On the Transmission Mechanism of Monetary Policy
On the Transmission Mechanism of Monetary Policy
复制标题
论货币政策的传导机制
DOI：
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发表时间：
2008
期刊：
影响因子：
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通讯作者：
Christian R. Richter
中科院分区：
文献类型：
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作者：
Christian R. Richter
本文分析了货币政策的传导机制。一般来说，货币传导机制描述了政策引起的名义货币存量或短期名义利率的变化如何影响总产出和就业等真实的变量。具体的货币传导渠道通过货币政策对利率、汇率、股票和真实的房地产价格、银行贷款和公司资产负债表的影响来运作（爱尔兰，2005年）。最近对传播机制的研究试图了解这些渠道如何在动态、随机、一般均衡模型的背景下工作（例如Barran et al. 1995; Boivin and Giannoni 2006; Fukuda 1993; Golinelli and Rovelli 2005; Goodhart and Hofmann 2005; Kim 2003; Lutkepohl and Wolters 2003）。
In this paper we analyze the monetary transmission mechanism. In general, the monetary transmission mechanism describes how policy-induced changes in the nominal money stock or the short-term nominal interest rate impact on real variables such as aggregate output and employment. Specific channels of monetary transmission operate through the effects that monetary policy has on interest rates, exchange rates, equity and real estate prices, bank lending and firm balance sheets (Ireland 2005). Recent research on the transmission mechanism seeks to understand how these channels work in the context of dynamic, stochastic, general equilibrium models (e.g. Barran et al. 1995; Boivin and Giannoni 2006; Fukuda 1993; Golinelli and Rovelli 2005; Goodhart and Hofmann 2005; Kim 2003; Lutkepohl and Wolters 2003).