Narrow money, broad money, and the transmission of monetary policy
Narrow money, broad money, and the transmission of monetary policy
复制标题
狭义货币、广义货币与货币政策传导
DOI：
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发表时间：
2005
期刊：
影响因子：
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通讯作者：
M. Goodfriend
中科院分区：
文献类型：
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作者：
M. Goodfriend
本文研究了广义流动性--银行存款的供求--在货币政策传导中的作用。该模型将存款需求、贷款生产、资产定价以及银行和资产市场之间的套利结合在一起。在追求利率政策时，必须考虑广泛的流动性条件，原因有两个：(1)它们通过对外部融资溢价的影响来影响银行间利率和市场利率之间的联系，以及(2)它们影响市场利率的行为，而市场利率是央行为了维持价格稳定而必须设定的目标。这篇论文展示了广义流动性的产生和使用如何影响与均衡增长和稳定通胀相一致的“中性”银行间利率。它表明，必须根据广泛的流动性考虑，如何以及为什么必须修改银行间利率政策行动，以稳定通胀以应对冲击。
The paper investigates the role of broad liquidity—the supply and demand for bank deposits—in the transmission of monetary policy. The model integrates deposit demand, loan production, asset pricing, and arbitrage between banking and asset markets. Broad liquidity conditions must be taken into account in the pursuit of interest rate policy for two reasons: (1) they influence the link between the interbank rate and market rates through their effect on the external finance premium, and (2) they affect the behavior of market rates that the central bank must target in order to maintain price stability. The paper shows how the production and use of broad liquidity influences the “neutral” interbank rate consistent with balanced growth and stable inflation. It shows how and why interbank rate policy actions must be modified in light of broad liquidity considerations to stabilize inflation in response to shocks.
DOI：
10.17016/ifdp.2003.761r
发表时间：
2004-06
期刊：
Journal of Money, Credit, and Banking
影响因子：
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作者：
E. Leeper;Jennifer E. Roush
通讯作者：
E. Leeper;Jennifer E. Roush