Analisa Keseimbangan Energi PLTU Takalar (Punagaya) Unit 2 Berdasarkan Perubahan Beban

This study aims to calculate the efficiency and heat rate of the unit 2 PLTU Takalar (Punagaya) system with the energy balance calculation method, calculate the NPHR value of PLTU Takalar (Punagaya) unit 2 when the unit is operating, and also to determine the energy loss from the conversion energy results at PLTU Takalar (Punagaya) unit 2 when the unit operates. The PLTU's Net Plant Heat Rate (NPHR) value is a very important role as an indicator of the performance of a steam power plant. The real-time NPHR value calculation using the energy balance method can be used as an evaluation material to control the operation pattern of the generator in order to obtain optimal operation. The method used in this research is to collect direct and indirect data to calculate the energy balance and NPHR of PLTU Takalar (Punagaya) unit 2 during the reliability run period. The calculations carried out include the calculation of the energy balance in the boiler, the energy balance in the steam cycle, the balance of electrical energy, the efficiency of the PLTU and NPHR systems. Based on the results of calculations that have been carried out the efficiency and NPHR of PLTU Takalar (Punagaya) unit 2 is the best during the reliability run of 32.76% and 2801.93 kcal / kWh at full load conditions with an energy loss value of 220.60 MW. The performance of PLTU Takalar (Punagaya) unit 2 during the reliability run is very good where the unit operates continuously and the NPHR value when full load fulfills the contract warranty and the maximum operating target.

Houses as Collateral and Household Debt Deleveraging in Korea

As Korea’s household debt has increased rapidly since the mid-2000s, concerns that its economy’s hard-wired leveraging may negatively impact economic activity have grown. Calls are being made for policy actions to return the economy to its long-run trend. Housing preferences and monetary shocks can both trigger deleveraging, as most household debt is profoundly connected to the housing market, and debt growth increases sensitivity to interest rates. Constructing a dynamic stochastic general equilibrium model with heterogeneous households and the housing production sector, we simulate and analyze the macroeconomic effects of deleveraging. Because a lower loan-to-value (LTV) ceiling limits the size of household debt, the deleveraging effect caused by borrowers’ re-optimization is alleviated as the LTV ceiling decreases. When the housing price is included as an additional operating target in an otherwise standard monetary policy (MP) rule, economy-wide welfare increases when the MP is proactive to demand shocks and inactive to supply shocks. These findings suggest that deleveraging risk can be attenuated by adopting a lower LTV ceiling and maneuvering MP asymmetrically depending on the source of a shock.

Monetary Policy Implementation

This paper discusses operational issues for countries that want to reform their monetary policy frameworks. It argues that stabilizing short-term interest rates on a day-to-day basis has significant advantages, and thus that short-term interest rates, not reserve money, in most cases should be the daily operating target, including for countries relying on a money targeting policy strategy. The paper discusses how a policy formulation framework based on monetary aggregates can be combined with an operational framework that ensures more stable and predictable short-term rates to enhance policy transmission. It also discusses how to best configure an interest-rate-based operational framework when markets are underdeveloped and liqudity management capacity is weak.

Inflation Targeting in Uganda

The Bank of Uganda introduced an inflation targeting (IT) monetary policy framework in 2011, replacing a decades-old money targeting framework. This chapter reviews Uganda’s experience and concludes that an IT framework is feasible for Uganda, despite shallow financial markets, volatile exchange rates, supply price shocks which make inflation more volatile and difficult to forecast, and lack of data. Key prerequisites were the operational independence of the central bank and the primacy of the core inflation objective for monetary policy. The successful adoption of IT in Uganda depended on the adoption of a set of basic principles, including: the primacy of the inflation forecast in setting policy; the separation of monetary from fiscal operations; the adoption of a short-term interest rate as the sole operating target, rather than e.g. a mix of interest rates and monetary aggregates; and an emphasis on clear communications.

The Liquidity Premium of Near-Money Assets*

This article examines the link between the opportunity cost of money and time-varying liquidity premia of near-money assets. Higher interest rates imply higher opportunity costs of holding money and hence a higher premium for the liquidity service benefits of assets that are close substitutes for money. Consistent with this theory, short-term interest rates in the United States, United Kingdom, and Canada have a strong positive relationship with the liquidity premium of Treasury bills and other near-money assets over periods going back to the 1920s. Once the opportunity cost of money is taken into account, Treasury security supply variables lose their explanatory power for the liquidity premium, except for transitory short-run effects. These findings indicate a high elasticity of substitution between money and near-money assets. As a consequence, a central bank that follows an interest rate operating target not only elastically accommodates and neutralizes shocks to money demand, but effectively also shocks to near-money asset supply and demand.

The Interest Rate Channel of Monetary Transmission: The Indian Experience

This paper looks into the role of interest rate in the monetary transmission mechanism in India. It analyses the effect of the changes in the policy rate on the different segments of the financial market in India from the onset of Liquidity Adjustment Facility (LAF), i.e, July 2000 onwards to March 2014. A VAR model comprising of interest rate, output, price and exchange rate is estimated for the same period, to study the effect of changes in the policy rate on the various macroeconomic variables. The policy rate is proxied as the monthly weighted average overnight call money rate i.e., CMR as this is the operating target of the RBI. Both the exercises show that interest rate channel has gained in importance for the Indian economy after the deregulation of interest rates and adoption of the new monetary operating framework.

Hauptrefinanzierungszins, Interbankenmarkt und Geldangebot im Euroraum

SummaryIn macroeconomic models, the nominal money supply, the long-term nominal interest rate, or even the inflation rate usually serves as the monetary policy variable. In practice, however, none of these variables is directly controlled by the central bank. Consequently, these models do not accurately reflect the implementation of monetary policy. Based on a theoretical model which incorporates the main institutional features of the euro area, this paper analyzes the transmission of monetary policy impulses from their implementation (setting the interest rate at which banks can obtain liquidity from the central bank) via the interbank market to the aggregate money and credit supply in an economy. Building on this analysis, we discuss the ability of the central bank to steer its operating target, the interbank market interest rate, and the money supply.