Chasing the Northern Dynasties

The royal family of the Northern Qi Dynasty should not be Xianbei people, but Xianbei Han people. The Bohai Gao family is a gentry family. It is said that the Hu people are in the north. Later, they were all usurped by the powerful families to pick peaches Longxi Li (Tang), Hongnong Yang (Sui), Bohai Gao (Northern Qi), Lanling Xiao (Southern Qi, Nanliang), Pengcheng Liu (Han, Liu Song), Yingchuan Chen (Nanchen), Hanoi Sima (Two Jin), Qiaojun Cao (Cao Wei), Zhuojun Zhao (Two Song Dynasties), Langya Zhuge, Qiaojun Xiahou, Taiyuan King, Taiyuan Wen, Rongyang Zheng, Zhaojun Li, Boling Cui, Qinghe Cui, Qinghe Zhang, Fan Yanglu, Wen Xipei, Hedong Liu, Hedong Xue, Hedong Wei, Langya Wang, Chenjun Xie, Chenjun Yuan, Chen Junhe, Chen Junyin, Yingchuan Xun, Yingchuan Yu, Chen Liujiang, Chen Liuruan, Donghai Wang, Donghai Xu, Taiyang, Pingyuanhua, Pingyangjia, Gaopingxi, Longkanghuan, Fufengma, Fufengdou, Lujiangzhou, Runan Zhou, Runan Yuan, Hanoi Zhang, Jingzhao Wei, Jingzhao Du, Nanyang Deng, Nanyang He, Danyang Ji, Yixing Zhou, Wu Xingshen, Shunyang Fan, Shanyin He, Wujun Gu Luzhu Zhang, Kuaiji Yuwei Kongxie, the history of the Wei, Jin, Southern and Northern Dynasties is not just played by the children of these families, there is nothing for ordinary people.

Tang, in my opinion, is not just a dynasty or a country, it is a symbol, a symbol of the Chinese people. Many people think that there is something wrong with the title of my book, and that the protagonist has nothing to do with the Tang Dynasty, but I feel that the Tang Dynasty cannot exist without it. The so-called rules and conventions are all made by people. I know that Yang Jian is the Duke of the Sui Dynasty, and I also know that Li Yuan is the Duke of the Tang Dynasty, but no one would call us Sui people, but some people call the Chinese people Tang people, so I gave this name. From the Northern and Southern Dynasties to the Tang Dynasty, and the Sui Dynasty in between, many things happened in these decades, and there were also major events that had an impact on history. Maybe I take it for granted, but novels are not history books after all, and the so-called Northern Qi clan is just an identity. As the weakest country at the time, it was a miracle that Northern Qi could survive. If I say anything else, it will be a spoiler. I hope everyone can understand.

Change the introduction. No one is available in Chen Guo? Xiao Moke, Zhang Zhaoda, Wu Mingche, Zhou Luohu, Huang Fashi. This time Nan Chen is really a gathering of heroes, while Chen Shubao is really in trouble when only Zhou Luohu and Xiao Moke are left.

I don't understand why the country's name is "Tang"?

Why does the word "Jungle" appear automatically after I input "Lanling King"...

The book is a good book, but the name is wrong, which seriously affects the score of the book! When everyone saw Longtang, they immediately thought of the Tang Dynasty, Li Shimin, and Empress Changsun. But the protagonist of this book is indeed from the Northern Qi clan, has nothing to do with the Li family in Longxi, and is not from the Tang Dynasty. You may find it confusing and unreasonable, or you may feel that you have been induced by the title of the book and feel deceived. It is recommended that you try changing the title of the book. A few rough thoughts, I hope it will help the author a lot! The monthly votes have been cast, and all recommendation votes have been contributed.

Halfway through the book, he complained, saying that there are no handsome people in Northern Qi? Just Gao Changgong, Hu Luguang and Duan Shao? You don't know how fierce people like Pi Jinghe, Murong Yan, and Wang Lin were back then, and how powerful Commander Gao Yanzong was. Strictly speaking, Gao Changgong only has a great reputation, which is much worse than Wang Lin. During Hou Jing's Rebellion, Wang Lin's achievements were the most outstanding, and Wang Sengbian was the number one soldier under his command. Many of the current Southern Dynasty veterans are old friends of Wang Lin's sect.

