文件大小:未知
级别评定:
添加时间:2016-06-13 00:31:47
最后更新:2016-06-23 14:55:02
下载积分:0分 (只有会员文件下载时才需要相应积分验证)
总浏览:
总下载:56
发布人:彭宣朝
Monetary policy implementation: Misconceptions and their consequences
Piti Disyatat
Abstract
Despite constituting the very heart of the monetary transmission mechanism, widespread misconceptions still exist regarding how monetary policy is implemented. This paper highlights the key misconceptions in this regard and shows how they have compromised the understanding of important aspects of the monetary transmission mechanism. In particular, the misplaced emphasis on open market operations as the means through which monetary policy is implemented can give rise to inappropriate characterizations of monetary policy, as well as to ill-defined discussions of liquidity effects, the bank lending channel, and sterilized exchange rate intervention.