Makroökonomik einer neuen Geldangebotshypothese für die BRD
JOURNAL ARTICLE
Cite JOURNAL ARTICLE
Style
Format
Makroökonomik einer neuen Geldangebotshypothese für die BRD
Credit and Capital Markets – Kredit und Kapital, Vol. 22 (1989), Iss. 1 : pp. 66–91
Additional Information
Article Details
Author Details
Nikolaus K. A. Läufer, Konstanz
References
-
[1] Baltensperger, E.: Alternative Approaches to the Theory of the Banking Firm, Journal of Monetary Economics, 6, Januar, 1980, S.1-38.
Google Scholar -
[2] Brunner, K.: Money Supply Process and Monetary Policy in an Open Economy, in: International Trade and Money, Hg. M.B. Conolly und A.K. Swoboda, London, 1973.
Google Scholar -
[3] Brunner, K. und A. H. Meltzer: Liquidity Traps for Money, Bank Credits and Interest Rates, Journal of Political Economy, 76, 1968, S.1 – 37.
Google Scholar -
[4] Klein, M. A.: A Theory of the Banking Firm, Journal of Money, Credit and Banking, 3, 1971, S. 205 – 218.
Google Scholar -
[5] Läufer, Nikolaus K. A.: Theoretical Foundations of a New Money Supply Hypothesis for the FRG, in: Quaderni dell’Istituto di Economia, 45, Hg. Universitä di Siena, Siena, 1985.
Google Scholar -
[6] Läufer, Nikolaus K. A.: Mikroökonomische Grundlagen einer Geldangebotstheorie für die BRD, in: Geld, Banken und Versicherungen 1984, Hg. Hermann Göppl und Rudolf Henn, Karlsruhe: VVW, 1985.
Google Scholar -
[7] Läufer, Nikolaus K. A.: Empirische Tests einer neuen Geldangebotshypothese für die Bundesrepublik Deutschland, in: Geldtheorie und Geldpolitik, Hg. G. Bombach, B. Gahlen, A.E. Ott, Tübingen: J. C.B. Mohr, 1988, S. 143 – 173.
Google Scholar -
[8] Läufer, Nikolaus K. A.: Die Multiplikatorform 1987, Karlsruhe: VVW, voraussichtlich 1988.
Google Scholar -
[9] Niehans, Jürg: The Theory of Money, Baltimore: The Johns Hopkins Univ. Press, 1978.
Google Scholar -
[10] Porter, R. C.: A Model of Bank Portfolio Selection, Yale Economic Essays, 1, 1961, S. 323 -359.
Google Scholar -
[11] Santomero, Anthony M.: Modeling the Banking Firm: A Survey, Journal of Money, Credit and Banking, 16, 1984, S. 576 – 602.
Google Scholar -
[12] Van Hoose, D. D.: Bank Market Structure and Monetary Control, Journal of Money, Credit and Banking, 17, 1985, S. 298 – 311.
Google Scholar
Abstract
Macroeconomic Aspects of a New Money Supply Hypothesis for the Federal Republic of Germany
This paper derives macroeconomic money and credit supply hypotheses relevant in terms of monetary policy from such microeconomic conditions underlying the money supply theory of the Federal Republic of Germany as take into account the greatest possible variety of institutional details of the Federal Republic’s monetary system of which the assumptions customarily made in the theory of money supply have not even taken note so far. The details analyzed include, among others, refinancing quotas (central bank limits on rediscount credit and Lombard loans), money market regulations, differences in the terms attaching to rediscount credit on the one hand and to Lombard loans on the other, penalty interest for non-compliance with the minimum reserve requirements. At the macroeconomic level, decisive consequences for the monetary scalar variable and the selection of the monetary policy indicators result especially from the effectiveness of the policy of quota variation, including in those cases in which refinancing quotas have not been fully exhausted prior to their having been varied. On balance, the ordinary money base and all its derivatives (such as the adjusted and the expanded money base including the theories built on it) ought to be rejected and substituted for the potential money base and its derivatives. Reference is made to empirical confirmation published in a different context.