Conceptualizing interdependences between regulatory and monetary policies. Some preliminary considerations
In this paper we investigate the interplay between regulatory and monetary policies. We analyze how changes in institutional settings modify the functioning of various channels of monetary transmission. The paper begins with a brief presentation of the main channels of monetary transmission, including credit channel, exchange rate channel, Tobin q theory, and the credit channel. After that we define a positive institutional change and we check how such adjustments can be put into the logic of monetary transmission. We show that the most profound way institutions impact the monetary transmission is via its effect on the elasticity of investments to changes in interest rates.
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- Baldwin, Robert E., 2008. "One Economics, Many Recipes: Globalization, Institutions, and Economic Growth by Dani Rodrik Princeton, NJ: Princeton University Press, 2007," World Trade Review, Cambridge University Press, vol. 7(03), pages 573-575, July.
- José R. Sánchez-Fung, 2008. "Book Review: One Economics, Many Recipes: Globalization, Institutions and Economic Growth by Dani Rodrik," Indian Growth and Development Review, Emerald Group Publishing, vol. 1(2), pages 252-256, December.
- Mishkin, Frederic S., 1978. "The Household Balance Sheet and the Great Depression," The Journal of Economic History, Cambridge University Press, vol. 38(04), pages 918-937, December.
- Douglass C. North, 2005.
"Introduction to Understanding the Process of Economic Change
[Understanding the Process of Economic Change]," Introductory Chapters, Princeton University Press.
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