Why does interest rate policy not work in the economy as economic theory suggests?To understand why,you need to look at the economy from a higher level of abstraction.With this approach,only two states of the economy ...Why does interest rate policy not work in the economy as economic theory suggests?To understand why,you need to look at the economy from a higher level of abstraction.With this approach,only two states of the economy can be distinguished.The first is a“normal”state;the second is crisis and recession.The“normal”state is the period after the recession and before the next crisis.During this period,the basic laws of the market economy work.During a crisis,the relationship between the level of interest rates and borrowing by households and businesses is broken.This explains the ineffectiveness of the policy of lowering interest rates.Different states of the economy have their own laws,and you cannot extrapolate tools that are successful under“normal”market conditions linearly to the crisis state of the economy.Why does the interest rate policy during the period of the“normal”state of the economy not adjust its development in order to prevent the onset of the crisis?Firstly,the conditions for the emergence of crisis phenomena are created by the interest rate policy at the very beginning of the business cycle,when central banks set and maintain low interest rates for a relatively long period.Secondly,by the end of the business cycle,the credit burden in economy reaches its maximum,so there is no further possibility of expanding effective demand by decreasing interest rates.Thirdly,interest rate policy is an instrument for rough adjustment of the economy,indiscriminately affecting all participants in economic relations.In an attempt to stimulate the economy,the central bank creates the conditions for increasing its imbalance.Fourth,at the end of the business cycle,the interest rate policy does not actually support the real economy,but only the stock market.Fifth,the Fed’s policy has formed a pro-crisis conditioned reflex among market participants.Thus,central banks should leave the determination of the level of interest rates to the free market.展开更多
The paper presents the results of the sterlet sturgeon Acipenser ruthenus reintroduction into the Kama Reservoir(Perm Krai,Russia)by sterlet fry from hatcheries into the reservoir since 2001.The effectiveness of hatch...The paper presents the results of the sterlet sturgeon Acipenser ruthenus reintroduction into the Kama Reservoir(Perm Krai,Russia)by sterlet fry from hatcheries into the reservoir since 2001.The effectiveness of hatchery releases was evaluated by monitoring gillnet sampling 2014-2020.The results showed that the species was reported throughout entire Kama Reservoir,which contrasts with 1988-1994 data,when the species was registered only at the upper part of the reservoir near the Kama River mouth.The highest number and biomass values of catch per unit effort(CPUE)of the sterlet were found in submerged river channels-the deepest habitats with flow conditions which are close to the ecological requirements of the species.The distribution of the sterlet within the channel biotopes of the reservoir is defined by reduced variability.The biggest individuals and the widest size range of the sterlet were typical for the upper area of the reservoir and Chusovskoy Bay,which have the greatest flow.The smallest sizes were typical for fish from catches near the dam of the reservoir,which is consistent with the published data on the distribution of sterlet in reservoir conditions.The presented results may indicate the artificial formation of the sterlet stock in the Kama Reservoir maintained by hatchery releases.The revealed distribution of the sterlet in the reservoir determines the direction of further research on natural reproduction and thus formation of an artificially formed population.Also,future studies are required to assess the possibility of hybridization of the sterlet of artificial origin with natural populations of the species,since the low genetic diversity of the sterlet released into the Kama Reservoir which can lead to irreversible loss of genetic individuality of the natural stocks of the species in the catchment of upper course of the Kama River.展开更多
文摘Why does interest rate policy not work in the economy as economic theory suggests?To understand why,you need to look at the economy from a higher level of abstraction.With this approach,only two states of the economy can be distinguished.The first is a“normal”state;the second is crisis and recession.The“normal”state is the period after the recession and before the next crisis.During this period,the basic laws of the market economy work.During a crisis,the relationship between the level of interest rates and borrowing by households and businesses is broken.This explains the ineffectiveness of the policy of lowering interest rates.Different states of the economy have their own laws,and you cannot extrapolate tools that are successful under“normal”market conditions linearly to the crisis state of the economy.Why does the interest rate policy during the period of the“normal”state of the economy not adjust its development in order to prevent the onset of the crisis?Firstly,the conditions for the emergence of crisis phenomena are created by the interest rate policy at the very beginning of the business cycle,when central banks set and maintain low interest rates for a relatively long period.Secondly,by the end of the business cycle,the credit burden in economy reaches its maximum,so there is no further possibility of expanding effective demand by decreasing interest rates.Thirdly,interest rate policy is an instrument for rough adjustment of the economy,indiscriminately affecting all participants in economic relations.In an attempt to stimulate the economy,the central bank creates the conditions for increasing its imbalance.Fourth,at the end of the business cycle,the interest rate policy does not actually support the real economy,but only the stock market.Fifth,the Fed’s policy has formed a pro-crisis conditioned reflex among market participants.Thus,central banks should leave the determination of the level of interest rates to the free market.
文摘The paper presents the results of the sterlet sturgeon Acipenser ruthenus reintroduction into the Kama Reservoir(Perm Krai,Russia)by sterlet fry from hatcheries into the reservoir since 2001.The effectiveness of hatchery releases was evaluated by monitoring gillnet sampling 2014-2020.The results showed that the species was reported throughout entire Kama Reservoir,which contrasts with 1988-1994 data,when the species was registered only at the upper part of the reservoir near the Kama River mouth.The highest number and biomass values of catch per unit effort(CPUE)of the sterlet were found in submerged river channels-the deepest habitats with flow conditions which are close to the ecological requirements of the species.The distribution of the sterlet within the channel biotopes of the reservoir is defined by reduced variability.The biggest individuals and the widest size range of the sterlet were typical for the upper area of the reservoir and Chusovskoy Bay,which have the greatest flow.The smallest sizes were typical for fish from catches near the dam of the reservoir,which is consistent with the published data on the distribution of sterlet in reservoir conditions.The presented results may indicate the artificial formation of the sterlet stock in the Kama Reservoir maintained by hatchery releases.The revealed distribution of the sterlet in the reservoir determines the direction of further research on natural reproduction and thus formation of an artificially formed population.Also,future studies are required to assess the possibility of hybridization of the sterlet of artificial origin with natural populations of the species,since the low genetic diversity of the sterlet released into the Kama Reservoir which can lead to irreversible loss of genetic individuality of the natural stocks of the species in the catchment of upper course of the Kama River.
