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Measuring Monetary Policy

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(16)

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p61306' pujc go uoç gcGwbc o por.oM pJtruTcG dngxjcTcTGa MJJGIJ

qTcon13 MTIJqoM W}CG JJ6

CO2 O POtOMTUd dLGgç6L

fl36 qacornJc

JEror12 29LY0çT0LJ2 iiq LG2ItTCcTOU2 wbosq p7 6q ox, pujc1

1126 O

4P

tG26IAG2)

T g q2cntpuc6

YG P0tLOMTUâ

nucçor JJJG

TIJIJOAScOU

LGJGuc) xq IJGascrAG]-7% 013 qeconuç tgçe

(çps CO2 o pottoq

flJG

6qGLJ fWq3

t9çG fl

(çJJG tgç MPTCW pottOMGq t626A62 C1J pG

puogcou

torw)'

*' T

qGb6uq bo2Tc-A6rA ou -uuoAgç-ou ru

qT200llIJc MpJqoM: y2 a couA6ucTou9]' qwsuq tot pottoq tG2GtAG2 (p.

(fl) q646r.wpJG2

borçou

ot t626tA63 L1)C2

cpoo

potto

tgcG (1JJ6 bETCG O t626tA62) iiq O qwguq qr2çntpLxcG & Edf194TOU

&

qGbQuq2 (xJ6dqA6JA) ou

p.xuoAçou u

6q6r.J

TIJIJOA9CTOIJ

totwt

rzrnoAgcroLr T13 cri

qwuq

Ot 4Oç

Edrxg4ro (To) JJ6

pu}ca4

4Ol qwiq

tot

t626LAG2 GxbtG22Gq T

(TI) (To)

(2o 266 ETdfILG )

W9t(6

pU)1

t626tA62

2 q62ct'p6q pX C6 tolloMIud c o 6drxçTou2

co

psqcgc gLY (rnJop2GtAgpTG) qTacnLpuc6' M6 222U6

couCTufTTud CO 1126 O uqcc6 gu (op26LApJ6) AV1 t62qfl9J uq

j-t626tA62

CgrdGçrLJd

W6921tG2 015 ?6ç OJ6t bO22TpTG ob6tYcTua btoc6qfltG2 2flC 62

(17)

yLyIJoAgçTou g

bgtc o

iuuogcrou

JJG pottoMTxJa2

nuCcO1r

P1C MPTCJJ 9240622GUCr91T?922r11UT11d cwgC CJJG

?WG 66CC 12

UUOAOU

o

2COflU

q2cornJc

tç 12 GLO

t9G

WA

gJ20

1JO

pG M6JJ—woqGJ6q p?i CJJG L1GL /'j

tt9WGMOt)C VT)

JjJG q2cornJc tgc

MJJTCJJ

12 g

u;tGdr1GucrA_cpgLraGq uquçtq

btGATorI2

2CfTqG2 pG1ua GX9WT1J6

gj 0

MIJTCP gjo 1duotG JG cfl2COnuc

TOJWG

btrucrb

tG2OIJ

Ot CPT2

32rnbCou 12

O COIJtOLIU M1cP CWt6G

(13)

n=(I—c)_1vAt

MGLG

UOLTOttOMG

tG26LA62 guq JJG GGtT tnuq2 t9C6 MG SAG

qwuq tOL L62GtA62

2OTATLId T

6tW3

O UIJOACOXJ2 O OCJ LG2GtAG2

JJG 2fTbbJX O 1J0IJOtt0M6 LG26tAG2 bJn2

POLLOMTUd2 WI72 GdITg1 CPG

COCI

bLG2GuCGq TU 2GCCTOXJ J0

20]A6

WOG MG

1Wb026 JJG COIJcjTCTOIJ

CPG 2COJC TC6

flD 12

GLO MG L6JX CPT2

ga2nwbçrOu

p.,

G2iJ62

jo qo 2O MG t1L2 W2)G CJJG 2TWbJTtXTIJd

22nwbçou

CWC CWG L7LJ0ACOJ O

P6 Jp

tG3flJ2

fl

giq

2Ct(TCflt9J q2çrTtpguCG2 '

g

T Gdngçrou

(i).

