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The Use of Credit Ceilings in the Presence of Indirect Monetary

Listed author(s):
  • Plamen Yossifov

    (International Monetary Fund)

In this paper, we introduce credit ceilings in the standard model of the money multiplier and analyze their role in central bank’s management of money supply in the presence of indirect monetary instruments. We show that under a regime of total credit ceilings, their optimal value equals the desired growth rate of the adjusted monetary base. Under a regime of partial credit ceilings, their optimal value depends on the desired growth rate of the adjusted monetary base, the degree of substitutability between the regulated and unregulated types of banks’ earning assets, and the autonomous growth rate of the latter.

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Paper provided by EconWPA in its series Macroeconomics with number 0302008.

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Length: 17 pages
Date of creation: 27 Feb 2003
Handle: RePEc:wpa:wuwpma:0302008
Note: Type of Document - PDF; prepared on IBM PC; to print on PostScript; pages: 17 ; figures: included
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