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Αποκτήστε το ebook των Λουκά Παπαδήμου, Φράνκο Μοντιλιάνι: MONETARY MECHANISM
Feb
Franco Modigliani and Lucas Papademos*
Τhe Stucture of Financial Markets and the Monetary Mechanism
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Το ηλεκτρονικό περιοδικό 24grammata.com εντόπισε και αναδημοσιεύει (σε μορφή free ebook) ένα σπάνιο pdf του νυν πρωθυπουργού της Ελλάδας Λουκά Παπαδήμου και του Iταλού Νομπελίστα Oικονομολόγου Franco Modigliani (1918-2003). Πρόκειται για ένα άρθρο, 50 σελίδων, στην αγγλική γλώσσα, με τίτλο “Τhe Stucture of Financial Markets and the Monetary Mechanism” (H δομή των οικονομικών αγορών και των χρηματοοικονομικών αγορών)
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CONTROLLING MONETARY AGGREGATES
The objective of this paper is to reexamine the monetary mechanism, that is the mechanism through which the monetary authority by controlling certain financial variables achieves (more or less) effective control over nominal income. We propose to argue that the view of the monetary mechanism which has been widely accepted, at least until very recently, by both monetarists and Keynesians and which focuses on the role of the money supply has in reality but limited applicability since it neglects many other possible and practical forms of this mechanism. We will be concerned with the nature of such alternative mechanisms and how their functioning is related to the structure of financial markets and with deriving implications from this analysis for the choice of intermediate targets for monetary policy. The need for a careful reexamination of the monetary transmission mechanism has become evident in the light of recent developments in both the practice and theory of monetary policy and in the presence of pervasive and continuous
changes in the structure of financial markets.
An important development in monetary policy in recent years has been the gradual adoption of monetary and credit aggregates as the primary targets in the formulation and implementation of policy by the monetary authorities of most major countries. The inflationary environment of the ’70s impaired the usefulness of interest rates as instruments and/or targets of monetary policy and contributed to the shift towards greater emphasis on monetary aggregate targets. The abandonment of the system of fixed exchange rates also motivated the formulation of policy in terms of aggregates which were often viewed as conditioning, at least in part, the inflationary
expectations of the public.
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