| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP106 |
| DP106 The Determinants of the Money Multiplier in the United Kingdom | |
| Michael Beenstock; Kam-Fai Chan | |
| 发表日期 | 1986-04-01 |
| 出版年 | 1986 |
| 语种 | 英语 |
| 摘要 | We use annual data drawn from 1950-85 to estimate an econometric model of the money multiplier for the United Kingdom. We define the money multiplier as ratio of the money stock broadly defined (M3) and the monetary base (M0), and then decompose the multiplier into the currency ratio, the time deposit ratio and the reserve ratio. We find that the multiplier has been increased by institutional changes. These have arisen as banks have been deregulated and as they have competed for sight deposits by offering interest-bearing accounts. We find that the multiplier increases as interest rates rise because the demand for cash and the demand for bank reserves fall. The money multiplier also varies directly with the level of economic activity. An increase in the demand for money would therefore lead to an increase in the money supply, assuming that the monetary base (M0) is unchanged. |
| 主题 | International Macroeconomics |
| 关键词 | Bank deregulation Money multiplier Money supply United kingdom |
| URL | https://cepr.org/publications/dp106 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529262 |
| 推荐引用方式 GB/T 7714 | Michael Beenstock,Kam-Fai Chan. DP106 The Determinants of the Money Multiplier in the United Kingdom. 1986. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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