C2 · 50 words
Monetary policy in Spanish
Policy rate, balance sheet, transmission and expectations — the language of a central bank.
Four times on this page el tipo means a rate: el tipo de interés, el tipo de cambio, el tipo natural. It has nothing to do with rates in itself — el tipo is the type or kind of a thing, and a rate is one kind of measure. The same word is also a man one does not name: vino un tipo preguntando por ti, a bloke, a fellow. So the sentence ese tipo no me gusta is about a person if you are in a bar and about a rate if you are in a bank.
The words
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Phrase (49)
la orientación de la política monetariathe direction a central bank is steering in, which works with a lagPhraseC2
La orientación de la política monetaria actúa con retraso.The stance of monetary policy acts with a lag.
el consejo de gobiernothe body that takes the decision, every six weeksPhraseC2
El consejo de gobierno decide cada seis semanas.The governing council decides every six weeks.
la independencia del banco centralthe freedom from instruction, here written into a treatyPhraseC2
La independencia del banco central está en el tratado.The independence of the central bank is in the treaty.
el mandato de estabilidad de preciosthe duty to keep prices stable, which comes firstPhraseC2
El mandato de estabilidad de precios tiene prioridad.The price stability mandate takes priority.
la meta simétrica de preciosthe target that treats overshooting and undershooting alikePhraseC2
La meta simétrica de precios trata igual el exceso y el defecto.The symmetric price target treats excess and shortfall alike.
el tipo de las operaciones principalesthe rate at which banks refinance themselves week by weekPhraseC2
El tipo de las operaciones principales subió un cuarto de punto.The rate on the main operations rose by a quarter point.
la facilidad de depósitothe rate paid on money parked overnight, which floors the marketPhraseC2
La facilidad de depósito marca el suelo del mercado.The deposit facility marks the floor of the market.
la facilidad marginal de créditothe rate charged on emergency overnight borrowing, which caps itPhraseC2
La facilidad marginal de crédito marca el techo.The marginal lending facility marks the ceiling.
la operación de mercado abiertothe weekly auction through which the money is actually placedPhraseC2
La operación de mercado abierto se subasta semanalmente.The open market operation is auctioned weekly.
el coeficiente de reservasthe share banks must hold back, now barely usedPhraseC2
El coeficiente de reservas apenas se usa ya.The reserve requirement is hardly used any more.
la base monetariathe money the central bank itself has issuedPhraseC2
La base monetaria no equivale a la cantidad de dinero.The monetary base is not the same as the quantity of money.
el agregado monetariothe wider count that includes deposits of various maturitiesPhraseC2
El agregado monetario amplio incluye los depósitos a plazo.The broad monetary aggregate includes time deposits.
la velocidad de circulaciónthe number of times a unit of money changes hands in a yearPhraseC2
La velocidad de circulación no es constante.The velocity of circulation is not constant.
la creación de dinero bancariothe making of money by a commercial bank granting a loanPhraseC2
La creación de dinero bancario ocurre al conceder el préstamo.Bank money is created when the loan is granted.
el mecanismo de transmisiónthe route by which a rate decision reaches pricesPhraseC2
El mecanismo de transmisión pasa por la banca.The transmission mechanism runs through the banks.
el canal del créditothe part of that route that runs through lendingPhraseC2
El canal del crédito se atasca en una crisis bancaria.The credit channel gets blocked in a banking crisis.
el canal del tipo de cambiothe part that runs through the value of the currencyPhraseC2
El canal del tipo de cambio importa en economías abiertas.The exchange rate channel matters in open economies.
la curva de rendimientosthe picture of what borrowing costs at each maturityPhraseC2
La curva de rendimientos se invirtió el mes pasado.The yield curve inverted last month.
la prima por plazothe extra return demanded for lending longerPhraseC2
La prima por plazo compensa el riesgo de tipos.The term premium compensates for interest rate risk.
el tipo de interés realthe rate with expected inflation taken out of itPhraseC2
El tipo de interés real descuenta la inflación esperada.The real interest rate takes out expected inflation.
el tipo natural de interésthe rate that neither heats nor cools, which can only be estimatedPhraseC2
El tipo natural de interés no se observa, se estima.The natural rate of interest is not observed, it is estimated.
el límite inferior efectivothe point below which cutting rates stops workingPhraseC2
El límite inferior efectivo obliga a otras herramientas.The effective lower bound forces other tools.
el programa de compra de activosthe buying of bonds when the rate itself can go no lowerPhraseC2
El programa de compra de activos alarga la duración de la cartera.The asset purchase programme lengthens the duration of the portfolio.
la reducción del balancethe shrinking of that holding, by letting bonds maturePhraseC2
La reducción del balance se hace dejando vencer los títulos.The balance sheet is reduced by letting the securities mature.
la orientación futurathe saying in advance what the bank expects to doPhraseC2
La orientación futura mueve los tipos largos sin decidir nada.Forward guidance moves long rates without anything being decided.
