Financial Constraints, Aggregate Supply, and the Monetary Transmission Mechanism
The authors derive two propositions identifying the conditions for monetary policy effectiveness due to the interaction of real and financial markets. The first proposition shows that, in a regime of endogenous money, monetary policy is effective even if policy moves are anticipated because changes in the interest rate impinge upon long-run output. The second proposition shows that in a regime of exogenous money--in which the Central Bank controls base money and structural parameters affecting the behavior of banks--monetary policy affects output if its impact on money is different from its impact on credit. Copyright 1997 by Blackwell Publishers Ltd and The Victoria University of Manchester
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Volume (Year): 65 (1997)
Issue (Month): 2 (March)
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