Is the author a queen of Northern Qi who became a prostitute?

A question, why don't you develop observation and adapt to this era? Things started happening on the second day of the game

High SF Express, SF Express 😠

Okay, okay, Su Xinda chose the theme well this time! Already collected, keep going💪

Please give me some help and comment and read more. These data are related to my ranking. Thank you all.

It will be on the shelves tomorrow, hurry up and invest.

When will you give in? . .

Gao Changgong, the king of Zaozhuang, is not a Han Chinese

Why do I feel like these two recent chapters are not about Gao Shunfeng?

This article is one of my rare protagonists who directly skips the growth stage (the NC stage that is criticized by many readers) but it doesn't look out of place.

Monetary policy Economic and financial policy This entry is polysemous, with a total of 2 meanings Collapse Economic and financial policy Book published by Tsinghua University Press in 2013 Collapse Monetary policy, also known as financial policy, refers to the general term for various guidelines, policies and measures adopted by the central bank to control and regulate the money supply and credit in order to achieve its specific economic goals. The essence of monetary policy is that the country adopts different policy trends such as "tight", "loose" or "moderate" on the supply of money according to the economic development in different periods. [1] Use various tools to adjust the money supply to adjust market interest rates, affect private capital investment through changes in market interest rates, and affect various policies and measures for macroeconomic operations by affecting aggregate demand. The four major tools of monetary policy that regulate aggregate demand are the statutory reserve ratio, open market operations and discount policy, and benchmark interest rates. Chinese name Monetary policy Foreign name Monetary policy Issuing unit Central Bank Purpose Influencing economic activities Field Macroeconomics Quick Navigation Classification and distinction Target system Monetary policy tools Overview of China Transmission mechanism Policy lag Directed Easing Limitations Expert Views Policy Introduction Monetary Policy, The nature of monetary policy (the way the central bank controls the money supply and the relationship between money, output and inflation) is one of the most fascinating, important and controversial areas in macroeconomics. (1) Fiscal policy consisting of government expenditure and taxation. Fiscal policy mainly affects long-term economic growth by affecting national savings and incentives for work and savings. (2) Monetary policy is implemented by the central bank, which affects the money supply. A series of measures that indirectly affect aggregate demand through the central bank's regulation of money supply, affecting interest rates and the degree of credit supply in the economy, in order to achieve an ideal balance between aggregate demand and aggregate supply. The object of monetary policy adjustment is money supply, that is, the total purchasing power of the whole society, which is specifically expressed in the following forms: cash in circulation and deposits of individuals, enterprises and institutions in banks. Cash in circulation is closely related to changes in consumer price levels. It is the most active currency and has always been an important target of central bank attention and regulation. Classification and Differences Narrow Content Refers to the general term for various policies and measures adopted by the central bank to control and adjust the money supply or credit volume to achieve its specific economic goals, including credit policy, interest rate policy and foreign exchange policy. Monetary policy Broad policy refers to all monetary regulations and all measures taken by the government, central bank and other relevant departments to affect financial variables. Difference The main difference between the two is that the former uses the discount rate, reserve ratio, and open market operations to achieve the goal of changing interest rates and money supply in a stable system. The latter are policymakers including governments and other relevant departments, who often influence exogenous variables in the financial system and change the rules of the game, such as hard limits on credit scale, credit direction, opening and developing financial markets. China's goals are: prudent monetary policy and active fiscal policy. Classification Based on the impact on total output, monetary policy can be divided into two categories: expansionary monetary policy (positive monetary policy) and contractionary monetary policy (sound monetary policy). During an economic depression, the central bank takes measures to lower interest rates, thereby causing an increase in money supply, stimulating investment and net exports, and increasing aggregate demand, which is called expansionary monetary policy. On the contrary, when the economy is overheating and the inflation rate is too high, the central bank takes a series of measures to reduce the money supply to increase interest rates, inhibit investment and consumption, reduce total output or slow down the growth rate, and control the price level at a reasonable level, which is called tightening monetary policy. Goal System The goal of monetary policy is not an isolated goal, but an interconnected and organic whole composed of three progressive levels: operational goals, intermediate goals and final goals. Ultimate Goal Stabilizing Prices The price stabilizing target is the primary goal of the central bank's monetary policy, and the essence of price stability is the stability of currency value. Stabilizing prices is a relative concept, which means controlling inflation so that general price levels do not fluctuate sharply in the short term. To measure whether prices are stable or not, judging from the situation of various countries, there are three commonly used indicators: The first is the GNP (Gross National Product) average index, which targets the final products and services that constitute the gross national product and reflects the price changes of final products and services. Currency The second is the consumer price index, which targets consumers' daily living expenses and can more accurately reflect changes in consumer price levels. The third is the wholesale price index, which targets wholesale transactions and can more accurately