| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1301 |
| DP1301 Trade Liberalization and Enterprise Restructuring in Bulgaria, 1992-4 | |
| Simeon Djankov | |
| 发表日期 | 1995-11-30 |
| 出版年 | 1995 |
| 语种 | 英语 |
| 摘要 | This paper develops a new framework for the process of money supply. In contrast to models like McCallum (1989) based on the money multiplier analysis or the credit market models of Brunner and Meltzer (1966, 1973) our model explicitly illustrates the interaction of non-banks, banks and the central bank on the two relevant markets: the market for central bank money and the market for bank credit (which is identical to the macroeconomic 'money market'). Special emphasis is placed on the role of the central bank and its alternative control procedures for the supply of base money: targeting the central bank rate or the quantity of high-powered money. It is shown that within the concept of monetary targeting the choice of the optimal control procedure critically depends on the relative strength of different shocks: if disturbances on the credit market dominate, monetary base targeting is to be preferred; conversely, if money multiplier shocks dominate, interest rate targeting should be favoured. |
| 主题 | International Macroeconomics |
| 关键词 | Money multiplier Money supply process Operating procedures |
| URL | https://cepr.org/publications/dp1301 |
| 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/530433 |
| 推荐引用方式 GB/T 7714 | Simeon Djankov. DP1301 Trade Liberalization and Enterprise Restructuring in Bulgaria, 1992-4. 1995. |
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