An Approach to Teaching Monetary Policy Since Deregulation

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Coombes, Trevor (2008) An Approach to Teaching Monetary Policy Since Deregulation. Economic Papers, 27 (4). pp. 355-363. ISSN 0812-0439


Since the full institution of deregulation the mechanics of how monetary policy operates has fundamentally changed. No longer can a change in stance be shown as shijis in the exogenously-determined money supply function in the Keynesian interest @amework, because in competitive banking systems the money supply process is fully endogenous. Money endogeneity correctly suggests a reinterpretation of the vertical money supply function. A vertical money supply function drawn against bond yields does not automatically mean exogeneity. Monetary policy is best shown as shijis in the money demand function.

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Item type Article
DOI 10.1111/j.1759-3441.2008.tb01049.x
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Subjects Historical > Faculty/School/Research Centre/Department > School of Economics and Finance
Historical > FOR Classification > 1401 Economic Theory
Historical > SEO Classification > 9101 Macroeconomics
Keywords ResPubID15250. free banking, competitive banks, deregulation, clearinghouse, adverse balances, monetary policy, endogenous money
Citations in Scopus 1 - View on Scopus
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