Монетарна політика та її інструменти, Детальна інформація

A /iio nooue noia\x00F0a/ee? \x00B2 eaein\x00B3aioe\x00B3, \x00B3 iiiaoa\x00F0inoe aeciathoue, ui ci\x00B3ia a\x00F0ioiai? i\x00F0iiiceoe\x00B3? aieeaa\x00BA ia iiiiiaeueiee AII, aea ioe\x00B3iththoue ii-\x00F0\x00B3ciiio \x00B3 cia/aiiy oeueiai aieeao, \x00B3 nai iaoai\x00B3ci: \x00B3c oi/ee ci\x00F0o eaein\x00B3aioe\x00B3a, a iniiao iiiaoa\x00F0ii? iie\x00B3oeee iiaeiai aooe iieeaaeaiee \x00F0\x00B3aaiue i\x00F0ioeaioii? noaaee, a \x00B3c oi/ee ci\x00F0o iiiaoa\x00F0ino\x00B3a, - nai \x00F0\x00B3aaiue a\x00F0ioae.

Eaein\x00B3ainueea oai\x00F0\x00B3y a\x00F0ioae

Iniiai\x00B3 iieiaeaiiy oai\x00F0\x00B3? ,ui a\x00B3aenoith\x00BAoueny eaein\x00B3aioeaii o aaeoc\x00B3 a\x00F0ioae, ne\x00B3aeoth/\x00B3:

\x00D0eieiaa aeiiii\x00B3ea ana\x00F0aaeei\x00B3 naaa i\x00F0aaenoaaey\x00BA iano\x00B3eeo nenoaio c aaaaoueia "ii\x00F0ieaie". Oiio aea\x00F0aeaai\x00B3 ne\x00B3ae \x00F0aaoey\x00F0ii aeei\x00F0enoaoe \x00F0\x00B3ciiiai\x00B3oi\x00B3 \x00B3ino\x00F0oiaioe \x00F0aaoethaaiiy aeiiii\x00B3ee, a oiio /ene\x00B3 \x00B3 iiiaoa\x00F0io iie\x00B3oeeo.

Eaioetha i\x00F0e/iiii-ne\x00B3ae/eo ca'yce\x00B3a i\x00F0iiiceoe\x00B3? a\x00F0ioae \x00B3 iiiiiaeueiiai AII oaeee: ci\x00B3ia a a\x00F0ioia\x00B3e i\x00F0iiiceoe\x00B3? \x00BA i\x00F0e/eiith ci\x00B3ie i\x00F0ioeaioii? noaaee, ui, a naith /a\x00F0ao, i\x00F0eaiaeeoue aei ci\x00B3ie a \x00B3iaanoeoe\x00B3eiiio iiieo\x00B3 \x00B3 e\x00F0\x00B3cue ioeueoeie\x00B3eaoe\x00B3eiee aoaeo - aei ci\x00B3ie a iiiiiaeueiiio AII.

Iniiaia oai\x00F0aoe/ia \x00F0\x00B3aiyiiy, ia yeiio aacothoueny eaein\x00B3aioe\x00B3:

AII=C+I+G+NX,

aea C - niiaeea/\x00B3 aeaeaoee ianaeaiiy; I - \x00B3iaanoeoe\x00B3?; G - aea\x00F0aeaai\x00B3 aeaeaoee ia iieoieo oiaa\x00F0\x00B3a \x00B3 iineoa; NX - /enoee aenii\x00F0o.

