Countries with evolving monetary regimes that decide to embark on “the Journey to inflation targeting” may not be able to adopt a full-fledged inflation targeting regime immediately. Those countries would be better off adopting transitional arrangements that take advantage of the informational content of monetary aggregates, developing an economic analysis capacity, and concentrating on monetay operations aimed at steering money market interest rates. This approach would allow the central bank to buy time for developing the building blocks for effective monetary policy, support transparent central bank communication, and limit the potential for undesirable outcomes along the road.
The human biography is a symphony which each individual personally composes'. While each person's path in life is a unique and individual 'work of art', the human being meets certain milestones - from the period of adolescence to old age - which are universal in nature. Regardless of background, critical outer and inner stages must be passed through. A bestseller since it was first published, Phases describes each period of life-adolescence, the twenties, thirties, forties etc-and looks at the inner qualities and challenges that arise at each stage. The author argues that the various biological and psychological explanations of the human being are incomplete. If the inner self, the ego, of each individual is recognized and acknowledged, then the peculiarities of one's particular life-path and its challenges take on new meaning. BERNARD LIEVEGOED - psychiatrist, educator and anthroposophist - brought half a century of clinical practice, studious observation and personal insight into the writing of this book. His overview of the course of human life and professional career, of male-female relationships, and the sometimes misleading picture of the human being presented by the various psychological schools of thought, has made this book essential reading for all those interested in attaining an insight into the mystery of life.
This paper discusses the use of interest rates as the operating target for monetary policy in Tunisia and the roadmap for establishing the other building blocks of an inflation targeting framework. It argues that strengthening the effectiveness of the current monetary policy framework will facilitate the adoption of inflation targeting over time.
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