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Financial Intermediation and Monetary Policies in the World Economy

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Author Info
Vittorio Grilli
Nouriel Roubini

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Abstract

In this paper we investigate the role of credit institutions in transmitting monetary shocks to the domestic economy and to the rest of the world output. In modeling the monetary and financial sector of the economy we distinguish between monetary injections via lump-sum transfers to individuals and those via increased credit to the commercial banking sector in the form of discount window operations. Appropriately, we distinguish between the discount rate of the central bank and the lending and borrowing interest rates of commercial banks, which, we assume, are also subject to reserves requirements. We find that a steady state increase in monetary injections via increases in domestic credit leads to an increase in domestic output. On the other hand, we find that an increase in the steady state level of monetary transfers reduces the level of output.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Technical Working Papers with number 0104.

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Date of creation: May 1991
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Handle: RePEc:nbr:nberte:0104

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  1. Kumah, F.Y., 1996. "The effect of monetary policy on exchange rates : how to solve the puzzles," Discussion Paper 70, Tilburg University, Center for Economic Research. [Downloadable!]
  2. Demid Golikov, 2005. "Financial Intermediary In Monetary Economics: An Excerpt," Macroeconomics 0510018, EconWPA. [Downloadable!]
  3. Nouriel Roubini & Vittorio Grilli, 1995. "Liquidity Models in Open Economies: Theory and Empirical Evidence," NBER Working Papers 5313, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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