reflect price changes in bulk wholesale transactions. It is important to note that in addition to inflation, there are some factors that fall within the normal range. The determination of this limit varies from country to country and mainly depends on the economic development of each country. In addition, traditional habits also have a great influence. Full Employment The so-called full employment goal is to maintain a high and stable level. Under the condition of full employment, all workers who are capable and willing to participate can find suitable jobs at any time under reasonable conditions. Full employment refers to the utilization of all available resources. However, it is very difficult to measure the utilization degree of various economic resources. Generally, the employment degree of the labor force is used as the benchmark, that is, the unemployment rate index is used to measure the employment degree of the labor force. The so-called unemployment rate refers to the ratio of the number of unemployed people in society to the labor force willing to be employed. The size of the unemployment rate also represents the full employment level of society. Unemployment, in theory, represents a waste of production resources. The higher the unemployment rate, the more detrimental it is to social and economic growth. Therefore, all countries strive to reduce the unemployment rate to the lowest level in order to achieve their economic growth goals. The main reasons for unemployment are: 1. Insufficient aggregate demand. Since the total social supply is greater than the total demand, various economic resources (including labor resources) in the economy and society cannot be utilized normally and fully. The main manifestations are: First, cyclical unemployment. This is unemployment caused by insufficient demand during the economic crisis and depression phases of the economic cycle. The second is continued widespread unemployment. This is real unemployment, which is unemployment caused by a long-term insufficient demand for labor caused by a long-term economic cycle or a series of cycles. 2. Frictional unemployment. Frictional unemployment occurs when workers in a certain type of occupation in one area of ​​a country cannot find jobs, but there is a shortage of workers of this type in other areas. 3. Seasonal unemployment. Jobs in some industries are highly seasonal, and the technical jobs required for various seasonal jobs cannot be substituted for each other. Seasonal unemployment can be reduced, but it cannot be completely avoided. 4. Structural unemployment. In a dynamic economic society, some people usually have to change their jobs, change careers, or change employers. Some may be transferred to work in other areas. When a certain contract expires, there will also be a surplus of labor. In these situations, there is often a brief period of unemployment before finding another job. Western economics believes that in addition to unemployment caused by insufficient demand, unemployment caused by various other reasons is an inevitable phenomenon. From the perspective of economic efficiency, it is appropriate to maintain a certain level of unemployment. The full employment goal does not mean that the unemployment rate is equal to zero. Most scholars in the United States believe that an unemployment rate of 4% is full employment, while some more conservative scholars believe that the unemployment rate should be lowered to below 2-3%. Economic Growth The so-called economic growth means that the growth of gross national product must maintain a reasonable and relatively high speed. The indicators for measuring economic growth in various countries generally use the annual growth rate of real gross national product per capita, that is, the annual growth rate of real gross national product per capita after deducting the price increase rate from the annual growth rate of nominal gross national product per capita. The government generally sets an indicator for the actual GNP growth rate during the planning period, expressed as a percentage, and the central bank uses this as the goal of monetary policy. Monetary Policy Of course, reasonable economic growth requires the cooperation of multiple factors. The most important thing is to increase various economic resources, such as human, financial and material resources, and requires the optimal allocation of various economic resources. As the monetary authority in the national economy, the central bank directly affects the financial part and plays a huge role in the supply and allocation of capital. Therefore, the central bank's goal of economic growth means that the central bank combines and coordinates the use of resources through the tools it can control on the premise of accepting the established goals. Generally speaking, the central bank can increase the money supply or reduce the level of real interest rates to promote investment; or control the inflation rate to eliminate the uncertainty and expected effects on investment. Although the central banks of most countries in the world generally list economic growth as one of their monetary policy goals, due to its different status in the monetary policy goals of various countries, its importance is not the same. As far as a country is concerned, it is also different in various historical periods. From the perspective of the United States, economic growth was highly valued from the 1930s to the 1950s, because at that time the United States faced a severe decline in production after World War II and the subsequent economic recession in the early 1950s. Since the 1970s, especially after Reagan became president in 1981, the goal of monetary policy has been to focus on anti-inflation. Japan also put forward the goal of economic development after World War II, but that was based on the extreme decline in production after the war. In fact, Japan has always focused on stabilizing prices when choosing between the two goals of economic growth and price stability. The Federal Republic of Germany has learned the painful lessons of hyperinflation after the two world wars. Therefore, although economic growth is included in its policy goals, in actual implementation, it would rather sacrifice economic growth in exchange for the stability of the mark. However, there are exceptions. For example, South Korea's monetary policy goal was once mainly economic growth, and price stability was placed in a secondary position.

