IDEAS home Printed from https://ideas.repec.org/h/elg/eechap/13254_6.html
   My bibliography  Save this book chapter

Monetary Policy Without Reserve Requirements: Central Bank Money as Means of Final Payment on the Interbank Market

In: Credit, Money and Macroeconomic Policy

Author

Listed:
  • Louis-Philippe Rochon
  • Sergio Rossi

Abstract

With recent turmoil in financial markets around the world, this unique and up-to-date book addresses a number of challenging issues regarding monetary policy, financial markets and macroeconomic policy.

Suggested Citation

  • Louis-Philippe Rochon & Sergio Rossi, 2011. "Monetary Policy Without Reserve Requirements: Central Bank Money as Means of Final Payment on the Interbank Market," Chapters, in: Claude Gnos & Louis-Philippe Rochon (ed.), Credit, Money and Macroeconomic Policy, chapter 6, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:13254_6
    as

    Download full text from publisher

    File URL: https://www.elgaronline.com/view/9781848440678.00013.xml
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Furfine, Craig, 2002. "The interbank market during a crisis," European Economic Review, Elsevier, vol. 46(4-5), pages 809-820, May.
    2. Donna Howard, 1998. "A primer on the implementation of monetary policy in the LVTS environment," Bank of Canada Review, Bank of Canada, vol. 1998(Autumn), pages 57-66.
    3. John B. Taylor, 2000. "Teaching Modern Macroeconomics at the Principles Level," American Economic Review, American Economic Association, vol. 90(2), pages 90-94, May.
    4. Richardson, Gary, 2007. "The Check is in the Mail: Correspondent Clearing and the Collapse of the Banking System, 1930 to 1933," The Journal of Economic History, Cambridge University Press, vol. 67(3), pages 643-671, September.
    5. Sergio Rossi, 2004. "Inflation Targeting and Sacrifice Ratios : The Case of the European Central Bank," International Journal of Political Economy, Taylor & Francis Journals, vol. 34(2), pages 69-85.
    6. Mark Setterfield (ed.), 2006. "Complexity, Endogenous Money and Macroeconomic Theory," Books, Edward Elgar Publishing, number 3552.
    7. L. Randall Wray, 1998. "Understanding Modern Money," Books, Edward Elgar Publishing, number 1668.
    8. Mr. Alain Ize & Mr. Arto Kovanen & Timo Henckel, 1999. "Central Banking Without Central Bank Money," IMF Working Papers 1999/092, International Monetary Fund.
    9. Furfine, Craig H., 2000. "Interbank payments and the daily federal funds rate," Journal of Monetary Economics, Elsevier, vol. 46(2), pages 535-553, October.
    10. Marc Lavoie, 1992. "Foundations of Post-Keynesian Economic Analysis," Books, Edward Elgar Publishing, number 275.
    11. Marc Lavoie & Mario Seccareccia (ed.), 2004. "Central Banking in the Modern World," Books, Edward Elgar Publishing, number 3297.
    12. Scott T. Fullwiler, 2006. "Setting interest rates in the modern money era," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 28(3), pages 496-525.
    13. Jacques Riboud, 1980. "The Mechanics of Money," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-05112-0.
    14. Clyde Goodlet, 1997. "Clearing and settlement systems and the Bank of Canada," Bank of Canada Review, Bank of Canada, vol. 1997(Autumn), pages 49-64.
    15. Claude Gnos & Louis-Philippe Rochon (ed.), 2011. "Credit, Money and Macroeconomic Policy," Books, Edward Elgar Publishing, number 13254.
    16. Marc Lavoie, 2005. "Monetary base endogeneity and the new procedures of the asset-based Canadian and American monetary systems," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 27(4), pages 689-709.
    17. Goodhart, Charles, 1989. "The Conduct of Monetary Policy," Economic Journal, Royal Economic Society, vol. 99(396), pages 293-346, June.
    18. James Dingle, 1998. "The LVTS-Canada's large-value transfer system," Bank of Canada Review, Bank of Canada, vol. 1998(Autumn), pages 39-55.
    19. Sergio Rossi, 2005. "Central Banking in a Monetary Theory of Production: The Economics of Payment Finality from a Circular-Flow Perspective," Palgrave Macmillan Books, in: Giuseppe Fontana & Riccardo Realfonzo (ed.), The Monetary Theory of Production, chapter 9, pages 139-151, Palgrave Macmillan.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Massimo Cingolani, 2013. "Finance Capitalism: A Look at the European Financial Accounts," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 60(3), pages 249-290, May.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Louis-Philippe Rochon & Sergio Rossi, 2013. "Endogenous money: the evolutionary versus revolutionary views," Review of Keynesian Economics, Edward Elgar Publishing, vol. 1(2), pages 210-229, January.
