Interest Rate Control in a Model of Monetary Policy
AbstractThe authors extend the model of B. S. Bernanke and A. S. Blinder (1988) to consider formally interactions between the monetary authorities and the banking sector. Monetary policy is characterized in terms of the authorities control over prices in the base money market, rather than quantities. But those market rates directly impinging upon real activity are distinct from--although not independent of--this administered rate. Imperfect control over market interest rates obtains. An empirical illustration is given for the United Kingdom and the model is then extended into a stochastic setting. Copyright 1998 by Blackwell Publishers Ltd and The Victoria University of Manchester
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Bibliographic InfoArticle provided by University of Manchester in its journal The Manchester School of Economic & Social Studies.
Volume (Year): 66 (1998)
Issue (Month): 3 (June)
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Web page: http://www.socialsciences.manchester.ac.uk/disciplines/economics/
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Other versions of this item:
- Spencer Dale & Andrew Haldane, 1993. "Interest rate control in a model of monetary policy," Bank of England working papers 17, Bank of England.
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.:
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Bank of England working papers
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- J T Kneeshaw, 1995. "A survey of non-financial sector balance sheets in industialised countries: implications for the monetary policy transmission mechanism," BIS Working Papers 25, Bank for International Settlements.
- Jack R. Rogers, 2013. "Monetary Transmission to UK Retail Mortgage Rates before and after August 2007," Discussion Papers 1307, Exeter University, Department of Economics.
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