This essay will assess research into the impact of globalization on inflation and discuss whether it has weekend the ability of central banks to control the dynamics of inflation. The ability of central banks to control the rates of inflation may be substantially complicated by the increased globalization of the goods markets, factor markets and the financial markets (Woodford, 2007). The ability of national banks to influence the dynamics of inflation through monetary policy may be undermined by globalization. The central bankâ€™s primary goal is to maintain price stability by regulating the level of inflation through monetary policy. Globalization increases trade both within and across countries (Schwerhoff & Sy, 2013). Through communicating their policy intentions regarding the future short-term interest rates, central banks can affect also the current longer-term rates (Tang, 2011). The new consensus (DSGE) Model incorporates four components, the output gap equation, the Phillipâ€™s curve, the exchange rate equation and the Policy Rule (Woodford, 2007). The policy rule incorporates the Taylor rule which stipulates the amount a central bank should change the nominal interest rates in response to changes in inflation, output or other economic conditions. It also incorporates the idea of the inconsistent trinity, (sovereign monetary policy, fixed exchange rate and free capital flow) where only two of these can be possible at any given time. The impact of globalization on the effectiveness of monetary policy is now at the center of international macroeconomics literature with the recent experience of inflation accelerating the large number of industrial and emerging market countries (Ã–zatay & Ã–zmen, 2008). They support the idea tha... ...lely on their domestic economy (The Economist, 2005). Even though this may suggest that globalization has been able to combat the nature of inflation mistakes by central banks could allow it to break out again. (The Economist, 2005). This is partly due to the fact that a number of central banks make their decisions based on the actions of other central banks such as the Federal Reserve in the US (Rogoff, 2006). An example of this would be with number of Asian and oil producing countries will stabilize their currencies against the US dollar, which implies that the policies enacted by the Fed can still have an impact on global interest rates. (Fisher, 2006) Suggests that central banks should be conditioned on changes in foreign potential output and questions why, for instance, the output gap is calculated without taking into account the Chinese and Indian economies.
Most fitness and training facilities now have stability balls, foam rolls, balance boards and other â€œfunâ€ toys as part of their conditioning equipment. These are part of a new trend in the strength and conditioning field called â€œfunctional trainingâ€. Definition Functional training is the action of training â€œfunctionâ€, a general term that meaning â€œrole or dutyâ€. Functional training is the science of training the body to meet the specific demands of life and sports. It is based on 1) the principle of specificity and 2) muscle function. The principle of specificity also known as SAID (Specific Adaptations to Imposed Demands) means that the body responds and adapts specifically to the type and amount of physical demands under which it is placed. In other words, you only improve what youâ€™ve specifically trained. Since muscle form dictates the role and function of each muscle, muscle needs to be trained the way it is designed to function. Origin Functional training is nothing new and comes primarily from the rehabilitation field. For many decades, therapists have been experimenting with ways of helping their patients regain function. Their goal is to retrain muscles to work properly using special exercises. In their quest to help their patients to become more functional, they have a developed functional training approach. Traditional vs. Functional Traditional strength training usually consists of trying to develop strength and build muscle through isolating specific muscle groups. This type of training could be called dysfunctional training and only develop segmental strength. Traditional strength training is adequate for building muscle but it does not train the body to meet the specific demands of life and sports. It does not reproduce real life conditions and only serves to create non-functional strength. Peter Twist, Vancouver Canucks Strength and Conditioning Coach, explains: â€œTypical strength training attempts to develop the body through a piecemeal approach, isolating specific muscle groups. Worse yet, this is often done with the body unloaded, sitting stationary on a machine while moving one isolated body part through a controlled range of motion, usually in a strict linear, straight ahead motionâ€. Traditional strength training train isolated muscle function while functional training train the body to work as a unit. The central nervous system is programmed to make the body function as a unit, not to work in terms of isolated muscle function. Functional training is â€œfunctionalâ€ since it trains the body the way it has been designed to function.
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