Macroeconomic Modeling of Money, Credit, and Banking
AbstractA supply-and-demand model of deregulated financial markets is compared to deposit-multiplier models, interest-rate reduced forms, the textbook IS-LM model, and a credit-market approach. This model is used to analyze a variety of financial events that simpler models find paradoxical: some events stimulate the economy while contracting M1; open market purchases need not be multiplied by the banking system to be powerful; business-cycle fluctuationg in tax revenue can have strong effects on financial markets; and increased financial intermediation can be contractionary.
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Bibliographic InfoArticle provided by Eastern Economic Association in its journal Eastern Economic Journal.
Volume (Year): 20 (1994)
Issue (Month): 3 (Summer)
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More information through EDIRC
Credit; M1; Macroeconomics; Money; Multiplier; Supply;
Find related papers by JEL classification:
- E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
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