There has been significant financial deepening. Image Guidelines 5. Monetary policy refers to the credit control measures adopted by the central bank of a country. Investment is encouraged. As a result, they adopt an expansionary fiscal policy. “Commercial Paper Funding Facility.” Accessed March 31, 2020. For the group of countries considered, the following instruments of monetary policy and their functions can be distinguished: • Reserve requirements, obliging institutions to hold an amount of money on an account with the central bank, with the aim of absorbing liquidity in the money market and/or augmenting control over money growth (monetary control). The three objectives of monetary policy are controlling inflation, managing employment levels, and maintaining long term interest rates. Federal Reserve. Money, banks and monetary policy: The Bank of England and monetary policy, Objectives and instruments of monetary policy study guide by Callum0Smith includes 43 questions covering vocabulary, terms and more. In the United States, the Fed sells Treasurys to member banks. The strength of a currency depends on a number of factors such as its inflation rate. She writes about the U.S. Economy for The Balance. Electronic Government of the Republic of Armenia. Central banks rarely change the reserve requirement because it requires a lot of paperwork for the members. The volume of investment, output and employment are adversely affected. Content Filtrations 6. Economic Growth: One of the most important objectives of monetary policy in recent years has been the rapid economic growth of an economy. First, they all use open market operations. Fewer businesses and individuals borrow, slowing growth. Expansionary monetary policy increases the growth of the economy, while contractionary policy slows economic growth. When inflation is lower than the core, the Fed is likely to lower the fed funds rate. It rarely works this way. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Most central banks also have a lot more tools at their disposal. Monetary policy increases liquidity to create economic growth. Central Bank Instruments Operating Target Intermediate Target Ultimate Indicator Variables 10 Objective The reserves of commercial banks are raised. Federal Reserve Bank of St. Louis. But it has been accepted by all monetary theorists that (i) the success of monetary policy is nil in a depression when business confidence is at its lowest ebb; and (ii) it is successful against inflation. Accessed March 31, 2020. A more detailed explanation of the objectives of monetary policy is as follows: Circulating the Rupiah as a medium of exchange in economic activities. Stanford University. The instruments of monetary policy are of two types: first, quantitative, general or indirect; and second, qualitative, selective or direct. Fiscal Policy – Objectives, Instruments & Limitations. Let us see what are the obje… The RBI has to control the supply of money in the market through a variation in lending or borrowing interest rates Let me explain the major tools which are used by RBI to implement its monetary policy. Most central banks have many more tools. Central banks use contractionary monetary policy to reduce inflation. It is an important goal not only because unemployment leads to wastage of potential output, but also because of the loss of social standing and self-respect. Indicators 5. Policy Decision Ct lB k Long gaps between policy decision and ultimate objective! TOS 7. These are to be changed by using the instruments of monetary policy for attaining the objectives (goals). Growth in monetary and credit aggregates is, by and large, contained within desired trajectories and consistent with the overall GDP growth objective. Types 7. Central banks use expansionary monetary policy to lower unemployment and avoid recession. Before publishing your articles on this site, please read the following pages: 1. The following are the principal objectives of monetary policy: Full employment has been ranked among the foremost objectives of monetary policy. Individuals borrow more to buy more homes, cars, and appliances. Given the small size and openness of the economies of the member countries, the Bank has sought to pursue the objective of price stability through the maintenance of a fixed exchange rate link with the US dollar. Businessmen are encouraged to borrow more. Accessed March 31, 2020. Targets 4. It raises the discount rate to discourage banks from borrowing. The broad objective of monetary policy is to stimulate, sustain, or moderate real sector business activities as a means of attaining short-term economic objectives of government. The program outlines the main directions of the monetary policy and the monetary instruments which the CBA uses in order to fulfill its objectives. Instruments of Fiscal Policy. Rs 4,000 as loan. There are various kinds of taxes broadly classified as direct and indirect tax. The latter also lower their lending rates. Objectives of Monetary Policy. The reserves of commercial banks are reduced and they are not in a position to lend more to the business community. On the contrary, when prices are depressed, the central bank lowers the bank rate. Accessed March 31, 2020. The outcomes have, by and large, been satisfactory. Price stability is an important precondition for business certainty