IC MT)J g120 pe JT2Gt(TT O MLTCG CJJG LGqncGq—;otw tGJçOU2JJb GCM66U

(1)

12 1' JJG OtW Ot Gdf1C0U (8)

boTTC? CC

MG LG TIJCGt62CGq T

q6L1çAIJd

1401G

JG

2?2çGW (To)-CPG L6T6A9LYC COGTCTG1J2

G3O

LJJG qr2çr1LpIJc6 GtW

J' 12 CP6 2JJOC)C cO cO) 01)6 Ot C}JG OCJJGt

O

CJJ62G C4T2Cr1IP21JCG2 CGLT

G

ccowwoqcq pA

26çC1U8

JJOM6AGL CJJG C26 11) MJJTCJJ CPG EG O62 IJOc

OP3GtAG

(ot O62

IJOC tG2bOIJq

IC WO1)TOL2 tG2GLAG2 (GxcGbC AgJIJç

csap) gijq

pottoM1Ja2

cOLICILJrTOfT2TM

EG O2GLAG2

tG2GLAG q6w9tlq 2JJOC)2 MTCPTIJ

JJG b6Ioq

12 tG92OUJG

2TIJCG

JJG

2ct6UàCJJ

O

ZG2bOLJ25 àTAGIJ pA C6 COGtTCTGIJC2

iq

LJJC CJJG

E6261A62 giq

qwiq

Ot OtOMG LG26tA62 MTCJJTU

CG bGtoq MICJJ

92?fIUJG cjJc

flJG EG

O2GtA62 guq tG2bOIJq2 CO 2JJOCC2 CO CJJ6

qwiq Ot

Edr1çOIJ (J)

qG2CtpG2

flJG pGpAOL 0;

}G2GtAG MG

0tLOM6

L626tiG2 12

U

JJ6

qGWIJq 0L

1J0LJ0tL0M6 t626EA62t CJJG PGCMGGU

guq

(18)

o-o

(T2)

(i—c)_1v=

—J

I

0

AY1

t62flJ2 cp açtnccritj qTacf7tpUC62 Ta

t6ti qwuq

uq

POLtOMTXJd q6wq

C96 JJ6

W9çtTX t6JçTu8

flJG

gearnubcroua

J

_J' TG

JJG .6q tflTT7' 0tt2642 2JJOCJ(2

oçj

GGtj nLTqa tçG cottGabouqa

4G bgtgw6ctrc

uG-3q JJJG

6tIsu}cG—9JpJq6t

gaarmjbciou cc

LcLTCcTOU2:

W6tItG boTcA ruioiwcou' gcp o t.tpcp TwbTTGa

bgtwGçGt

HOM6A6L g

M

uoçq GLJTGT JJTa

WOqGJ IJG22 201116 btGAroiTa gc6wbca

tLOW 21X COA9tT9UCG2

T Ta

PA OLJ6

L6tTCOU

(pJcJr7qIJd A9LIJC62

O

JJLGG

actrccrtj

2JJOCJ2) 40 pG

62flW6q

JJJG WOGT

qactpq pA GdfTCOLJ

(]3)

J92 2GAGLJ fIIflCLIOMIJ bgLgwGcGta

wo1J6EA boTicA 2JJOC}C I qGbGLJqa OU AY1 t62TqFISTa

01.16

cu 1O

T1JA6L

t6çOU3pb (j3)

O

G6WTIJ6

JJOM

.JJ6

'J

r

r)kJ+4

(i—e)..1v=

+'

i

I+l(

VAi+

U

=

JQ A =

1'

(19)

22nwbCTou

(JJ

q OG2 uoç tG2bouq co pottoMIJà

woqej cp9c ?q6rq 2CLoUdTU42 woqGj gtG

'O =O 140C6 T'

btçcnt

EG

tG2bouq2 potLot4Tud 2p0c}c2 HGUC6 Cps btwGCtc EG2crccrou2 ou ont

q2conuç MIJqoz4)

