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Die Relevanz monetärer Innovationen in den USA für die Geldpolitik
Credit and Capital Markets – Kredit und Kapital, Vol. 17 (1984), Iss. 4 : pp. 559–579
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Joachim Streit, Kiel
References
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Akhtar, M. A.: Financial Innovations and their Implications for Monetary Policy: An International Perspective. Bank for International Settlements, Economic Papers No. 9, Dez. 1983, Basel.
Google Scholar -
Board of Governors of the Federal Reserve System: “Record of Policy Actions of the Federal Open Market Committee”. In: Board of Governors of the Federal Reserve System, Federal Reserve Bulletin, Washington, lfd. Jgg.
Google Scholar -
Gramley, Lyle E.: “Financial Innovation and Monetary Policy”. In: Board of Governors of the Federal Reserve System, Federal Reserve Bulletin, Washington, D.C., Vol. 68, Nr. 7, Juli 1982, S. 394 – 400.
Google Scholar -
Hester, Donald D.: Innovations and Monetary Control. Brookings Papers on Economic Activity, Washington 1981, Nr.1, S. 141 – 189.
Google Scholar -
Kane, Edward: “Policy Implications of Structural Changes in Financial Markets“. In: American Economic Review, Papers and Proceedings, Vol. 73, Nr. 2 (Mai 1983), S. 96 – 100.
Google Scholar -
Lang, Richard W., John A. Tatom: „Automatic Transfers and the Money Supply Process“. In: Federal Reserve Bank of St. Louis, Review, Vol. 61, Nr. 2, Februar 1979, S. 2 – 10.
Google Scholar -
Mayer, Thomas: „Financial Innovation – The Conflict Between Micro and Macro Optimality“. In: American Economic Review, Papers and Proceedings, Vol. 72, Nr. 2, Mai 1982, S. 29 – 34.
Google Scholar -
Pierce, James L.: „Did Financial Innovation Hurt the Great Monetarist Experiment?“. In: American Economic Review, Vol. 74, Nr. 2, Mai 1984, S. 392 – 396.
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Abstract
The Importance of US Monetary Innovations for the Monetary Policy
Financial innovations, defined as new financial instruments which induce abrupt shifts of portfolio decisions by financial market participants, had a significant impact on U.S. monetary policy during the last years. There are two main reasons for financial innovations. One of them is that they circumvented the then existing regulations of financial markets, especially interest rate ceilings (Regulation Q). Such innovations were attractive for depositors because of the high interest rates they offered. Other monetary innovations are the result of the deregulation of financial markets. They were introduced to shift interest-sensitive funds back into the banking sector. Financial innovations are important for monetary policy because they lead to interest payments on money, induce large and unpredictable shifts between and within monetary aggregates and make it necessary often to re-define monetary aggregates. The interpretation of money multipliers, velocity of money and monetary indicators need continuous re-examination.