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 Startseite » Ökonomie  » Arbeit, Geld, Kapital, Produktion & Preise  » Geld & Finanzmärkte 
The Endogeneity of Money
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The Endogeneity of Money

14 Seiten · 3,64 EUR
(05. Februar 2007)

Ich bin mit den AGB, insbesondere Punkt 10 (ausschließlich private Nutzung, keine Weitergabe an Dritte), einverstanden und erkenne an, dass meine Bestellung nicht widerrufen werden kann.

Summary and Conclusions:

1. In their analysis most economists have assumed that Central Banks ‘exogenously’ set the high-powered monetary base, so that (short-term) interest rates are ‘endogenously’ set in the money market.

2. Vicky Chick is one of the few economists to emphasize that the above analysis is wrong. Central Banks set short-term interest rates according to some ‘reaction function’ and the monetary base (H) is an endogenous variable.

3. This latter has been better understood in practical policy discussions than in (pedagogical) analysis, so this common error has had less obvious adverse consequences for policy decisions (in the UK at least) than for analytical clarity.

4. At last, after decades in which practical policy makers in Central Banks and academics have often been talking at cross-purposes, more recently leading theorists, e.g. Svensson, Taylor, Woodford, have been narrowing the gap between academics and practitioners.

zitierfähiger Aufsatz aus ...
Exogenität und Endogenität
Bertram Schefold (Hg.):
Exogenität und Endogenität
the author
Prof. Dr. Charles Goodhart
Charles Goodhart

geb. 1936; 1960 BA an der Univ. Cambridge; 1963 PhD an der Univ. Harvard; 1963-65 Assistant Lect. der Univ. Cambridge; 1967-68 Econ. Adviser des UK Dept. Econ. Affairs; 1967-69 Lect. of Monetary Econ. an der London School of Economics; 1968-85 Chief Economic Adviser der Bank von England; 1985-2001 Prof. an der LSE; 1997-2001 Member des Monetary Policy Committee der Bank von England.

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