and the sustainable growth of an economy. They usually take the form of changing margin requirements to control speculative activities within the economy. Previously, this reserve requirement has been 10%. It sets expectations that the banks want some inflation. They are meant to regulate the overall level of credit in the economy through commercial banks. It reduces liquidity to prevent inflation. The Fed implements monetary policy through open market operations, reserve requirements, discount rates, the federal funds rate, and inflation targeting. The Fed implements monetary policy through open market operations, reserve requirements, discount rates, the federal funds rate, and inflation targeting. "What Is the Difference Between Fiscal and Monetary Policy?" This weapon was suggested by Keynes in his Treatise on Money and the USA was the first to adopt it as a monetary device. The volume of loans affects the money supply. The second tool is the reserve requirement, in which the central banks tell their members how much money they must keep on reserve each night. Simply put the main objective of monetary policy is to maintain price stability while keeping in mind the objective of growth as price stability is a necessary precondition for sustainable economic growth. Both economists and laymen favour this policy because fluctuations in prices bring uncertainty and instability to the economy. They lend more and the economic activity is favourably affected. To avoid inflation in this situation, the Fed is forced to use a restrictive monetary policy.. Credit includes loans, bonds, and mortgages. Federal Debt: Total Public Debt as Percent of Gross Domestic Product. Monetary Policy Frameworks Central challenge for monetary policy frameworks: Long gaps between policy decision and ultimate objective! All these tools affect how much banks can lend. Board of Governors of the Federal Reserve System. How Low Interest Rates Create More Money for You, How Milton Friedman's Theory of Monetarism Works, The Quick Thinking That Saved the Housing Market, The Secret to How the Fed Controls Interest Rates, How Bad Is Inflation? “The Monetary Policy is the sets of policies (rules and regulations or activities) which are adopted by the Monetary Authority (central bank) of a country to regulate the money supply, to influence inflation rate, interest rates, unemployment rate and to stabilise the currency exchange rate with respect to other currencies.” They increase liquidity by giving banks more money to lend. The Fed prefers banks to borrow from each other. Some of the important instrument or tools of monetary policy in India are: Open Market Operations (OMO) Cash Reserve Ration (CRR) Outcomes Are Satisfactory, If Not Perfect. The third tool is the discount rate. When prices are rising, the central bank raises the reserve ratio. The instruments of monetary policy are the same as the instruments of credit control at the disposal of the Central Banking authorities. Board of Governors of the Federal Reserve System. For an effective anti-cyclical monetary policy, bank rate, open market operations, reserve ratio and selective control measures are required to be adopted simultaneously. WHAT ARE THE INSTRUMENTS OF MONETARY POLICY? These included the Commercial Paper Funding Facility and the Term Auction Lending Facility.  It stopped using most of them once the crisis ended. That gives members banks more money to lend. These objectives are necessary for the attainment of internal and external balance and the … Accessed March 31, 2020. Their reserves are reduced and they lend less. Aggregate can be influenced by taxes. Monetary Policy and the Federal Reserve: Current Policy and Conditions. Instruments 6. Of the two types of instruments, the first category includes bank rate variations, open market operations and changing reserve requirements. It is cheap to borrow from the central bank on the part of commercial banks. Objectives of Monetary Policy The primary objective of monetary policy is Price stability. Stability of Internal Prices; Heavy fluctuation in the general price level is not good for an economy. It stimulates demand and economic growth. Congressional Research Service. Contents: Objectives / Goals of Monetary Policy Trade-Off in Objectives of Monetary Policy Targets of […] Privacy Policy 8. 2. Read this article to learn about monetary policy: it’s meaning, objectives and instruments! The primary objectives of monetary policies are the management of inflation or unemployment, and maintenance of currency exchange ratesFixed vs. Pegged Exchange RatesForeign currency exchange rates measure one currency's strength relative to another. The monetary policy refers to a regulatory policy whereby the central bank maintains its control over the supply of money to achieve the general economic goals. Central banks use interest rates, bank reserve requirements, and the number of government bonds that banks must hold. The fed funds rate impacts all other interest rates, including bank loan rates and mortgage rates.. To compensate, the Fed injected massive amounts of money into the economy with quantitative easing. "Effective Federal Funds Rate." One of the policy objectives of monetary policy is to stabilise the price level. Board of Governors of the Federal Reserve System.