IDEAS home Printed from https://ideas.repec.org/h/pal/intecp/978-1-349-08781-5_6.html
   My bibliography  Save this book chapter

Money, Credit and the Monetary Mechanism

In: Monetary Theory and Economic Institutions

Author

Listed:
  • Franco Modigliani

    (MIT)

  • Lucas Papademos

    (Bank of Greece)

Abstract

The rôle of the economy’s financial structure and institutions in determining the functioning of the monetary mechanism and the effectiveness of monetary policy has attracted a lot of attention in recent years. The ongoing innovations and fundamental structural changes in domestic and international financial markets have led to a serious reassessment of the efficiency of conventional monetary policies.1 One issue debated extensively by economic policy-makers is whether, in a changing and uncertain financial environment, monetary policy can achieve a target path of nominal income more effectively by targeting and monitoring credit or broad monetary aggregates, rather than by controlling the conventional narrow measure of the stock of money.

Suggested Citation

  • Franco Modigliani & Lucas Papademos, 1987. "Money, Credit and the Monetary Mechanism," International Economic Association Series, in: Marcello Cecco & Jean-Paul Fitoussi (ed.), Monetary Theory and Economic Institutions, chapter 6, pages 121-160, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-08781-5_6
    DOI: 10.1007/978-1-349-08781-5_6
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below 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.

    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:pal:intecp:978-1-349-08781-5_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.

    We have no bibliographic references for this item. You can help adding them by using 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: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave.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.