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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Heterogeneity and monetary policy
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- Marco GALLEGATI, 2002. "Financial Constraints and the Balance Sheet Channel: a Re-Interpretation," Working Papers 161, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
- Dale, Spencer & Haldane, Andrew G., 1995.
"Interest rates and the channels of monetary transmission: Some sectoral estimates,"
European Economic Review,
Elsevier, vol. 39(9), pages 1611-1626, December.
- Spencer Dale & Andrew Haldane, 1993. "Interest rates and the channels of monetary transmission: some sectoral estimates," Bank of England working papers 18, Bank of England.
- Paolo Chiades & Leonardo Gambacorta, 2004. "The Bernanke and Blinder Model in an Open Economy: The Italian Case," German Economic Review, Verein für Socialpolitik, vol. 5(1), pages 1-34, 02.
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- Kierzenkowski, Rafal, 2002. "The Bank Lending Channel Asymmetry and the Efficiency of the Polish Interest Rate Monetary Policy during Transition," Economics Papers from University Paris Dauphine 123456789/3303, Paris Dauphine University.
- Jack R. Rogers, 2013. "Monetary Transmission to UK Retail Mortgage Rates before and after August 2007," Discussion Papers 1307, Exeter University, Department of Economics.
- Kierzenkowski, Rafal, 2005. "The multi-regime bank lending channel and the effectiveness of the Polish monetary policy transmission during transition," Journal of Comparative Economics, Elsevier, vol. 33(1), pages 1-24, March.
- Gambacorta, Leonardo, 2003. "Asymmetric bank lending channels and ECB monetary policy," Economic Modelling, Elsevier, vol. 20(1), pages 25-46, January.
- 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.
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