The Balance-Sheet Transmission Channel of Monetary Policy: The Cases of Germany and Spain
AbstractIn this paper, the role of the financial position of private agents in the transmission of monetary policy (the balance-sheet channel) is explored. To the extent that official interest rates are able to affect the market value and the income flows of certain categories of financial instruments and that these changes in financial wealth and interest income have an effect on aggregate expenditure, output and prices, supplementary transmission mechanisms arise in addition to those related to the substitution between current and future demand.
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Bibliographic InfoPaper provided by Banco de Espa�a in its series Banco de Espa�a Working Papers with number 9713.
Length: 84 pages
Date of creation: 1997
Date of revision:
Find related papers by JEL classification:
- E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
- E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
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- Freddy Cepeda & Carlos Varela, .
"Estimación del Efecto Ingreso Sobre los Balances Financieros de los Sectores Público y Privado: 1996-2000,"
Borradores de Economia
209, Banco de la Republica de Colombia.
- Freddy Cepeda L. & Carlos Varela B., 2002. "Estimación Del Efecto Ingreso Sobre Los Balances Financieros De Los Sectores Público Y Privado: 1996.2000," BORRADORES DE ECONOMIA 002599, BANCO DE LA REPÚBLICA.
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