“What Is the Lowest Level of Unemployment That the U.S. Economy Can Sustain?” Accessed March 31, 2020. Monetary Policy Goals and Controls. They result in uncertainty, damaging production and un-employment. “What Are the Federal Reserve's Objectives in Conducting Monetary Policy?” Accessed March 31, 2020. Raymond P. Kent defines monetary policy as Harry G. Johnson defines monetary policy as a The control of credit in the economic system or the adoption of a definite monetary policy is done with a specific objective. The target for this rate is set at the FOMC meetings. The Fed has two other major tools it can use. The banks charge a higher interest rate, making loans more expensive. A strong currency is considered to be one that is valuable, and this manifests itself when comparing its value to another currency. Monetary policy refers to those measures adopted by the Central Banking authorities to manipulate the various instruments of credit control. That increases liquidity and boosts growth.. When there is brisk speculative activity in the economy or in particular sectors in certain commodities and prices start rising, the central bank raises the margin requirement on them. Price Stability: The objective of price stability has been highlighted during the twenties and thirties … By using The Balance, you accept our. "How Monetary Policy Works." The government and RBI use these two policies to steer the broad aspects of the Indian Economy. Here are the three primary tools and how they work … However, effective March 26, 2020, the Fed has reduced the reserve requirement to zero.. That increases demand and spurs economic growth., Ideally, monetary policy should work hand-in-glove with the national government's fiscal policy. What Is the Federal Reserve and What Does It Do? The result is that the borrowers are given less money in loans against specified securities. The main objectives of monetary policy are here below. Board of Governors of the Federal Reserve System. Further investment is discouraged and the rise in prices is checked. Economic growth is defined as “the process whereby the real per capita income of a country increases over a long period of time.”. Monetary policy can be either expansive for the economy (short-term rates low relative to the inflation rate) or restrictive for the economy (short-term rates high relative to the inflation rate). The money supply includes forms of credit, cash, checks, and money market mutual funds. Quizlet flashcards, activities and games help you improve your grades. "Term Auction Facility (TAF)." The CBA also conducts a foreign exchange policy (Law on Central Bank of Armenian, Chapter 7). It wants the core inflation rate to be around 2%. Beyond that, it prefers a natural rate of unemployment of between 3.5% and 4.5%., The Fed's overall goal is healthy economic growth. Another objective of monetary policy since the 1950s has been to maintain equilibrium in the balance of payments. "Reserve Requirements." Objectives & Instruments of Monetary Policy The papers presented at the Seminar identified three major objectives of monetary policy in an Islamic economy, namely, stability in the value of money, economic well-being with full employment and optimum rate of economic growth, and promotion of … What Are the Federal Reserve's Objectives in Conducting Monetary Policy? The goals of monetary policy refer to its objectives such as reasonable price stability, high employment and faster rate of economic growth. Investment, output, employment, income and demand rise and fall in price is checked. The commercial banks, in turn, raise their lending rates to the business community and borrowers borrow less from the commercial banks. The Balance does not provide tax, investment, or financial services and advice. The instruments of monetary policy are variation in the bank rate, the repo rt rate and other interest rates, open market operations (OMOs), selective credit controls and variations in … Thomas Brock is a well-rounded financial professional, with over 20 years of experience in investments, corporate finance, and accounting. Past, Present, Future, How the Federal Reserve Discount Rate Controls All Other Rates, Why Your New Home Will Cost More Next Year. Every bank is required by law to keep a certain percentage of its total deposits in the form of a reserve fund in its vaults and also a certain percentage with the central bank. For instance, raising the margin requirement to 60% means that the pledger of securities of the value of Rs 10,000 will be given 40% of their value, i.e. Historically, the major objective of monetary policy had been to use these policy instruments to manage or curb domestic inflation. They include changing margin requirements and regulation of consumer credit. While government is conducts Fiscal Policy, RBI is responsible for monetary policy. The three objectives of monetary policy are controlling inflation, managing employment levels, and maintaining long term interest rates. Content Guidelines 2. Plagiarism Prevention 4. Banks lower interest rates, making loans cheaper. The Federal Reserve’s three instruments of monetary policy are open market operations, the discount rate and reserve requirements. Learn about the objective of Canada’s monetary policy and the main instruments used to implement it: the inflation-control target and the flexible exchange rate. Borrowing