Download PDF by Carlos J. Rodriguez-Fuentes: Regional Monetary Policy

By Carlos J. Rodriguez-Fuentes

ISBN-10: 020302219X

ISBN-13: 9780203022191

ISBN-10: 0415327636

ISBN-13: 9780415327633

With the ultimate part of the ecu financial Union underway quandary has been raised over the local implications of the eu important financial institution (ECB) financial coverage. Departing from the normal procedure used by the ECB, this e-book offers a finished theoretical framework to discover the methods in which funds and fiscal coverage may possibly impact areas.

Regional financial coverage examines the position that the banking method and the liquidity choice of monetary brokers play within the transmission of primary banks financial coverage judgements to areas inside a rustic or international locations inside of a foreign money union. This e-book makes use of a distinct framework equipped upon the fundamental precept of the Post-Keynsian financial thought which allows the id of a brand new approach for cash and financial coverage to have a nearby impression; the behavioral impact.

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Sample text

In this stage reserves rather than deposits constrain lending and the banking multiplier begins to apply. Stage three is characterized by the extended use of interbank lending. This in turn allows some banks to lend more than what their reserve position allows. At this stage the bank multiplier works faster than it did in stage two. Stage four appears when monetary authorities begin to act as a ‘lender of last resort’ in order to preserve financial stability of the banking system. It is at this stage when the causation between reserves and lending reverses.

3 The Keynesian view Keynesian economists, contrary to the monetarist ones, do not think that the economy automatically works at its full employment capacity but that some economic management is usually required in order to achieve such a situation. This belief has led them to focus their attention on the role of fiscal and monetary policy for restoring market equilibrium when an insufficient level of aggregate demand exists. The Keynesian model, which is shown below, is similar to the monetarist.

In this case it is the second step of the transmission chain that breaks down (IS curve being a step function). Further, the effectiveness of monetary policy to affect the …real economy will depend not so much on the absolute…but on the relative values of these two elasticities (LM and IS curves)… The higher the interest elasticity of demand for money relative to the interest elasticity of demand for goods, the less the impact of open-market operations on the demand for goods. (Goodhart 1989a:271) Tobin (1947) already made this point as early as 1947.

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Regional Monetary Policy by Carlos J. Rodriguez-Fuentes


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