Arbeitspapier

Money and the transmission of monetary policy

The transmission mechanism of monetary policy has received extensive treatment in the macroeconomic literature. Most models currently used for macroeconomic analysis exclude money or else model money demand as entirely endogenous. Nevertheless, academic research and many textbooks continue to use the money multiplier concept in discussions of money. We explore the institutional structure of the transmission mechanism beginning with open market operations through to money and loans to document that the mechanism does not work through the standard multiplier model or the bank lending channel. Our analysis, however, does not reflect on the existence of a broader credit channel.

Sprache
Englisch

Erschienen in
Series: Working Paper ; No. 0906

Klassifikation
Wirtschaft
Money Supply; Credit; Money Multipliers
Monetary Policy
Thema
monetary transmission mechanism
money multiplier
lending channel
Transmissionsmechanismus
Geldpolitik
Geldschöpfung
Kreditkanal
VAR-Modell
Schätzung
USA

Ereignis
Geistige Schöpfung
(wer)
Carpenter, Seth
Demiralp, Selva
Ereignis
Veröffentlichung
(wer)
TÜSİAD-Koç University Economic Research Forum
(wo)
Istanbul
(wann)
2009

Handle
Letzte Aktualisierung
20.09.2024, 08:21 MESZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Carpenter, Seth
  • Demiralp, Selva
  • TÜSİAD-Koç University Economic Research Forum

Entstanden

  • 2009

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