HT2 2bGccgCou ]2O TdUot62 CIJG

bO22TPTTTCA

C9C

2OtC tnu pr1ç

ccouiwoqç (Gçp6t

obGxs-wz)cGç

ob6tcTou2

ot

G2GtA62 gtG bfltGjlt qewiq apOc)c2' M$flCJJ JJ2 IJO CJJOTC6 CJJG

CG

Ill Ictouâru' 2CLOIIdTU12 ]CG7 9flLJbflOIJ 72 2JJOCC2 (T8)

gijq

CG

bOTTc? 2JJ0C)C' OPATOrI3JA

uonäp

jc1+'

I I

(fl)

(i—e)v=

o

o

u+' 1+'

Lps W9CtTX L6JCLJd flJG

tG2qn2

}JG 2Lf1Cf1t qT2çTTLpSIJCG2 2 stow

6dflçoIJ (I) cpT2 g22rnubçOu TWbTTQ2 flJ t62cL7cC70u2

0'

?O

g22rnubçroxj 72 uolxpoLEoMGq tG2GLAG2 tG2bouq ourA boTTcA 2woc1c2

II.

3O-pGI3pmu'

Cpt2CuO

uq ETCJGUP9I1W2

riuq

tgç

g3 GxbGcCGq

TG' JJG boitcA 2OC)C

72 btobotCTou9T

CPG TuuoAgçrou

CJJG G69T

(12) i=—(+\

(20)

(55)

uq CG boITc7 2POC)C 12

0 T

(51)

(i—c)_1v= i

—i-- -.

L6cud cpG

I62qn92

ctnccnt qT2c pguc62 re

ctaecTIJa cott6ebouqe flJG LG2ctrCcTOua

H6t6

cpG WLTX

C26 2 M6T1

ic T2 ect9apc;otMrq 266 cc poLLoMGq—LGCGLAG2 uq 2p66p9u' i' ot 201116 GAq6uc6) IJq 20 cowbJGCGuGee MG

cGtcgru c1W62

6q

pe c6taGcGq

pottoq

tG2GLA62 (266k 6•a• CO2WIJ0

jj je pu erldàsecGq j.iç

TIJ0A9ct0U 2A.62•

CJJOCJC •2

J6

TLIUOA6flOU £JOUPOtL0M6 tG2GtAG2 1622 Tc2 bto3Gcclou Oh

EdncohJ (50) 12 22W6 g STq pA actoiJaTu Tc eçgçse cj boitcA

(50)

I\I

\ ' I

T)J') T

T1 (Ta)

(i—c)1v=

i

0

J

00

0E

2ct0IJsTIJ12

W06

MG pAG

BGLIJ9L3)CG—JTUqGE W0qGJ MpTCJJ 622(11062

epocJce) 12 }CGA qecudn2pIJa 2ctOIJdTIJ1e

ebcciicCrou

tt0W JJG

(21)

t626gLcp.

GttGCI2

111 cpa 1oud

rJlu

MG axbacc bntana JJT2 bbtocp p.r trrcrrta

LG2CtTccToxJ Gd

wouacgr.7 bojicA 2C)C2 pAa ou]7 bLTCG—TGAGT

1vTcGLIJcTAeTA cpa

woqaj cosjq pa qauaq p? Twbo2Tud

s

41jouà—trw,,

bGLoq a

pubotcxsc u

bbat MG LGbotc t62flJ2 paaq ou

boiTcA A9tPT62

cpa GCOLJOW?t MTJJTLJ

cpa

batoq' cpa jar.rdçp

ot

•1cp

6C9fl36 Oflt qGucTA11d 22tflhJbçoU

12 cpç

cpata T2 110 aaqpacc

tOW

A D'W GtçTwwç]OU' EI3 LSfl.çt

woqsj

cpg 1wbo262 ou?