el anclaje de las expectativasthe holding of everybody's inflation expectations in placePhraseC2
El anclaje de las expectativas es el verdadero objetivo.The anchoring of expectations is the real objective.
la credibilidad de la autoridad monetariathe belief that the bank will do what it says, earned slowlyPhraseC2
La credibilidad de la autoridad monetaria se gana despacio.The credibility of the monetary authority is won slowly.
la inconsistencia temporalthe temptation to break a promise once it has done its workPhraseC2
La inconsistencia temporal tienta a incumplir lo prometido.Time inconsistency tempts one to break what was promised.
la regla monetariathe formula used as a yardstick and not as an instructionPhraseC2
La regla monetaria sirve de referencia, no de mandato.The monetary rule serves as a reference, not as a mandate.
la discrecionalidad de la políticathe room to depart from it when something unforeseen happensPhraseC2
La discrecionalidad de la política permite reaccionar a lo imprevisto.Policy discretion allows a response to the unforeseen.
el índice de precios sin componentes volátilesthe price index with the jumpiest items taken outPhraseC2
El índice de precios sin componentes volátiles excluye energía y alimentos frescos.The price index without volatile components excludes energy and fresh food.
el efecto de basethe effect of what the same month looked like a year agoPhraseC2
El efecto de base explica la caída del dato interanual.The base effect explains the fall in the annual figure.
la espiral de precios y salariosthe loop in which pay chases prices and prices chase payPhraseC2
La espiral de precios y salarios necesita que ambos suban.The wage-price spiral needs both of them to rise.
el efecto de segunda rondathe second wave, which worries a bank more than the first shockPhraseC2
El efecto de segunda ronda preocupa más que el choque inicial.The second-round effect worries more than the initial shock.
la capacidad ociosa de la economíathe slack in the economy, which is estimated with wide errorPhraseC2
La capacidad ociosa de la economía se estima con mucha incertidumbre.Slack in the economy is estimated with great uncertainty.
el desempleo no acelerador de la inflaciónthe unemployment rate at which inflation neither rises nor fallsPhraseC2
El desempleo no acelerador de la inflación se revisa a menudo.The non-accelerating rate of unemployment is often revised.
el prestamista de última instanciathe lender that steps in when nobody else will, against good securityPhraseC2
El prestamista de última instancia presta contra buena garantía.The lender of last resort lends against good collateral.
el riesgo moralthe incentive problem created when a rescue is taken for grantedPhraseC2
El riesgo moral aparece cuando el rescate se da por seguro.Moral hazard appears when the rescue is taken for granted.
el colateral admisiblethe security a central bank will acceptPhraseC2
El colateral admisible se somete a un recorte de valoración.Eligible collateral is subject to a valuation haircut.
el recorte de valoraciónthe discount applied to that security, larger the riskier it isPhraseC2
El recorte de valoración crece con el riesgo del título.The haircut grows with the risk of the security.
la línea de intercambio de divisasthe arrangement that lets one central bank supply another's currencyPhraseC2
La línea de intercambio de divisas alivia la escasez de dólares.The currency swap line eases the shortage of dollars.
la reserva de divisasthe foreign currency held in reserve, here six months of importsPhraseC2
La reserva de divisas cubre seis meses de importaciones.The foreign exchange reserve covers six months of imports.
la intervención cambiariathe buying or selling of currency to move its pricePhraseC2
La intervención cambiaria rara vez cambia la tendencia.Exchange rate intervention rarely changes the trend.
la esterilización de la intervenciónthe offsetting operation that keeps the money base unchangedPhraseC2
La esterilización de la intervención evita ampliar la base monetaria.Sterilising the intervention avoids widening the monetary base.
la dominancia fiscalthe situation in which debt dictates monetary policyPhraseC2
La dominancia fiscal somete la política monetaria a la deuda.Fiscal dominance subjects monetary policy to the debt.
la moneda digital de banco centralthe central bank's own digital money, and its privacy questionsPhraseC2
La moneda digital de banco central plantea preguntas de privacidad.Central bank digital currency raises questions of privacy.
la política macroprudencialthe supervision that looks at the system rather than one bankPhraseC2
La política macroprudencial mira al sistema, no al banco suelto.Macroprudential policy looks at the system, not at the single bank.
el colchón de capital anticíclicothe extra capital built up in the good yearsPhraseC2
El colchón de capital anticíclico se acumula en la bonanza.The countercyclical capital buffer is built up in the good times.
el acta de la decisión monetariathe record of the meeting, published after a delayPhraseC2
El acta de la decisión monetaria se publica con retraso.The minutes of the monetary decision are published after a delay.
Noun (m) (1)
el señoreajethe profit a state makes from issuing moneyNoun (m)C2
El señoreaje es el beneficio de emitir dinero.Seigniorage is the profit from issuing money.
This list belongs to Money, finance and economy — 16 lists and 800 words that can also be practised as a whole.
Practise this list
From these 50 words, as many per round as you like — up to all of them: first what is due today, then new ones. First you choose, then you fill the gap, then you write it yourself. Mistakes come back again shortly.