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Geldnachfrage, Bondnachfrage und Vermögenseffekte in der Geldpolitik
Credit and Capital Markets – Kredit und Kapital, Vol. 11 (1978), Iss. 4 : pp. 480–496
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Sauernheimer, K.
References
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Abstract
Demand for Money, Demand for Bonds and Wealth Effects in Monetary Policy
The object of this essay is to examine wealth effects in connection with changes in the quantity of money. The money quantity changes dealt with are attributable to open-market operations of the central bank or to exogenous influences such as balance-of-payments surpluses or budget deficits; changes in the value of money in the course of price level variations are also discussed. It is shown that a wealth-neutral open-market policy has the same income effects as a wealth increase induced by the quantity of money, which takes full effect on demand on the security market. This finding is compared with wealth-induced demand effects on the money and goods markets. If real money-quantity changes are due to price effects, this income effect is accompanied by a second one based on the changes in the real value of security holdings.