Power or Economic Law? Fresh Reflections on ECB Policy
Power or Economic Law? Fresh Reflections on ECB Policy
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权力法还是经济法？
DOI：
10.1007/s10272-018-0742-7
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发表时间：
2018
期刊：
影响因子：
--
通讯作者：
Holtfrerich
中科院分区：
文献类型：
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作者：
Holtfrerich
传统观点认为，中央银行决定利率水平。毕竟，中央银行制定的货币政策直接影响货币市场状况。但这些条件也受到其他行为者的影响，如政府、制造企业、商业银行和非银行金融机构，以及国外货币发展的影响。本文认为，市场力量，如全球储蓄过剩，在设定利率方面发挥着比中央银行更重要的作用。
Conventional wisdom says that central banks determine interest rate levels. After all, monetary policy set by central banks directly influences money market conditions. But these conditions are also shaped by other actors such as government, manufacturing businesses, commercial banks and non-bank financial institutions, as well as by monetary developments abroad. In this paper, it is argued that market forces, such as a global saving glut, play a more important role in setting interest rates than central banks.