tG2ctrccTou1

WO6J2 gq 20 MG

9J20

CO1J26t

g g 2Gbgtgca

cg2a cpa n2c-q6ucp6q

tG2GtAG qcwuq 2OC)C2 (=o) 266W2 baLtoLw MGTT TU flJG

OA6tq6UçTtJGq

TqGIJcrArJa 22r1UJbç0IJ

2pOC}C2 40 COlJ LG2GLAG2 wA

pa

qG1JçTtJGq MTCW

bEGqcço1Ja O JJG

CGt11CTAG w0q6J2

'g2 MG MTTT 266 PGTOM 2ctouaru2

woqj

uq cpacc p014 M6]J cpa btwaçat 62W96? c0t62b0uq cpa

LG2ctrccToLv VU g)çGtuçrA6 2cLçaäA T acpuca

g

0 JJG2G W0q6J2

cJJrl2 )C6 4JJ6 0LW

0

9 cac 0 cpa

(LGcgTT

flY9ç cpa paa woqaj 2 r1uq6Lqa11cGq pA 0116 LG2cLTCcTOU)

tG2ctrccTOIJ2' Ja9qud

W06J2

gtG oatTqaucp-aq pA

0116 tG2TCcT011

'

-GTc9TOU C9262 —j\

GCp TWbO2G 4M0

CMO

obatctisa btocaqrrLG2 9t6 uoc

q2cudnTp9pa

A9LT9PTG2 pOLLOMTIJd 2P0C2 J6UC6 Tt P0TL0MT1Jd

20CC2 9t6 2W9]]' cpa

T92 C0T111LJU Mprcp 8TA62 cpa ta2bou2ae O cpa TIJIJOA9cTOLJ2 p.r cpa OP2GtA9PTG

(T2) MG ijoça cpc cpa wgctca

qa;p.rid cpa M0

C9262 qTGt OIITA

P

cpa

cgLdactIJa

M6U

20C)C2 co cpa pottoMruà nuccou gtG 2w9fl: cowbszp.rd

(j)

0rt0MGq-E626tAG2 cataacpsd •2 MaTr-)woMrJ

co

pa cjoea co rruq2-t9ca

(22)

g22rnubCrOu' CPC

boiTcA 2JJ00JC2

qo

ioç 6G pcc

O

CPG 6COIJOZLJA

CtG9G

p?i cJJoM-rTIJ

btocsqnt6

coiijq TU btpcrbj€ pJA9Jq9cG ont

1'19WG2 COCC bouç6q OtL 112 JJ9 fiG WOATIJà 9AGt9dG TuCGtbOT9CrOu 6tOL

LG2GtAG2 giq IJOIJOttOMG tG2GAG2

TLG2BOIJ2G flhJCCTOIJ2 ziq OG2 hOc

cJG9UJ7

2Gbgt9çe fiG qAxi9wc2 ot cocr

9AGt9dG O LG26LAG2 pOMGAGL' fJ2

btocGqnte

CtG962 •6E}C7t, Twb11J25

woqGr

2bGcGq TU TGAGT2

2CLoIJdTU

(7)

uor.w9flGq p? 2pOL woArua

O9] LG26LAG2 CJJT2 UOLJU9TT9CTOXJ T2 bt;Gt9pG 40 csjq-ud

]od2

6C9(T2G CJJG

L626LA62 uq hJOUOLIOM6 t62GtAG2 p? g jouä (3Q—woIJcp) WOATIJd 9AGt9dG O

ITTTUOT2 Gb2Oq6 TU T8V O TUqncG OItTC?

MG IJOtiu9JTG COC9T

P'-flJG GttGC42 O 9 pfl]6 O pOtLOMThJd2 9220c79c6q MTfJ

fiG

COIJCTLJGIJCT 1MG (126 LJOISOtEOMG tG2GLAG2 1)J112 GXCGUG ctGqrC P.' otqt CO GTTWTIJ9CG

bojcA

TIJCGtA9T2 T2 uoç 0 btopjGw ot CpG

couowctrc

0; wouGç9t7

Ifl1)CTG

(T2) tTXJT CPC CTWG

gddtGdgCTohi tLOW PTMGG)C)A co d119tcGr.j 13HOM6AGLt

T tGJSCG

MOL)C rIa1IJd OIJT?I L626tA63-WOtJcGç qgçg% CGMG)C6 9hq

CP6 PTMGG)CIA tG2flJC2

M66)CT? L62f71C3 ;ot fiG bt6—T9j

b6tToq

qrq UO qGE 211P2C0UCT9TT t01L1 cowbgLopTITCA MG

tGbotç

0IJTA PTMGG)C171 t62f1TC O fiG MJJOTG 2OWbJG

bGtoq

blocGqrit62

r'.'