Balancing the balance of payments According to the definition of the International Monetary Fund, the balance of payments is a statistical table of a country's foreign economic transactions during a certain period. It shows: (1) Transactions in goods, services and income between a certain economy and other parts of the world; ( 2) Changes in the economy's monetary gold, special drawing rights, and ownership of claims and debts to other parts of the world; (3) In an accounting sense, gratuitous transfers and corresponding items required to balance any accounts of the above-mentioned transactions and changes that cannot offset each other. In terms of the nature of economic transactions on the balance of payments, they can be mainly divided into two types: one is autonomous transactions, or ex-ante transactions, which are economic transactions that are automatically conducted for economic purposes, political considerations and moral motives, such as trade, aid, gifts, exchange, etc. The other is regulatory transactions, or ex-post transactions, which are conducted to make up for the difference in autonomous transactions, such as obtaining short-term financing from international financial institutions, using the country's gold reserves and foreign exchange reserves to make up for the difference, etc. Balance of International Payments If the autonomous transaction balance of a country's international balance of payments is automatically equal, it means that the country's international balance of payments is balanced; if the autonomous transaction income is greater than the expenditure, it is called a surplus; if the autonomous transaction expenditure is greater than the income, it is called a deficit. To judge whether a country's international balance of payments is balanced or not, it depends on whether autonomous transactions are balanced and whether regulatory transactions are needed to make up for it. If there is no need for regulatory transactions to make up for it, it is called a balance of payments balance; conversely, if there is no need for regulatory transactions to make up for it, it is called a balance of payments imbalance. The so-called goal of balancing the balance of payments, in short, is to take various measures to correct the balance of payments and bring it closer to balance. Because of an imbalance in a country's international balance of payments, whether it is a surplus or a deficit, it will have an adverse impact on the country's economy. A long-term huge deficit will cause the country's foreign exchange reserves to drop sharply and bear heavy debt and interest burdens; and a long-term huge surplus will cause a waste of the country's resources and leave some foreign exchange idle. Especially if a large amount of foreign exchange is purchased to increase the issuance of domestic currency, it may cause or intensify domestic inflation. Of course, in comparison, deficits are particularly harmful, so countries generally focus on reducing or even eliminating deficits when adjusting their international balance of payments imbalances. From the perspective of the establishment of the goal of balancing the international balance of payments of various countries, it is generally related to problems in the country's international balance of payments. The United States initially did not include balancing the balance of payments as a policy goal. It was not until the early 1960s that the United States experienced a long-term deficit in its international balance of payments. During the three years from 1969 to 1971, the cumulative balance of payments deficit reached 40 billion U. S. Dollars, and a large amount of gold reserves were lost. At this time, balancing the balance of payments became the fourth goal of monetary policy. The situation in Japan is similar to that in the United States. After the 1950s, Japan's foreign trade and international balance of payments often experienced deficits, which seriously affected the development of the domestic economy. Therefore, balancing the international balance of payments was listed as a policy goal. Before 1965, the Bank of Japan mainly dealt with deficit problems in the balance of payments. Since then, Japan's balance of payments has shown a trend of complete surplus. At that time, Japan was committed to domestic price stability and neglected to pay attention to the surplus. As a result, the surplus expanded further, which caused the appreciation of the yen in December 1971. After that, the Bank of Japan turned to solving the problem of long-term balance of payments surplus. The situation in the UK is different. Because of its relatively lack of domestic resources, the external economy accounts for a large proportion of the entire national economy, so the balance of payments situation has a great impact on domestic economic development. In particular, imbalances in the balance of payments will cause greater fluctuations in the domestic economy and currency circulation. Therefore, after the war, the UK has always listed the balance of payments as an important goal