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money macroeconomics and keynes essays in honour of victoria chick volume 1 phần 2

Nó đại diện cho cả hai hợp nhất và phá vỡ đất mới trong lý thuyết tiền tệ và kinh tế vĩ mô của Keynes của các nhân vật hàng đầu trong các lĩnh vực này. Các chương đã được đóng góp bởi một số của nhiều người ngưỡng mộ công việc của Chick của: | THE ENDOGENEITY OF MONEY decades of the twentieth century. The key objective of central banks was to make the short-term interest rate that they set effective initially for the purpose of defending their gold reserves and hence the fixed exchange rate but subsequently for a variety of other domestic objectives. Open market operations bearing down on the reserve base of the banking system was the means to this end but both the institutional form of the operational exercise e.g. the design of the weekly Treasury bill tender and the access of the system to direct central bank lending and the quantitative day-to-day decisions on the operations themselves were invariably designed with a view towards making the central bank s chosen key short-term rate effective in determining the set of other shorter-term market rates and not in order to achieve any predetermined level of monetary base high-powered money H . If the central bank decides to set the interest rate price at which reserves are to be made available then the volume of such reserves becomes an endogenous choice variable of the private sector in genera 1 and of the banking system m particular. As Vicky notes the causal chain becomes as follows 1 The central bank determines the short-term interest rate in the light of whatever reaction function it is following perhaps under instructions from the government. 2 At such rates the private sector determines the volume of borrowing from the banking system that it wants. 3 Banks then adjust their own relative interest rates marketable assets and interbank and wholesale borrowing to meet the credit demands on them. 4 Step 3 above determines both the money stock and its various sub-components e.g. demand time and wholesale deposits. Given the required reserve ratios which may be zero this determines the volume of bank reserves required. 5 Step 4 then determines how much the banks need to borrow from or pay back to the central bank in order to meet their demand for .