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
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