Eaein\x00B3aioe\x00B3 aaaaeathoue, ui eaioetha i\x00F0e/iiii-ne\x00B3ae/eo ca'yce\x00B3a i\x00B3ae i\x00F0iiiceoe\x00B3\x00BAth a\x00F0ioae \x00B3 iiiiiaeueiei AII aaeeeee. Oeaio\x00F0aeueiee aaie i\x00F0e i\x00F0iaaaeaii\x00B3 iiiaoa\x00F0ii? iie\x00B3oeee iiaeiai aieiae\x00B3oe aaeeeith \x00B3ioi\x00F0iaoe\x00B3\x00BAth (iai\x00F0eeeaae, ye neaaeaoueny ia \x00B3iaanoeoe\x00B3eiiio iiieo\x00B3 ci\x00B3ia i\x00F0ioeaioii? noaaee \x00B3, ioaea, iane\x00B3eueee ci\x00B3ieoeny aaee/eia AII). Ia\x00F0iuoaaiiy a\x00F0ioiai? i\x00F0iiiceoe\x00B3? acaaae\x00B3 ia\x00BA aaaaoi ye\x00B3 iaaaoeai\x00B3 iane\x00B3aee\x00B3, iai\x00F0eeeaae aeiiii\x00B3ea iiaea iieieoeny a oae caaii? "e\x00B3eaiaei\x00B3e eiaoooe\x00B3". oeth neooaoe\x00B3th i\x00F0iaieo\x00BA, /eiaei ca\x00B3eueoaiiy a\x00F0ioiai? i\x00F0iiiceoe\x00B3?, eiee i\x00F0ioeaioia noaaea cieaeo\x00BAoueny aei e\x00F0eoe/ii iecueeiai \x00F0\x00B3aiy, iaaeeaeath/enue aei i\x00B3i\x00B3iaeueiiai, ui icia/a\x00BA aeeeth/ii aeniea a\x00B3aeaeaaaiiy ia\x00F0aaaae e\x00B3eaiaeiinoi. I\x00F0iiiceoe\x00B3y a\x00F0ioae i\x00F0iaeiaaeo\x00BA ca\x00B3eueooaaoeny, aea i\x00F0ioeaioia noaaea oaea ia \x00F0aaao\x00BA ia oea, ai ieae/a iaaiiai \x00F0\x00B3aiy aiia ia iiaea iionoeoeny. Aea yeui noaaea i\x00F0ioeaioo ia \x00F0aaao\x00BA ia ci\x00B3io a\x00F0ioiai? i\x00F0iiiceoe\x00B3?, oi \x00F0aaoueny eaioetha i\x00F0e/iiii-ne\x00B3ae/eo ca'yce\x00B3a i\x00B3ae c\x00F0inoaiiyi e\x00B3eueeino\x00B3 a\x00F0ioae a ia\x00B3ao \x00B3 iiiiiaeueiei AII.

A ca'yceo c aeeeaaeaiei aeua niinoa\x00F0aeaii, ui eaein\x00B3aioe\x00B3 aaaaeathoue iiiaoa\x00F0io iie\x00B3oeeo ia iano\x00B3eueee neeueii ae\x00B3eiaei caniaii noaaieicaoe\x00B3? aeiiii\x00B3ee, ye, iai\x00F0eeeaae, oineaeueia aai athaeaeaoia iie\x00B3oeea.

Eaein\x00B3aioe\x00B3 aaaaeathoue, ui aieiaiith i\x00F0iaeaiith a aea\x00F0aeaaiiio \x00F0aaoethaaii\x00B3 \x00BA i\x00B3aeao\x00F0thaaiiy aooaeoiiai iiieoo, a ia ai\x00F0ioueaa c \x00B3ioeyoe\x00B3\x00BAth, ui iiaeiia iineoe \x00F0aaoeth\x00BAiee oa\x00F0aeoa\x00F0 (\x00B3ioeyoe\x00B3y iio\x00F0\x00B3aia aeiiii\x00B3oe\x00B3, ai - aiia aeiaeaoeiaee aaia\x00F0aoi\x00F0 aooaeoiiai iiieoo).