from the central bank becomes costly and commercial banks borrow less from it. Ensuring price stability, that is, containing inflation. Accessed March 31, 2020. The objectives of monetary policy include price stability, maintenance of balance of payments equilibrium, full employment and output growth and sustainable economic development and growth. When prices are rising and there is need to control them, the central bank sells securities. Price Stability: It is the primary objective of monetary policy as stated by RBI. They buy and sell government bonds and other securities from member banks. They affect the level of aggregate demand through the supply of money, cost of money and availability of credit. The Federal Reserve created many new tools to deal with the 2008 financial crisis. It exceeded the debt-to-GDP ratio of 100%. As a result, fiscal policy became contractionary just when it needed to be expansionary. Monetary policy guides the Central Bank’s supply of money in order to achieve the objectives of price stability (or low inflation rate), full employment, and growth in aggregate income. The Balance uses cookies to provide you with a great user experience. Trade-Off in Objectives of Monetary Policy 3. Main instruments of … We discuss them as under: The bank rate is the minimum lending rate of the central bank at which it rediscounts first class bills of exchange and government securities held by the commercial banks. Central banks have three monetary policy objectives. The most important is to manage inflation. Thus, RBI uses various instruments of monetary policy which we have … Federal Reserve Bank of San Francisco. The central bank uses several instruments of monetary policy, referred to as monetary variables at its discretion, to regulate the credit availability and liquidity (money supply) in a manner that controls inflation and at the same time stimulate the growth of the economy. 3. Monetary policy in Chile: The main objectives of the Central Bank in Chile are to control money; interest rates and different credit conditions The instruments of monetary policy in Chile are primarily open market operations, monetary reserves and discount rates. Board of Governors of the Federal Reserve System. In India, the RBI plays an important role in controlling inflation through the consultation process regarding inflation targeting. The Federal Reserve uses monetary policy to manage economic growth, unemployment, and inflation. When it wants to expand liquidity, it lowers the requirement. The Fed, as well as many other central banks, also use inflation targeting. This action changes the reserve amount the banks have on hand. In the opposite case, when the reserve ratio is lowered, the reserves of commercial banks are raised. All central banks have three tools of monetary policy in common. A higher reserve means banks can lend less. Maintaining stability between economic needs and price levels. In case of recession in a particular sector, the central bank encourages borrowing by lowering margin requirements. What Is the Lowest Level of Unemployment That the U.S. Economy Can Sustain? Accessed March 31, 2020. Monetary Policy (of RBI) Instruments: The Reserve Bank of India executes different mechanism and tools to meet its objectives. The selective credit controls aim at controlling specific types of credit. “Monetary Policy.” Accessed March 31, 2020. They reduce the money supply by restricting the volume of money banks can lend. What Is the Difference Between Fiscal and Monetary Policy? Fiduciary or paper money is issued by the Central Bank on the basis of computation of estimated demand for cash. The targets of monetary policy refer to such variables as the supply of bank credit, interest rate and the supply of money. "Monetary Policy and the Federal Reserve: Current Policy and Conditions." This rate is the interest rate that banks charge each other to store their excess cash overnight. The monetarists contend that as against fiscal policy, monetary policy possesses greater flexibility and it can be implemented rapidly. Open market operations refer to sale and purchase of securities in the money market by the central bank. When inflation is at the target or above, the Fed will raise its rate. Fiscal Policy is different from monetary policy in the sense that monetary policy deals with the supply of money and rate of interest. By lowering the discount rate, it encourages borrowing. Monetary Policy Explained Including Its Objectives,Types, and Tools, Why the Fed Removed the Reserve Requirement, The Most Powerful Interest Rate in the World, FOMC: What It Is, Who Is On It and What It Does, How the Fed Raises and Lowers Interest Rates. Federal Reserve Bank of St. Louis. Federal Reserve Board. Past performance is not indicative of future results. Government leaders get re-elected for reducing taxes or increasing spending. Open market operations involve the buying and selling of … ADVERTISEMENTS: In this article we will discuss about:- 1. "The Facts of Economic Growth," Pages 5-8. Leonard Onyiriuba, in Bank Risk Management in Developing Economies, 2016. Accessed March 31, 2020. Contrariwise, when recessionary forces start in the economy, the central bank buys securities. That's how much a central bank charges members to borrow funds from its discount window. That action reduces liquidity and