haku: @journal_id 829 / yhteensä: 12
viite: 11 / 12
| Tekijä: | Feldstein, M. |
| Otsikko: | The recent failure of US monetary policy |
| Lehti: | Economist Leiden
1993 : VOL. 141:1, p. 29-42 |
| Asiasana: | MONETARY POLICY USA BANKS |
| Kieli: | eng |
| Tiivistelmä: | Reasons of the failure of the monetary policy in the United States are examined. Since the reserve requirements apply to only about 1/5 of M2, the Federal Reserve lacks a reliable way of predicting the effect of open market operations on the subsequent change in M2. The Fed has therefore emphasized the statistical relation between changes in the Fed funds rate and subsequent changes in M2 and economic activity. In 1991 and 1992, however, the changes in the Fed funds rate have failed to have the effects on M2 and GDP that previous experience has suggested. New bank capital standards may be the primary reason for the reduced sensitivity of M2 , of commercial bank lending, and of total nominal spending to changes in open market operations, interest rates. |
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