    2. Boermans, Martijn Adriaan & Moore, Basil J, 2008. "Locked-in and Sticky Textbooks: Mainstream Teaching of the Money Supply Process," MPRA Paper 14845, University Library of Munich, Germany, revised Apr 2009.
    3. Eric Tymoigne, 2006. "Asset Prices, Financial Fragility, and Central Banking," Economics Working Paper Archive wp_456, Levy Economics Institute.
    4. Massimo Cingolani, 2013. "Finance Capitalism: A Look at the European Financial Accounts," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 60(3), pages 249-290, May.
    5. Eckhard Hein & Engelbert Stockhammer, 2010. "Macroeconomic Policy Mix, Employment and Inflation in a Post-Keynesian Alternative to the New Consensus Model," Review of Political Economy, Taylor & Francis Journals, vol. 22(3), pages 317-354.
    6. Nadja Kamhi, 2006. "LVTS, the Overnight Market, and Monetary Policy," Staff Working Papers 06-15, Bank of Canada.
    7. Gaspar, Vitor & Pérez-Quirós, Gabriel & Rodriguez Mendizabal, Hugo, 2004. "Interest Rate Determination in the Interbank Market," CEPR Discussion Papers 4516, C.E.P.R. Discussion Papers.
    8. Eric Tymoigne, 2006. "The Minskyan System, Part III: System Dynamics Modeling of a Stock Flow-Consistent Minskyan Model," Economics Working Paper Archive wp_455, Levy Economics Institute.
    9. Wenzlaff, Ferdinand & Kimmich, Christian & Richters, Oliver, 2014. "Theoretische Zugänge eines Wachstumszwangs in der Geldwirtschaft," ZÖSS-Discussion Papers 45, University of Hamburg, Centre for Economic and Sociological Studies (CESS/ZÖSS).
    10. Pavlina R. Tcherneva, 2008. "The Return of Fiscal Policy: Can the New Developments in the New Economic Consensus Be Reconciled with the Post-Keynesian View?," Economics Working Paper Archive wp_539, Levy Economics Institute.
    11. Viral V. Acharya & Ouarda Merrouche, 2013. "Precautionary Hoarding of Liquidity and Interbank Markets: Evidence from the Subprime Crisis," Review of Finance, European Finance Association, vol. 17(1), pages 107-160.
    12. Eckhard Hein & Achim Truger, 2011. "Fiscal Policy in the Macroeconomic Policy Mix: A Critique of the New Consensus Model and a Comparison of Macroeconomic Policies in France, Germany, the UK and Sweden from a Post-Keynesian Perspective," Chapters, in: Claude Gnos & Louis-Philippe Rochon (ed.), Credit, Money and Macroeconomic Policy, chapter 12, Edward Elgar Publishing.
    13. Michael Woodford, 2001. "Monetary policy in the information economy," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 297-370.
    14. Leonardo Vera, 2017. "The Distribution of Power and the Inflation-Unemployment Relationship in the United States: A Post-Keynesian Approach," Review of Radical Political Economics, Union for Radical Political Economics, vol. 49(2), pages 265-285, June.
    15. Eric Tymoigne, 2014. "Monetary Mechanics: A Financial View," Economics Working Paper Archive wp_799, Levy Economics Institute.
    16. John A. Weinberg & Huberto M. Ennis, 2009. "A Model of Stigma in the Fed Funds Market," 2009 Meeting Papers 956, Society for Economic Dynamics.
    17. Leonardo Vera, 2014. "The Simple Post-Keynesian Monetary Policy Model: An Open Economy Approach," Review of Political Economy, Taylor & Francis Journals, vol. 26(4), pages 526-548, October.
    18. Levrero, Enrico Sergio & Deleidi, Matteo, 2019. "The causal relationship between short- and long-term interest rates: an empirical assessment of the United States," MPRA Paper 93608, University Library of Munich, Germany.
    19. Mario Di Filippo & Angelo Ranaldo & Jan Wrampelmeyer, 2022. "Unsecured and Secured Funding," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 54(2-3), pages 651-662, March.
    20. Fabio Castiglionesi & Fabio Feriozzi & Gyöngyi Lóránth & Loriana Pelizzon, 2014. "Liquidity Coinsurance and Bank Capital," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 46(2-3), pages 409-443, March.

    More about this item

    Keywords

    Economics and Finance;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:elg:eechap:13254_6. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Darrel McCalla (email available below). General contact details of provider: http://www.e-elgar.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.