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The Balance-Sheet Transmission Channel of Monetary Policy: The Cases of Germany and Spain


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  • José M. González Mínguez
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    In 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 Info

    Paper provided by Banco de Espa�a in its series Banco de Espa�a Working Papers with number 9713.

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    Length: 84 pages
    Date of creation: 1997
    Date of revision:
    Handle: RePEc:bde:wpaper:9713

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    Related research

    Keywords: MONETARY POLICY;

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    Cited by:
    1. 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.


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