Arbeitspapier
Monetarism rides again? US monetary policy in a world of Quantitative Easing
This paper gives money a role in providing cheap collateral in a model of banking; besides the Taylor Rule, monetary policy can affect the risk-premium on bank lending to firms by varying the supply of M0, so at the zero bound monetary policy is effective; fiscal policy crowds out investment via the risk-premium. A rule for making M0 respond to credit conditions can enhance the economy's stability. Both price-level and nominal GDP targeting rules for interest rates combined with this stabilise the economy further. With these rules for monetary control, aggressive and distortionary regulation of banks' balance sheets becomes redundant.
- Sprache
-
Englisch
- Erschienen in
-
Series: Cardiff Economics Working Papers ; No. E2014/22
- Klassifikation
-
Wirtschaft
Financial Markets and the Macroeconomy
Monetary Policy
- Thema
-
DSGE model
Financial Frictions
Crises
Indirect Inference
money supply
monetary policy
fiscal multiplier
zero bound
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Le, Vo Phuong Mai
Meenagh, David
Minford, Patrick
- Ereignis
-
Veröffentlichung
- (wer)
-
Cardiff University, Cardiff Business School
- (wo)
-
Cardiff
- (wann)
-
2014
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Le, Vo Phuong Mai
- Meenagh, David
- Minford, Patrick
- Cardiff University, Cardiff Business School
Entstanden
- 2014
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