Money and the transmission of monetary policy

Research, Preprint English OPEN
Carpenter, Seth ; Demiralp, Selva (2009)
  • Publisher: Istanbul: TÜSİAD-Koç University Economic Research Forum
  • Subject: E51 | Kreditkanal | USA | Monetary transmission mechanism, money multiplier, lending channel | E52 | lending channel | money multiplier | Geldschöpfung | monetary transmission mechanism | VAR-Modell | Schätzung | Geldpolitik | Transmissionsmechanismus
    • jel: jel:E52 | jel:E51
      ddc: ddc:330

The transmission mechanism of monetary policy has received extensive treatment in the macroeconomic literature. Most models currently used for macroeconomic analysis exclude money or else model money demand as entirely endogenous. Nevertheless, academic research and man... View more
  • References (2)

    Source: Simple multiplier: Federal Reserve Statistical Releases H.3 (Required reserves) and H.6 (reservable deposits); implied money multiplier: authors' calculations; theoretical money multiplier: Federal Reserve Statistical Releases H.3 (monetary base, excess reserves) and H.6 (reservable deposits, M2).

    Figure 2: Monetary Aggregates and Bank Loans (1959-2007)

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