Decoupling at the Margin: The Threat to Monetary Policy from the Electronic Revolution in Banking
Decoupling at the Margin: The Threat to Monetary Policy from the Electronic Revolution in Banking
复制标题
边际脱钩：银行业电子革命对货币政策的威胁
DOI：
10.3386/w7955
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发表时间：
2000
期刊：
影响因子：
--
通讯作者：
B. Friedman
中科院分区：
文献类型：
--
作者：
B. Friedman
银行业电子革命对货币政策的威胁是，央行的操作有可能与市场脱钩，在市场中，金融债权的创造和交易方式，在一定的操作边际上，影响家庭和企业在诸如花多少钱（和买什么）、生产多少钱（和什么）以及为普通商品和服务支付或收费等问题上的决策。本文的目的是讨论这种可能性是如何产生的，它意味着什么，把最近关于这个问题的辩论中出现的各种极端特征（例如，没有人会把钱用于普通的经济交易）视为不必要的论点，并解决查尔斯·古德哈特、查尔斯·弗里德曼和迈克尔·伍德福德在这个问题上提出的具体论点。
The threat to monetary policy from the electronic revolution in banking is the possibility of a decoupling' of the operations of the central bank from markets in which financial claims are created and transacted in ways that, at some operative margin, affect the decisions of households and firms on such matters as how much to spend (and on what), how much (and what) to produce, and what to pay or charge for ordinary goods and services. The object of this paper is to discuss how this possibility arises and what it implies, to dismiss as unessential to the argument various extreme characterizations that have arisen in the recent debate on this issue (for example, that no one will use money for ordinary economic transactions), and to address the specific arguments on the issue offered by Charles Goodhart, Charles Freedman and Michael Woodford.