transmissionmechanismsofmonetarypolicy∶theevidence(编辑修改稿)

transmissionmechanismsofmonetarypolicy∶theevidence(编辑修改稿)内容摘要：

mphasis on real interest rate: Expansionary moary policy • Exchange rate effects on exports Expansionary moary policy  YIi r YIiP ree  YNXEi rCopyright 169。 2020 Pearson AddisonWesley. All rights reserved. 2315 Asset Price Effects (cont’d) • Tobin’s q theory Expansionary moary policy • Wealth effects Expansionary moary policy  YIqP s w e a l t hP s Ync o n s u m p t i oCopyright 169。 2020 Pearson AddisonWesley. All rights reserved. 2316 Credit View • Bank lending channel Expansionary moary policy → bank deposits ↑ → bank loans ↑ → → I ↑ → Y ↑ • Balance sheet channel Expansionary moary policy → Ps ↑ → worth ↑ → → adverse selection ↓, moral hazard ↓→ lending ↑ → → I ↑ → Y ↑ Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 2317 Credit View (cont’d) • Cash flow channel Expansionary moary policy → i ↓→ cash flow ↑ → adverse selection ↓, moral hazard ↓→ lending ↑ → I ↑ → Y ↑ • Unanticipated price level channel Expansionary moary policy → unanticipated P ↑ → real worth ↑ → → adverse selection ↓, moral hazard ↓→ lending ↑ → I ↑ → Y ↑ • Household liquidity effects Expansionary moary policy → Ps ↑ → value of financial assets ↑ → likelihood of financial distress ↓→ consumer durable and housing expenditure↑ → Y ↑ Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 2318 Lessons for Moary Policy • It is dangerous always to associate the easing or the tightening of moary policy with a fall or a rise in shortterm nominal interest rates • Other asset prices besides those on shortterm debt instruments contain important information about the stance of moary policy because they are important elements in various moary policy transmission mechanisms Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 2319 Lessons for Moary Policy (cont’d) • Moary policy can be highly effective in reviving a weak economy even if shortterm interest rates are already near zero • Avoiding unanticipated fluctuations in the price level is an important objective of moary policy, thus providing a rationale for price stability as the primary longrun goal for moary policy Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 2320 Chapter 2 An Overview of the Financial System 金融体系概览 Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 2321 Function of Financial Markets • Perform the essential function of channeling funds。