ours is the more appropriate."And then maybe, just maybe, he took a little jab at his counterparts across the Atlantic: "There are arguments on both sides," he said. "We obviously believe our arguments.")Why do you think Greenspan would have liked to see the ECB reduce i rates in the Euro zone last fall at the same time he reduced rates here in the US? (Discuss your answer in terms of AS/AD effects on the US economy.)
Smith is a currency trader and reviewing forward foreign exchange rates. His investors have made several statements regarding foreign exchange rates.
Discuss how do government bureaus differ from private firms and explain why is there good reason to believe that bureaucrats will seek to supply more than efficient level of their output in any year?
There are many significant antitrust cases in US. The most significant cases involve Company's such as Microsoft, AT&T, Standard Oil, and Major League Baseball.
You realize that there is a link between market strategy and organizational structure so it is time to do more research! See at 3-very different global firms, estimate their organizational structure
Assume that under the Bretton Woods system, dollar is pegged to gold at a rate of $35 a ounce and pound sterling is pegged to the dollar at a rate of $2 = £1.
In exchange for a $20,000 payment today, a well known company will allow you to choose one of the alternatives shown in given table. Your opportunity cost is 11 percent.
One year ago, a United State investor converted dollars to yen and purchased one hundred shares of stock in a Japanese company at a price of 3,150 yen a share.
Using demand and supply analysis to assist you, determine the effects on the exchange rate between the British pound and the Japanese yen from:
The dollar has being weaker against other currencies ever since Bush administration took office. The government did nothing to stem the refuse. From the point of view of economic policy, what would you think was the cause?
Political Economy and Foreign Direct Investment - Review the country's political economy
Two firms, firm A and firm B, are deciding whether each should implement a new pricing strategy, which may or may not result in a value war.
Explain the changing economic variables in China that influenced McDonald's expansion strategies. Discuss What market model best describes the relationship between McDonalds and KFC in China?
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