of monetary policy. Ultimate Goal Relationship There are generally four ultimate goals of monetary policy, but it is very difficult to achieve them at the same time. In specific implementation, using a certain monetary policy tool to achieve a certain monetary policy goal often interferes with the realization of other monetary policy goals. Therefore, in addition to studying the consistency of monetary policy goals, it is also necessary to study the contradictions between monetary policy goals and measures to alleviate them. Price Stability and Full Employment Facts have proven that there is often a conflict between the two goals of price stability and full employment. To reduce unemployment and increase employment, money wages must be increased. If money wages increase too little, there will be no significant contribution to the goal of full employment; if money wages increase too much, causing their growth rate to exceed the growth of labor productivity, this cost-push inflation will inevitably cause a conflict between the two goals of price and employment. For example, the expansionary policies pursued by Western countries before the 1970s not only failed to achieve full employment and stimulate economic growth, but also resulted in "stagflation". The contradictory relationship between price stability and full employment can be illustrated by the Phillips curve. In 1958, British economist A. W. Phillips drew a curve to represent the alternating relationship between the unemployment rate and the rate of change of money wages based on the empirical statistical data of the unemployment rate and the rate of change of money wages in the United Kingdom from 1861 to 1957. This curve shows that when the unemployment rate is low, the money wage growth rate is high; conversely, when the unemployment rate is high, the money wage growth rate is low. Due to the connection between money wage growth and inflation, this curve is used by Western economists to express the alternating relationship between the unemployment rate and the inflation rate. This curve shows that there is an either-or relationship between the unemployment rate and the price change rate. In other words, if there is more unemployment, the price increase rate will be lower; on the contrary, if there is less unemployment, the price increase rate will be high. Therefore, there are only the following choices between the unemployment rate and the price increase rate: (1) Price stability with a higher unemployment rate; (2) Full employment with a higher inflation rate; (3) A combination between the two extremes of the price increase rate and the unemployment rate, which is the so-called discretionary choice, and the correct combination is made based on specific socioeconomic conditions. Stabilizing Prices and Economic Growth Theoretical circles have different opinions on whether there is a contradiction between stabilizing prices and promoting economic growth. There are mainly the following views: 1. Stable prices can maintain economic growth. This view holds that only price stability can maintain long-term economic growth momentum. Generally speaking, the increase in the labor force, the formation and increase of capital, and factors such as technological progress promote the development of production and the increase in output, followed by an increase in total monetary expenditures. Since productivity develops over time, monetary wages and real wages also increase with productivity. As long as prices are stable, the entire economy can function normally and maintain its long-term growth momentum. This is actually a reflection of the economic thought of the classical school of supply determinism in modern economy. 2. Slight price increases stimulate economic growth. This view holds that only a slight increase in prices can maintain long-term economic stability and development. Because inflation is a stimulus to the economy. This is the view of the Keynesian school. The Keynesian school believes that increasing the money supply and total social demand before full employment is achieved is mainly to promote production development and economic growth, while price increases are relatively slow. And it is determined that the capitalist economy can only operate in a non-full employment equilibrium, so a slight price increase will promote the development of the entire economy. Keynesian scholars in the United States also believe that rising prices can usually bring about a high degree of employment. During mild inflation, the wheels of industry begin to get good lubricants, production is close to the highest level, private investment is active, and employment opportunities increase. 