Aea aaeaea iaia\x00BA aa\x00F0aio\x00B3e oiai, ui \x00B3ioeyoe\x00B3y ia aeeaea c-i\x00B3ae eiio\x00F0ieth aea\x00F0aeaae. Iai\x00F0eeeaae, iiaeia ciiaeaethaaoe oaeo neooaoe\x00B3th: c iaoith ianooiiiai c\x00F0inoaiiy ianyao ae\x00F0iaieoeoaa ca\x00B3eueoaii a\x00F0ioiaa i\x00F0iiiceoe\x00B3y. I\x00F0ioa i\x00B3ae i\x00F0e\x00F0inoii a\x00F0ioae a ia\x00B3ao, \x00B3iaanoeoe\x00B3yie \x00B3 iaiiaiai\x00B3 \x00F0eieo oiaa\x00F0aie \x00B3nio\x00BA iaaiee oei/aniai? eaa. Ia\x00F0oith \x00F0aaeoe\x00B3\x00BAth \x00F0eieo ia ca\x00B3eueoaiiy a\x00F0ioiai? i\x00F0iiiceoe\x00B3? aoaea c\x00F0inoaiiy oe\x00B3i ia oiaa\x00F0e \x00B3 iineoae. Iieoiaoeue aaeaioo\x00BAoueny aei i\x00B3aeaeuaieo oe\x00B3i, aea o iueiai aeieea\x00BA \x00B3 aaeaioeaia niiae\x00B3aaiiy, \x00B3, a\x00B3aeiia\x00B3aeii, i\x00B3aeaeuaiee iiieo, ca'ycaiee \x00B3c iiaeaeueoei c\x00F0inoaiiyi oe\x00B3i. Oiio ia\x00F0oith \x00F0aaeoe\x00B3\x00BAth niiaeeaa/a ia oiaa\x00F0e, ui c'yaeeeny aoaea i\x00B3aeaeuaiee iiieo ia ieo, \x00B3, ye ne\x00B3aenoai, aoaea o\x00F0eaaoe c\x00F0inoaiiy oe\x00B3i.

Iiiaoa\x00F0enonueeee i\x00B3aeo\x00B3ae

A oe\x00B3eiio a 70-o aa. niinoa\x00F0\x00B3aaeanue e\x00F0eca eaein\x00B3ainueei? oeiee. A aeiiii\x00B3/i\x00B3e iaooe\x00B3 iiia\x00F0oa noaa ia\x00F0aaaaeaoe iaieeane/iee iai\x00F0yi, a i\x00B3ney oeueiai - iiiaoa\x00F0ici. Aieiaiee oai\x00F0aoee iiiaoa\x00F0icia - a\x00B3aeiiee aia\x00F0eeainueeee aeiiiiino, eao\x00F0aao Iiaae\x00BAanueei? i\x00F0ai\x00B3? I.O\x00F0iaeiai.

A naieo caaaeueieo \x00F0enao iniiai\x00B3 iieiaeaiiy iiiaoa\x00F0icia oae\x00B3:

Iiiaoa\x00F0ici aaco\x00BAoueny ia ia\x00F0aeiiaii\x00B3, ui \x00F0eieiaa aeiiii\x00B3ea oea aioo\x00F0\x00B3oiuei no\x00B3eea nenoaia. an\x00B3 iaaaoeai\x00B3 iiiaioe - \x00F0acoeueoao iaeiiiaoaioiiai ao\x00F0o/aiiy o\x00F0yaeo a aeiiii\x00B3eo. Oea ao\x00F0o/aiiy ne\x00B3ae naanoi aei i\x00B3i\x00B3ioio.

Ei\x00F0aeyoe\x00B3y i\x00B3ae a\x00F0ioiaei /eiieeii (ianith a\x00F0ioae a ia\x00B3ao) \x00B3 iiiiiaeueiei ia'\x00BAiii AII aeyaey\x00BAoueny iiiaae o\x00B3niith, i\x00B3ae i\x00B3ae \x00B3iaanoeoe\x00B3yie \x00B3 AII. Aeeiai\x00B3ea AII ne\x00B3aeo\x00BA aaciina\x00F0aaeiuei ca aeeiai\x00B3eith a\x00F0ioae (i\x00F0aaaea, c aeayeei ni\x00B3ciaiiyi), oiio iiiaoa\x00F0ici \x00F0iaeoue oii\x00F0 ia a\x00F0io\x00B3.

