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Das US-Geldmengenrätsel: Eine Herausforderung an Theorie und Politik
Credit and Capital Markets – Kredit und Kapital, Vol. 15 (1982), Iss. 2 : pp. 293–300
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Maier, Gerhard
Cited By
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Innovations in the international financial markets
Maier, Gerhard
Intereconomics, Vol. 21 (1986), Iss. 4 P.170
https://doi.org/10.1007/BF02925381 [Citations: 0]
Abstract
The US Money Quantity Puzzle: A Challenge to Theory and Policy
In the USA, the definitions of the quantity of money used hitherto are obsolete because monetary innovations broaden the spectrum of liquid assets and lower transaction costs. As long as this process persists, the Federal Reserve System is compelled to adopt a trial-and-error procedure in redefining the money-quantity aggregates. In addition, monetary policy is rendered more difficult because the macroeconomic impact of the innovations cannot be definitively defined. On the one hand they generate an expansive impulse, since they release central bank money, but on the other also a restrictive one, since they make the holding of financial assets more attractive.