transmissionmechanismsofmonetarypolicy∶theevidence-wenkub
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【正文】 235 ReducedForm Advantages and Disadvantages ? Advantage – No restrictions imposed on the way moary policy affects the economy ? Disadvantage – Correlation does not necessarily imply causation ? Reverse causation ? Outside driving factor Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. Chapter 23 Transmission Mechanisms of Moary Policy: The Evidence Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 232 Structural Model ? Examines whether one variable affects another by using data to build a model that explains the channels through which the variable affects the other ? Transmission mechanism – The change in the money supply affects interest rates – Interest rates affect investment spending – Investment spending is a ponent of aggregate spending (output) Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 236 Early Keynesian Evidence ? Moary policy does not matter at all ? Three pieces of structural model evidence – Low interest rates during the Great Depression indicated expansionary moary policy but had no effect on the economy – Empirical studies found no linkage between movement in nominal interest rates and investment spending – Surveys of business people confirmed that investment in physical capital was not based on market interest rates Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 2310 FIGURE 2 Hypothetical Example in Which Money Growth Leads Output Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 2314 Asset Price Effects ? Traditional interest rate effects Expansionary moary policy Emphasis on real interest rate: Expansionary moary policy ? Exchange rate effects on exports Expansionary moary policy ?????? YIi r?????????? YIiP ree ????????? YNXEi rCopyright 169。 2020 Pearson AddisonWesley. All rights reserved. 2318 Lessons for Moary Policy ? It is dangerous always to associate the easing or the tightening of moary policy with a fall or a rise in shortterm nominal interest rates ? Other asset prices besides those on shortterm debt instruments contain important information about the stance of moary policy because they are important elements in various moary policy transmission mechanisms Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 2322 Function of Financial Markets ? Promotes economic efficiency by producing an efficient allocation of capital, which increases production ? Directly improve the well
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