slows the economy. Report a Violation, Monetary Policy: Its Meaning and Contents, The Meaning and Objectives of Monetary Policy, Money Market: Features, Instruments and other details regarding Money Market. About the U.S. economy can Sustain is lower than the core, the central bank of a depends. Level of credit are open market operations, reserve requirements, and maintaining long term rates... Of RBI ) instruments: the reserve bank of India employs various instruments monetary... Speculative activities within the economy, the Fed has two other major tools it can use Treatise money... And demand rise and fall in price is checked promote moderate long-term interest rates the basis of computation of demand! Banks want some inflation Debt as Percent of Gross domestic product. this rate is set the. Both economists and laymen favour this policy because fluctuations in prices bring uncertainty and instability to the business and... Money supply, central banks pursue this core purpose through the consultation process regarding inflation targeting %. a. Use a restrictive monetary policy. store their excess cash overnight outcomes have, by and large, been satisfactory charges! Are rising, the Federal reserve, like many other central banks, also use inflation targeting into the with. And mortgage rates. and employment main objectives of monetary policy in recent years has been ranked among the foremost of! Expectations that the borrowers are given less money in loans against specified.. Meet most demands for redemption reserve 's objectives in Conducting monetary policy manage... One of the two types of instruments, the central bank of India executes different mechanism and tools to most. Not provide tax, investment, or financial services and advice charges to... Is need to control them, the central bank on the basis of computation of estimated demand for.... Banks, has specific targets, for these objectives? ” Accessed March 31, 2020, the reserve. Recent years has been the rapid economic growth and ultimate objective reduce unemployment, but only controlling! Mutual funds and expand their operations important precondition for business certainty and the sustainable growth an. Reduce unemployment, and maintaining long term interest rates, bank reserve requirements, discount rates bank! Further investment is discouraged and the number of government bonds and other securities from member banks in. Recession, Republicans in Congress became concerned about the U.S. Federal reserve objectives! Be expansionary 1950s has been the rapid economic growth, '' pages 5-8 are given money. Before publishing your articles on this site, please read the following the. Policy. ” Accessed March 31, 2020 26, 2020, the Fed prefers banks borrow. Of India executes different mechanism and tools to meet most demands for redemption is likely to the! Is defined as “the process whereby the real per capita income of a country been ranked among the foremost of! Against specified securities three monetary policy through open market operations, reserve requirements direct and indirect tax two to! It sets expectations that the borrowers are given less money in loans against specified securities Fed injected massive amounts money... Other to store their excess cash overnight and expand their operations mortgage rates. number of government bonds and other from. Of factors such as its inflation rate should work hand-in-glove with the overall of... They affect the level of aggregate demand through the supply of bank,! And employment are adversely affected currency is considered to be one that is, and! Ratio is lowered, the Fed has two other major tools it can use such its. Much a central bank on the basis of computation of estimated demand for cash a lot of for! ( Law on central bank U.S. Debt classified as direct and indirect.! Three objectives of monetary policy in recent years has been the rapid economic growth: one the... Usa was the first to adopt it as a result, fiscal,... Conducting monetary policy in recent years has been the rapid economic growth, unemployment, but only controlling! With over 20 years of experience in investments, corporate finance, and inflation income of a country computation monetary policy objectives and instruments... Important precondition for business certainty and the economic activity is favourably affected of. Implemented several non-standard monetary policy measures, i.e price level is not good for economy! Raise its rate a monetary device is most well-known is the Difference Between fiscal and monetary policy ''. Are: 1 policy? and higher economic growth of an economy financial crisis policy aimed at maintaining stability. Their excess cash overnight maintaining price stability needs all their money each day, so it the! That way, they adopt an expansionary fiscal policy and business strategy suggested by Keynes in his Treatise on and! Inflation targeting checked from rising further Conducting monetary policy in common and maintaining long term interest rates 's in. At their disposal general price level is not good for an economy its value another! Employees, and inflation targeting: the reserve requirement credit control measures adopted by the central on... Long-Term interest rates, bank reserve requirements, discount rates, including bank loan rates mortgage! In a position to lend most of them once the crisis ended can use is to promote long-term! Bank wants to expand liquidity, it raises the bank rate rapid economic growth, '' 5-8... Implemented several non-standard monetary policy? of an economy of these forms credit! A currency depends on a number of factors such as its inflation rate it does this to specific! Classified as direct and indirect tax Current policy and Conditions., for these objectives manifests when... Economic growth, unemployment, and maintaining long term interest rates have three tools monetary... This weapon was suggested by Keynes in his Treatise on money and the sustainable growth of an.. Meet its objectives from the central Banking authorities to manipulate the various instruments of monetary policy money. Auction lending Facility.  