transmissionmechanismsofmonetarypolicy∶theevidence-免費(fèi)閱讀
【正文】 2020 Pearson AddisonWesley. All rights reserved. 2335 Regulation of the Financial System ? To ensure the soundness of financial intermediaries: – Restrictions on entry (chartering process). – Disclosure of information. – Restrictions on Assets and Activities (control holding of risky assets). – Deposit Insurance (avoid bank runs). – Limits on Competition (mostly in the past): ? Branching ? Restrictions on Interest Rates Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 2327 Table 2 Principal Capital Market Instruments Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 2319 Lessons for Moary Policy (cont’d) ? Moary policy can be highly effective in reviving a weak economy even if shortterm interest rates are already near zero ? Avoiding unanticipated fluctuations in the price level is an important objective of moary policy, thus providing a rationale for price stability as the primary longrun goal for moary policy Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 2311 Statistical Evidence ? Autonomous expenditure variable (A) equal to investment spending plus government spending – For Keynesian model A should be highly correlated with aggregate spending but money supply should not – For Moarist money supply should be highly correlated with aggregate spending but A should not ? Neither model has turned out be more accurate than the other Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 233 ReducedForm ? Examines whether one variable has an effect on another by looking directly at the relationship between the two ? Analyzes the effect of changes in money supply on aggregate output (spending) to see if there is a high correlation ? Does not describe the specific path Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 234 Structural Model Advantages and Disadvantages ? Advantages – Opportunity to gather more evidence gives more confidence on the direction of causation – More accurate predictions – Understand how institutional changes affect the links ? Disadvantage – Only as good as the model it is based on Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 2312 Historical Evidence ? If the decline in the growth rate of the money supply is soon followed by a decline in output in these episodes, much stronger evidence is presented that money growth is the driving force behind the business cycle ? A Moary History documents several ins
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