Ta8e

pnç 2flp3GdflGlJCT7t OUT?t PTMGGJCTA qoço OLG OAOTTOPTG EoE

MGG}CTA qoCo 96 OAOTTOPTG btTot CO fIG

cpouaG T" tG2GtAG gcconhJcTLJa

WOtG qGc9J2) VC fiG PTMGGKT tt6dnG1JC7 fiG hJOU—bOJTc7i AOtTOPTG2 cotLGcCToLl ;ot pt2ç-oLqGL wouCpT7 2GTgT cor.LGTOCT0IJ (266 ybbGuqx

MGtG COLJ2CUICCGq p?

JJ6

CP0M-rTIJ (TaT) TUCGLbOTSCTOU WGC}JO MTCP

btoqncCou gLTq

fiG

cB1 WOIJCIJTA qoco tO EGOT CDB oi.'q

fiG CDb qG;]9ç0t

COIJqCoxJ2 CJJOJJ OtG WOtG COLIAGUCTOUOT wOucpJ?i hqC9coI2 TT)G p.Jq112çto]

CJJO2GIJ p6C9I12G bLG2rIwgpTA CIJG7t 9t6 PGCCGt TIIqTCOCOL2 O ptooq WOCLOGCOIJOWTC

ou

LJqGX

o

2bOç cowwoqTcA bLTcG2 G9J CDb oziq fiG CDb GtT9COL MGIG

ttGd11G1JC7

fiG

xJoiJ-bojTc AOLT9PTG2 f12G MGLG LGOJ CDb' CJJG CD&

GJ9COL

IJOL1OttOMG

tG2GtAG21

iiq fiG

GqGtSJ

11Uq2 L94G YC

fiG WOUflJJ?

tLGd11GUCTG2 fiG bOTTC7 IwtTgprG2 MG (126 OLG COC9]• POIJ)C tG2GtAG2

O OCJJ

boiTcA A9LTOPTG3 ouq UohJbOTTCt AOLT9PTG2 TU fiG AV12

YC OC

2 MG q2Cr122Gq p.' 26CC10U III OIIL btOCGqI1LG Gd11TtG2 fiG T1Jc111210U

TIJtOtWOCTOIJ) C fiG dn9tCGtT?i tLGdflGhJC?1

OTCGEUOCTAG 922flWbçT0hJ CPOC boTTcA—woGt2

qo

hOC EG2boUq CO COZJCGWbOt.91JG0112

qGuC;c9Cou

922i-lwbCTou o ijo GG9C) ;tow boc? CO fiG 6coIJow7 (ot fiG

dIIOTTCOCTAGTX 2TUflTOL COhJCJti2TOLI2 PC TC Ta WOLG

O q;iiq fiG

WO1JCpT? ouq PTMG6ICTA qoco E2CTWOCG9 iia1ijd d119ICGLT? qoço aGuGLocsq

(23)

LG AGta6q OAGL flJG

4M0—M6G}(

cjwGuc btroq

cMo—MGG bGLroq GIJqpJd cpG 29cJ1tq7t

btTot

2GççJGWGIJç

6qLTG2qA OflJGE

ATJpJG

qJA) MG fl2G

AGtdGq ijris o

btoqncçou piqx ot pG

W621TtGq MGqIJGq9?