3. Economic growth can stabilize prices. This view holds that as the economy grows, prices should tend to decline or stabilize. Because economic growth mainly depends on the improvement of labor productivity and the input of new production factors. On the premise of the improvement of labor productivity, the growth of production means an increase in products on the one hand, and a reduction in the production cost of unit products on the other hand. Therefore, the price stabilization goal is not inconsistent with the economic growth goal. This view is actually the view discussed by Marx more than 100 years ago when he analyzed the situation of capitalist economy under the gold standard system. In fact, as far as modern society is concerned, economic growth is always accompanied by rising prices. This was explained in the above analysis of the reasons for rising prices, and the economic history of the past 100 years also illustrates this point. Someone has done such an analysis, that is, they have analyzed the price data of many countries in the world during the economic growth period in the past 100 years, and found that except for economic crises and recessions, in all periods of normal economic growth, the price level shows an upward trend, especially after the Second World War. There is no country in which the price level does not show an upward trend during the period of economic growth. As far as our country is concerned, the reality of decades of socialist economic construction also illustrates this point. After the capitalist economy entered the stagflation stage in the 1970s, some countries' price levels showed an upward trend even during economic recession or stagnation. Judging from the results of Western monetary policy practice, it is not easy to stabilize prices and economic growth go hand in hand. The main reason is that the government often considers economic development more and deliberately pursues high speed of economic growth. For example, if we adopt methods of expanding credit and increasing investment, the result will inevitably be an increase in currency issuance and an increase in prices. This creates a contradiction between price stability and economic growth. Economic Growth and Balance of International Payments In an open economy, in order to promote the development of its own economy, a country will encounter two problems: 1. Economic growth causes an increase in imports. With the growth of the domestic economy, the increase in national income and the increase in payment ability will usually increase the need for imported goods. If the country's export trade cannot increase correspondingly with the increase in import trade, the trade balance will inevitably worsen. 2. The introduction of foreign capital may cause a capital account deficit. To promote domestic economic growth, it is necessary to increase investment and increase the investment rate. When domestic savings are insufficient, it is necessary to resort to foreign capital and introduce advanced foreign technologies to promote the domestic economy. This inflow of foreign capital will inevitably bring about a balance in the capital account of the international balance of payments. Although this inflow of foreign capital can make up for the imbalance in the balance of payments caused by the trade deficit to a certain extent, it does not necessarily ensure that economic growth and the balance of international payments go hand in hand. The reasons are: (1) Any country, in a specific socio-economic environment, can introduce technology, equipment, management methods, etc., On the one hand, it depends on a country's ability to absorb, master and innovate; on the other hand, it also depends on the export competitiveness and foreign exchange repayment ability of domestic goods. Therefore, under certain conditions, the foreign capital that a country can introduce and utilize is limited. If the introduction of foreign capital is entirely focused on balancing trade balances, then foreign capital will not be able to play its due role in economic growth. In addition, if we only pursue the use of foreign capital to promote economic growth and ignore domestic capital allocation capabilities and foreign exchange repayment capabilities, it will inevitably lead to a serious deterioration of the international balance of payments situation, which will eventually lead to economic imbalance and make it impossible to maintain long-term economic growth. (2) Under the conditions of international balance of payments imbalance or domestic economic recession caused by other factors, the monetary policy used to correct this imbalanced economic form is usually a reasonable choice between the two goals of balancing the international balance of payments and promoting economic growth. When a deficit occurs in the balance of payments, domestic aggregate demand is usually compressed. As aggregate demand declines, the balance of payments deficit may be eliminated, but at the same time it will lead to economic recession. When the domestic economy is in recession, expansionary monetary policy is usually adopted. As the money supply increases, total social demand increases, which may stimulate economic growth, but may also lead to imbalances in the balance of payments due to increased inputs and inflation. Full Employment and Economic Growth Generally speaking, economic growth can create more job opportunities, but in some cases the two may