The authors derive two propositions identifying the conditions for monetary policy effectiveness due to the interaction of real and financial markets. The first proposition shows that, in a regime of endogenous money, monetary policy is effective even if policy moves are anticipated because changes in the interest rate impinge upon long-run output. The second proposition shows that in a regime of exogenous money--in which the Central Bank controls base money and structural parameters affecting the behavior of banks--monetary policy affects output if its impact on money is different from its impact on credit. Copyright 1997 by Blackwell Publishers Ltd and The Victoria University of Manchester
Download Info
To our knowledge, this item is not available for
download. To find whether it is available, there are three
options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page
whether it is in fact available.
3. Perform a search for a similarly titled item that would be
available.
Volume (Year): 65 (1997) Issue (Month): 2 (March) Pages: 101-26 Download reference. The following formats are available: HTML
(with abstract),
plain text
(with abstract),
BibTeX,
RIS (EndNote, RefMan, ProCite),
ReDIF
Handle: RePEc:bla:manch2:v:65:y:1997:i:2:p:101-26
Contact details of provider:
For technical questions regarding this item, or to correct its listing, contact: (Christopher F. Baum).
Related research
Keywords:
Cited by: (explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)