O

M6IJG3cA (çpG cowwoqçA

bttcG pqex

r

QJp6

btoqriccou

pqx

T2 W62f1tG

MJ6 oçpt

MG COIJcTLIflG tOCtl2

OIl 1P6

G2WG2 n2Tua

fiG

LrcGtboJGc6q

At9pG2

tnJJCcTOu2

fJ9

tG WOtG

G2TTA

IJcGthtGcpJG uq Fl2GtflT tot

tS2flT2 FI2TIJd LGGJ CDb siiq

1G

eD

qGcOL ?ejq

TWbnT2G

tboIJ

MGtG ATLcnGJJA

qucrc

t6botçGq pGtG

Gcri

(r622 apGJcGt) Tu

bce o cw

CD q6fl ot

pe t6anjcpsa

b9twGçGt

G2çrwgçGa r72pJd TuqnctT9T btoqncou pi bJcG ot LGGT

CD

guq cpa ci MTcWTIJ fiG

bGtoq

V CJGC}C Ot tOtT2CIJG22 MG tabaçaq out woucpA

bo22TpJa qGucAud V32uwbcTou2:

jpç boTTc7uugJcGt VAG coucGwboLguGorl2

1492 9J20 uocaq P' 26CTOIJ III Ot 6AGtA 27t2c6w cPGILG VtG MO

axc]riqaq AVETVpJG MGIJ

qGtAIJa cpa 62TWVG2 btaaauçaq pata

tG2bOIJ26 tnuCcTOu2 EOt CoWbVtVpTTT Tc1' GVtTTGt E62$YJc2 cWGtGtOLG' MG

GVqJJd

uqc9çot2 pq JTçJG

GttGCc oIl WOqG] G2çw9çG2 ot pubjaq TwbrTT2a

(UJTT)CG cpa cues O fIG coWWoqç7i

btrca pJqax TLYCTn2T0U Ot

cpa •uqGx o

TuqTc9cot (2potç JJoLrou) 1Il

fiG

dngtcatfl uq woucpj? 2A2cGwa HoM646t'

t6920U

ru out TLITcTST G2TWVTOU MG ucjriqaq cpa pJqax ot GVqIJd

TIJqrcgcot

O flçt1tG OrI4bflc WOAGWGLJC2

IJO

cpa

3A2cGW 92 M6JJ Ot flJT

cpa

t'c' O

rutTVcTou' V bVtVTTGT gtdmuauc

2naaG2c2 bcpia gu

cowxuoqcA

btca ruqax T2 iJCrTqGq

cgbçrTtG cpa ag4

2 TLJtOt.WVCTOIJ ponc

TVtaGTA

u

O

iioç

couctojitud

tOt OTT 2rlbbJ 2pOca) it cpa

EA9U2

4V'p IU b9tcrcrlj9tt cpa ccat 2JJOM

fiG brrca bnsja

2

(Lot tjtcpat qT2cfl22OZJ'

2GG 2TW2' 9Uq CJJZT2cT9UO ETcpGupgn1u Vuq

wouacgrjt cTdpcGIJTuä

jgq

tT2TIJd tVfJGt

cjiu tVTTTUd

btrca

TGAGT

cowwoqçA

btrca

TIJqGX cauq co jaq co cpa 11btTca brja11'

cpa uqud cpc

tucuita COf1tG O

TLYflVCTOIJ

2 2 IIOM

MGjj—JIJOM1J GXCjI12T011 O cpa

u otq co cbcnta

qqTcTouj

TUtOLwVcTOU VAVTjVp]6 cpa aq gporic cpa

JJJG

ruqax

O couiwoqC1k bLTCG3 1492 L7CJflq6q iJ fiG A9tOfl2 AY 2A2c6w2

btrcae (9 ptoqat MGGKTA btTCG TJqx qoa uoc 26GW pa VAVTTVPTG)1Q

(24)

CG p2c-cgdG AY12

MG

K1G

otw crcrcT

CETçGZT9

26JGC

Td2

ps rxJcjrlqGq Tu

tG6qoIrr ra Guàcp2

I6 couA6LrCout

cpa tarrç mGtG uoç cpuàGq MJJGIJ

201MG

TTJGtWGqG T9a2

TI,

potç 2WbJG bGLoq2

o

TJJJG Tà 2CUICCfrLG rraaq

p.r cpa jyij T2 qactpaq p.r pja -V MG owcçaq

ALpJG3 p.rqud

2TWTT

L62fl]ç2

1J JJG MO C92G2

182Ctoudp.r (r) 2TWTJtA

co1J2qGt2

272çGW2 MTCP iq MOf1

pG

IJOIJbOJTCA

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