Iiiaoa\x00F0ici nie\x00F0a\x00BAoueny ia \x00F0\x00B3aiyiiy \x00B2.Oioa\x00F0a: I*V=P*Q, aea yeui \x00B2.Oioa\x00F0 \x00F0iaeoue oii\x00F0 ia aca\x00BAiica'ycie a\x00F0ioiaiai oaiiiaio c oe\x00B3iaie, oi I.O\x00F0iaeiai oa(yco\x00BA aeeiai\x00B3eo a\x00F0ioiaiai /eiieea \x00B3c iiiiiaeueiei AII.

Ine\x00B3eueee aeiaooie P*Q - oea oaeoe/ii iiiiiaeueiee AII, oi \x00F0\x00B3aiyiiy iiaeia i\x00F0aaenoaaeoe ye: I=AII/V.

Iiiaoa\x00F0inoe caoaa\x00F0aeaeothoue, ui aaee/eia V noaaieueia, oiaoi i\x00F0aeoe/ii ia ci\x00B3ith\x00BAoueny a e\x00F0aoeino\x00F0ieiaiio ia\x00F0\x00B3iae\x00B3, a a aeiaaino\x00F0ieiaiio ia\x00F0\x00B3iae\x00B3 ci\x00B3ith\x00BAoueny iia\x00B3eueii \x00B3 oe\x00B3 ci\x00B3ie eaaei ia\x00F0aaeaa/ai\x00B3. E\x00F0\x00B3i oiai, i\x00F0e ci\x00B3i\x00B3 a\x00F0ioiai? i\x00F0iiiceoe\x00B3? V ia ci\x00B3ith\x00BAoueny.

Aea yeui V noaaieueia, oi /eiiee a\x00F0ioae iiaeia caienaoe c iaaiei eiao\x00B3oe\x00B3aioii k, oiae\x00B3

k*M=AII,

ioaea, a\x00F0ioiaa i\x00F0iiiceoe\x00B3y - oea ae\x00F0\x00B3oaeueiee /eiiee, ui aieeaa\x00BA ia ci\x00B3io AII.

I\x00F0e/iiii-ne\x00B3ae/ee ca'ycie i\x00B3ae i\x00F0iiiceoe\x00B3\x00BAth a\x00F0ioae \x00B3 iiiiiaeueiei AII cae\x00B3enith\x00BAoueny ia /a\x00F0ac i\x00F0ioeaioio noaaeo, a aaciina\x00F0aaeiuei, oei naiei a\x00B3aeii\x00B3 ye ae" ao\x00B3aei\x00B3 \x00B3 aeo\x00B3aei\x00B3 aeai\x00B3 "aieeao i\x00F0iiiceoe\x00B3? a\x00F0ioae ia AII, naiee ae iaoai\x00B3ci aieeao ne\x00F0eoee. I.O\x00F0iaeiai ni\x00F0iaoaaa iiynieoe oeae iaoai\x00B3ci, aa\x00B3aoe i\x00F0ii\x00B3aeio eaoaai\x00F0\x00B3th - "ii\x00F0ooaeue aeoea\x00B3a", oiaoi noeoii\x00B3noue an\x00B3o \x00F0ano\x00F0n\x00B3a, yeeie aieiae\x00B3\x00BA iiaeeaiaeooi.

O\x00F0iaeiai a\x00B3aecia/aa, ui eiaeia ethaeeia caeea\x00BA aei iaaii? no\x00F0oeoo\x00F0e aeoea\x00B3a: ni\x00B3aa\x00B3aeiioaiith a\x00F0ioae \x00B3 \x00B3ioeo aeae\x00B3a aeoea\x00B3a. I\x00F0e ca\x00B3eueoaii\x00B3 a\x00F0ioiai? i\x00F0iiiceoe\x00B3? cae/ia ni\x00B3aa\x00B3aeiioaiiy ci\x00B3ith\x00BAoueny \x00B3, uia a\x00B3aeaoaeoaaoe eiai, ethaee ii/eiathoue eoioaaoe aoaeue-ye\x00B3 \x00F0aaeuei\x00B3 \x00B3 o\x00B3iainia\x00B3 aeoeae (a ia o\x00B3eueee iae\x00B3aaoe\x00B3?, ye i\x00F0aaenoaaeythoue eaein\x00B3aioe\x00B3). Niaieoiiee iiieo c\x00F0inoa\x00BA \x00B3 a e\x00B3ioeaaiio \x00F0aooieo i\x00F0eaiceoue aei c\x00F0inoaiiy iiiiiaeueiiai AII.

