IntroductionContemporary central ba

Introduction
Contemporary central banks of the most developed countries follow the monetary policy
setting its main target at low inflation by using the strategy of direct inflation target. This policy
assumes that there are no formal intermediate targets. Central banks do not focus on the control
of a single parameter determining the final target. They take into account each available piece
of information on factors that endanger the execution of the inflation target adopted for a given
period. This strategy has substituted the strategy of intermediate realisation of the inflation
target. The most frequently adopted intermediate target was the money supply. Then, a central
bank was obliged to shape the increase in the quantity of money in a way that would correspond
with the expected increase in prices. M. Friedman proposed fixed increases of money supply
which would correspond with the increase in the potential output in a long term. The Austrian
school of economics has a critical attitude to both strategies. The economists of this school argue
that the current operation of central banks contributes to the greatest extent to the occurrence of
cyclical fluctuations.
This is a theoretical paper the purpose of which is a critical analysis of the monetary policy
based on the adoption of money supply for the intermediate target. The analysis is conducted
from the perspective of the Austrian school. The paper also contains the discussion of the role
of money supply as an intermediate target seen from the point of view of the main trend in
economics.

Hasil (Bahasa Indonesia) 1:

IntroductionContemporary central banks of the most developed countries follow the monetary policysetting its main target at low inflation by using the strategy of direct inflation target. This policyassumes that there are no formal intermediate targets. Central banks do not focus on the controlof a single parameter determining the final target. They take into account each available pieceof information on factors that endanger the execution of the inflation target adopted for a givenperiod. This strategy has substituted the strategy of intermediate realisation of the inflationtarget. The most frequently adopted intermediate target was the money supply. Then, a centralbank was obliged to shape the increase in the quantity of money in a way that would correspondwith the expected increase in prices. M. Friedman proposed fixed increases of money supplywhich would correspond with the increase in the potential output in a long term. The Austrianschool of economics has a critical attitude to both strategies. The economists of this school arguethat the current operation of central banks contributes to the greatest extent to the occurrence ofcyclical fluctuations.This is a theoretical paper the purpose of which is a critical analysis of the monetary policybased on the adoption of money supply for the intermediate target. The analysis is conductedfrom the perspective of the Austrian school. The paper also contains the discussion of the roleuang beredar sebagai target menengah dilihat dari sudut pandang dari tren utama dalamekonomi.

Hasil (Bahasa Indonesia) 2:

Pendahuluan
bank sentral Kontemporer negara yang paling berkembang mengikuti kebijakan moneter
menetapkan target utamanya pada inflasi yang rendah dengan menggunakan strategi target inflasi langsung. Kebijakan ini
mengasumsikan bahwa tidak ada target menengah formal. Bank-bank sentral tidak fokus pada kontrol
dari satu parameter menentukan target akhir. Mereka memperhitungkan setiap bagian tersedia
informasi tentang faktor-faktor yang membahayakan pelaksanaan sasaran inflasi diadopsi untuk diberikan
periode. Strategi ini telah menggantikan strategi realisasi antara inflasi
sasaran. Target menengah yang paling sering diadopsi adalah jumlah uang beredar. Kemudian, pusat
Bank wajib membentuk peningkatan kuantitas uang dengan cara yang akan sesuai
dengan peningkatan yang diharapkan dalam harga. M. Friedman mengusulkan kenaikan tetap uang beredar
yang akan sesuai dengan peningkatan output potensial dalam jangka panjang. Austria
sekolah ekonomi memiliki sikap kritis terhadap kedua strategi. Para ekonom dari sekolah ini berpendapat
bahwa operasi saat ini bank sentral memberikan kontribusi semaksimal terjadinya
fluktuasi siklus.
Ini adalah kertas teoritis tujuan yang merupakan analisis kritis terhadap kebijakan moneter
berdasarkan adopsi dari pasokan uang untuk target menengah. Analisis ini dilakukan
dari perspektif sekolah Austria. Makalah ini juga berisi diskusi tentang peran
uang beredar sebagai sasaran antara dilihat dari sudut pandang tren utama dalam
ekonomi.