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A Framework for Monetary and Banking Analysis

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  • Fischer, Stanley

Abstract

The paper sets out and analyzes a simple model of money, banking, and price level determination. The model is first used to illustrate recent developments in the theory and analysis of banking, particularly the distinction between the portfolio management services provided by banks and their provision of transactions services. The assumptions are then extended to analyze price level determination in an economy that becomes an inside money economy as high-powered money goes out of use. The paper concludes by discussing the major unresolved questions about banking, money, and price level determination.
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Suggested Citation

  • Fischer, Stanley, 1983. "A Framework for Monetary and Banking Analysis," Economic Journal, Royal Economic Society, vol. 93(369a), pages 1-16, Supplemen.
    • Handle: RePEc:ecj:econjl:v:93:y:1983:i:369a:p:1-16
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    Cited by:

    1. Takino, Kazuhiro & Ishinagi, Yoshikazu, 2023. "Are banks risk-averse or risk-neutral investors?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 37(C).
    2. Susanto Basu & J. Christina Wang, 2013. "Technological progress, the \"user cost of money,\" and the real output of banks," Working Papers 13-21, Federal Reserve Bank of Boston.
    3. Eduardo J. J. Ganapolsky, 2003. "Reserve requirements, bank runs, and optimal policies in small open economies," FRB Atlanta Working Paper 2003-39, Federal Reserve Bank of Atlanta.
    4. Takino, Kazuhiro & Ishinagi, Yoshikazu, 2022. "On mean–variance analysis of a bank’s behavior," Finance Research Letters, Elsevier, vol. 46(PA).
    5. English, William B., 1999. "Inflation and financial sector size," Journal of Monetary Economics, Elsevier, vol. 44(3), pages 379-400, December.
    6. Tarkka, Juha, 1994. "Implicit interest as price discrimination in the bank deposit market," Research Discussion Papers 1/1994, Bank of Finland.
    7. Mark Gertler, 1988. "Financial structure and aggregate economic activity: an overview," Proceedings, Federal Reserve Bank of Cleveland, pages 559-596.
    8. Thomas K. Ryrnes, 1989. "The Theory and Measurement of the Nominal Output of Banks, Sectoral Rates of Savings, and Wealth in the National Accounts," NBER Chapters, in: The Measurement of Saving, Investment, and Wealth, pages 357-400, National Bureau of Economic Research, Inc.
    9. Ben S. Bernanke & Mark L. Gertler, 1985. "Banking in General Equilibrium," NBER Working Papers 1647, National Bureau of Economic Research, Inc.
    10. Demid Golikov, 2005. "Financial Intermediary In Monetary Economics: An Excerpt," Macroeconomics 0510018, University Library of Munich, Germany.
    11. Hartley, Peter R. & Walsh, Carl E., 1991. "Inside money and monetary neutrality," Journal of Macroeconomics, Elsevier, vol. 13(3), pages 395-416.
    12. Edwards, Sebastian & Vegh, Carlos A., 1997. "Banks and macroeconomic disturbances under predetermined exchange rates," Journal of Monetary Economics, Elsevier, vol. 40(2), pages 239-278, October.
    13. Visser, H., 1989. "The monetary order," Serie Research Memoranda 0003, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
    14. Tarkka, Juha, 1992. "Tax on interest and the pricing of personal demand deposits," Research Discussion Papers 11/1992, Bank of Finland.
    15. Tarkka, Juha, 1994. "Implicit interest as price discrimination in the bank deposit market," Bank of Finland Research Discussion Papers 1/1994, Bank of Finland.
    16. Carrera, César, 2012. "Políticas de Encajes y Modelos Económicos," Working Papers 2012-006, Banco Central de Reserva del Perú.
    17. Tarkka, Juha, 1994. "Risk sharing in the pricing of payment services by banks," Research Discussion Papers 18/1994, Bank of Finland.
    18. Tarkka, Juha, 1994. "Risk sharing in the pricing of payment services by banks," Bank of Finland Research Discussion Papers 18/1994, Bank of Finland.

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