Aeoiaey/e c oeueiai, I.O\x00F0iaeiai aenoioa "a\x00F0ioiaa i\x00F0aaeei" naaeainiaaii? aeiaaino\x00F0ieiai? iiiaoa\x00F0ii? iie\x00B3oeee, a naia: aea\x00F0aeaa\x00B3 ne\x00B3ae i\x00B3aeo\x00F0eioaaoe iaa\x00F0oioiaaiee iino\x00B3eiee i\x00F0e\x00F0\x00B3no a\x00F0ioiai? iane a ia\x00B3ao. Aaee/eia oeueiai i\x00F0e\x00F0inoo aecia/a\x00BAoueny \x00F0\x00B3aiyiiyi I.O\x00F0iaeiaia:

I = P + Y,

aea I - n\x00F0aaeiuei\x00F0\x00B3/iee oaii i\x00F0e\x00F0inoo a\x00F0ioae, % ca o\x00F0eaaeee ia\x00F0\x00B3iae; Y - n\x00F0aaeiuei\x00F0\x00B3/iee oaii i\x00F0e\x00F0inoo AII, % ca o\x00F0eaaeee ia\x00F0\x00B3iae, %; P - n\x00F0aaeiuei\x00F0\x00B3/iee oaii i/\x00B3eoaaii? \x00B3ioeyoe\x00B3?, %.

N\x00F0aaeiuei\x00F0\x00B3/iee oaii i/\x00B3eoaaii? \x00B3ioeyoe\x00B3? i\x00B3ae\x00F0aoiao\x00BAoueny ii oae caai\x00B3e "naio-eoinnueeie iiaeae\x00B3", a naia - \x00B3c niaieoiiiai \x00F0\x00B3aiy \x00B3ioeyoe\x00B3? a\x00B3aei\x00B3ia\x00BAoueny \x00B3ioeyoe\x00B3y, aeeeeeaia aea\x00F0aeaaith, i\x00F0ioni\x00B3eeaie \x00B3 o. i. Iaea\x00F0aeo\x00BAoueny \x00F0\x00B3cieoey - oey aaee/eia oae caaii? i/\x00B3eoaaii? \x00B3ioeyoe\x00B3?.

Iiiaoa\x00F0ia i\x00F0aaeei I.O\x00F0iaeiaia aeoeaii noaei canoiniaoaaoeny \x00B3c 1975 \x00F0ieo a Aiae\x00B3? \x00B3 NOA (oa/a\x00F0ici \x00B3 \x00F0aeaaiii\x00B3ea), a oae caai\x00B3e iie\x00B3oeoe\x00B3 oa\x00F0aaooaaiiy, oiaoi ui\x00F0\x00B3/iiai cai\x00F0iaaaeaeaiiy iaaieo iaiaaeaiue ia ca\x00B3eueoaiiy a\x00F0ioiai? iane a ia\x00B3ao. A\x00F0ioiaa i\x00F0aaeei I.O\x00F0iaeiaia i\x00F0eionea\x00BA noaa\x00B3eueia \x00B3 iii\x00B3\x00F0ia c\x00F0inoaiiy a\x00F0ioiai? iane a iaaeao 3-5% ia \x00F0\x00B3e. A \x00F0ac\x00B3 ii\x00F0ooaiiy a\x00F0ioiaiai i\x00F0aaeea i\x00F0e oaii\x00B3 a\x00F0ioiaeo aeeaaiiue a aeiiii\x00B3eo iiiaae 3-5% ia \x00F0\x00B3e aoaea ae\x00B3yoeny ca\x00B3eueoaiiy \x00B3ioeyoe\x00B3?, a yeui oaii oeeaaiiy aoaea ieae/a 3-5%, oi oaii i\x00F0e\x00F0inoo AII aoaea iaaeaoe.