be inconsistent. For example, high economic growth achieved through connotative expansion of reproduction cannot achieve high employment. Another example is the one-sided emphasis on high employment and the rigid allocation of labor to enterprises and units, resulting in overstaffing, reduced efficiency, reduced output, slowing down economic growth, and so on. Intermediary Targets The policy tools used by the central bank in implementing monetary policy cannot directly act on the ultimate goal. Some intermediate links are needed to complete the task of policy transmission. Therefore, the central bank inserts two sets of financial variables between its instruments and its ultimate goals, one called operational goals and the other called intermediary goals. Operational targets are financial variables that can be directly affected by the central bank's monetary policy tools and are closely related to intermediary targets. They are more sensitive to monetary policy tools and are conducive to the central bank's timely tracking of the effects of monetary policy. As a monitor of the final target, the intermediate target can be more accurately controlled by the central bank and can better predict possible changes in the final target. Establishing the intermediate goals and operational goals of monetary policy is, in general, to measure and control the degree of implementation of monetary policy in a timely manner and make it develop in the right direction to ensure the realization of the ultimate goal of monetary policy. Fan Gang, expert member of the Central Bank's Monetary Policy Committee The intermediary target must have three characteristics. 1. Testability. It means that the central bank can quickly obtain changes in indicators related to intermediary targets and accurate data, and can effectively analyze these data and make corresponding judgments. Obviously, without intermediary targets, it would be very difficult for the central bank to directly collect and judge final target data such as price increase rates and economic growth rates. It is impossible to have these data in the short term, such as a week or a decade. 2. Controllability. It means that the central bank can effectively control the intermediary target variables through the use of various monetary policy tools, and can control the changes and trends of the intermediary target variables in a short period of time (such as 1-3 months). 3. Relevance. It means that the intermediary target selected by the central bank must be closely related to the ultimate goal of monetary policy. The central bank's use of monetary policy tools to regulate the intermediary target can promote the realization of the ultimate goal of monetary policy. The main financial indicators that can be used as intermediary targets are: long-term interest rates, money supply and loan volume. (1) Long-term interest rates Traditional Western monetary policies all use interest rates as the intermediary target. Interest rate can be used as the intermediate target of the central bank's monetary policy because: (1) Interest rate can not only reflect the supply status of money and credit, but also express the relative changes in supply and demand. Higher interest rates are considered a tightening of monetary policy, while lower interest rates are considered a loosening of monetary policy. (2) Interest rates fall within the scope of the central bank's influence, and the central bank can use policy tools to try to raise or lower interest rates. (3) Interest rate information is easy to obtain and can be collected frequently. (2) Money supply Modern monetary quantity theorists represented by Friedman believe that the money supply or its rate of change should be the main intermediary target. Their main reasons are: (1) Changes in money supply can directly affect economic activities. (2) The money supply and its increases and decreases can be directly controlled by the central bank. (3) The most direct connection with monetary policy. An increase in the money supply indicates a loosening of monetary policy, whereas an increase in the money supply indicates a tightening of monetary policy. (4) As an indicator, money supply does not easily confuse policy effects with non-policy effects, so it has the advantage of accuracy. The central bank has raised interest rates several times But using money supply as an indicator, there are several issues that need to be considered: First, the central bank's ability to control the money supply. Changes in the money supply mainly depend on the underlying currency

I feel like the writing is okay, it's a pleasant novel, but the emotional line is a bit toxic. Why is there no one in the comment section?

This book is well written. The author wrote it with care. It is not the kind of mindless thing.

It cannot be said that there is no one available in Northern Qi. Duan Shao passed away too early. Hu Luguang and Gao Changgong, the Great Wall of Northern Qi, were killed by their own people.

The author is progressing so fast. How long does it take to finish the book?