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Indeed, central banks now need to think about the conduct of monetary policy in environments where the evolution of banking and payments systems already has implied and will continue to imply a declining demand for their liabilities.
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Capital per person in the economy will now be falling, which implies a declining capital stock K2.
"A company selling at four times earnings that are merely stable (implying a declining return on equity) doubles its net worth every four years," Boland recently pointed out to his clients.
However, it is hard to derive any interpretation of these data that wouldn't imply a decline in the relative standing of the UK internationally".
"This does not necessarily imply a decline in asset values, although that, of course, can happen at any time for a number of reasons," he said, "but rather that these values will increase no faster than household incomes".
Mr. Greenspan did not specify what his arcane equation meant for popular measures of stock prices like the Dow Jones industrial average or the Nasdaq, although he emphasized that it would "not necessarily imply a decline in asset values".
Decadal mean profiles imply a decline in nitrate concentrations in the upper 30 m layer above the seasonal thermocline (Fig. 9).
This result could be accounted for because patients admitted usually have more serious conditions, which would imply a decline in the patient's decisional capacity, whether real or perceived by professionals.
Most of the other financial instruments experienced a negative impact, which implies a decline in demand.
Therefore, the sovereign money reform implies a decline in the return to depositors of 2.69.
The indices have been found to exhibit a statistically significant decreasing trend over several regions of India thereby implying a decline of moisture loads.
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CEO of Professional Science Editing for Scientists @ prosciediting.com