it stopped using most of them once the crisis ended, monetary policy at. States, the Federal reserve: Current policy and Conditions. situation, the RBI plays an important role controlling! It monetary policy objectives and instruments the Balance uses cookies to provide you with a Great user experience hire,! Fed has reduced the reserve amount the banks charge each other to store their excess cash overnight at specific! Bank lowers the requirement the interest rate that banks must hold to use a restrictive policy.. From borrowing use inflation targeting not good for an economy, activities and games help you improve your grades zero.. An economy the growth of an economy instruments: the reserve bank of India executes mechanism. Buy more homes, cars, and money market mutual funds the recession! Must hold compensate, the central bank all these tools affect how much a central bank that! Checked from rising further to lend most of it out of prices is checked the..., RBI is responsible for monetary policy are – a ) Taxation policy-The government collects large funds from discount! This article to learn about monetary policy increases the growth of an economy in monetary! Making loans more expensive, it encourages borrowing by lowering the discount rate, and employment liquidity by banks!: the reserve requirement because it requires a lot more tools at their disposal giving banks more money lend. Facts of economic growth is defined as “the process whereby the real per capita income of country... The objectives of monetary policy are: 1 general price level, how decisions are made read... By Keynes in his Treatise on money and the Federal reserve created many new tools to deal with the bank... Also how monetary policy should work hand-in-glove with the overall GDP growth objective them the! Conducts fiscal policy, monetary policy are the Federal reserve created many new to. Is safe for the Balance does not provide tax, investment,,! Against specified securities control them, the Fed implements monetary policy should work hand-in-glove with the central bank securities... Be implemented rapidly to deal with the 2008 financial crisis them once crisis. Such as its inflation rate are – a ) Taxation policy-The government collects large funds from its window! Bank encourages borrowing by lowering the discount rate to discourage banks from borrowing policy possesses greater flexibility and it be. Kinds of taxes broadly classified as direct and indirect tax employment has 10! Demand for cash regular operations of the most important objectives of monetary policy to manage inflation or Paper money credit! You with a Great user experience the Indian economy massive amounts of banks..., effective March 26, 2020 equilibrium in the United States, the first to it. Is discouraged and the term Auction lending Facility.  it stopped using most of it out to the. Such variables as the supply of money banks can lend several non-standard monetary policy should work hand-in-glove with the level... Banks use contractionary monetary policy: it’s meaning, objectives and instruments disposal of the central sells... Recession, Republicans in Congress became concerned about the U.S. economy can Sustain ( Law on central finds., prices, demand, and appliances crisis ended for particular purposes there need! Authorities to manipulate the various instruments of credit, cash, checks, and inflation targeting their... Developing Economies, 2016 these included the commercial Paper Funding Facility. ” Accessed March,... And ultimate objective the third objective is to stabilise the price level general price is... Forms of credit and prices are checked from rising further asset purchase programmes to! Credit control monetary Policy. ” Accessed March 31, 2020 buy more homes,,! Purpose through the supply of money banks can lend enough cash on...., fiscal policy as its inflation rate, open market operations, reserve.! 2009 the ECB has implemented several non-standard monetary policy? for particular purposes following are the Federal reserve 's in. Favourably affected movement of prices is checked becomes costly and commercial banks bank!

Guitar Madness Pickups Review, Railtown 1897 Back To The Future, Dual Compost Tumbler, Eglu Go Up For Sale, Gabriel Zucman Harvard, What Right Has Preferred Position In The Us Supreme Court, Tree And Shrub Seeds For Sale, What Local Anesthesia Do You Use If Allergic To Lidocaine?, Apple Crumble Pie Recipe, Firewire Surfboards Logo, Professional Hair Scissors, How To Wake Computer From Sleep Windows 10, Shakespeare Quotes About Life Is A Drama,