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- Douglas D. Purvis (1976): The Role of the Monetary Base in Australia
While the monetary base might be a useful concept for analyzing variation in the money supply, it is a misleading indicator of the central bank's monetary policy.
RePEc:sae:ausman:v:1:y:1976:i:1:p:73-83 Save to MyIDEAS - Edward Nelson (2019): The Monetary Base in Allan Meltzer's Analytical Framework
s analytical framework focuses on the role that Meltzer assigned to the monetary base. For many years, Meltzer suggested that central banks should use the monetary base as their policy instrument, in place of a short-term nominal interest rate. ... He believed that the monetary base could play an important role even when an interest rate was used as the instrument. ... s reasoning was twofold: (i) The monetary base might shed light on the behavior of important asset prices that mattered for aggregate demand. ... In later years, while still emphasizing the valuable indicator properties of the monetary base, Meltzer accepted that interest-rate-based rules could deliver monetary control and economic stabilization.
RePEc:fip:fedgfe:2019-01 Save to MyIDEAS - Ionela Costică (2009): Financial Crisis And Changes In The Monetary Base
Amid the global economic and financial crisis it is important to put into the question the role played by the monetary base in making monetary policy decisions. Even if the NBR's main monetary policy tools was the changes in interest rate level, the other monetary policy tools used were as purposeful to influence liquidity in the economy and, finally, to changing the structure of monetary base.
RePEc:agr:journl:v:12(541)(supplement):y:2009:i:12(541)(supplement):p:626-631 Save to MyIDEAS - VASIL KUTIN (2006): Models For Measuring Monetary Base
In the moment there are two major monetary indexes that are in use from the monetary authorities as standard for determining the money supply. The first is the apparent simple sum that is used by monetary policymakers. ... It means that this index rested the speculation that the quality of money is one as well at the different monetary assets. ... He rested the consumer bid of the different assets coming from the group theory, that is economic, and using the consumer value, to be received expenses based weight on the different parts.
RePEc:neo:journl:v:2:y:2006:i:3:p:25-29 Save to MyIDEAS - Nancy Muller Durán & Ignacio Perrotini Hernández (2018): Is there any relationship between the monetary base and the interest rate of the US Federal Reserve?
We argue that the Fed controls the monetary base (H) with the aim of adjusting the federal funds interest rate.
RePEc:nax:conyad:v:63:y:2018:i:4:p:43-44 Save to MyIDEAS - D. P. O'Brien (1997): Monetary Base Control and the Bank Charter Act of 1844
No abstract is available for this item.
RePEc:hop:hopeec:v:29:y:1997:i:4:p:593-633 Save to MyIDEAS - Atsushi Tanaka (2020): Monetary Base Controllability after an Exit from Quantitative Easing
This study examines the problem that a central bank may face after exiting a monetary quantitative easing policy. It develops a simple dynamic optimization model of a central bank, which finds that if the bank needs to absorb a substantial amount of excess reserves when exiting, the monetary base may become uncontrollable. In this case, the bank has no option but to increase the monetary base by more than the target amount, which leads to an undesirable money supply expansion and, ultimately, to inflation pressures.
RePEc:cbk:journl:v:9:y:2020:i:3:p:123-134 Save to MyIDEAS - Robert Wayne Samohyl & Roberto Meurer (1997): Behavior of the monetary base and its conditioning factors in Brazil between January 1992 and March 1996
This paper studies the behavior of the monetary base and its proximate determinantsin Brazil between January of 1992 and March of 1996. To achieve this, the paperanalyzes monthly variations of the base, using correlation coefficients and the relative participationof each determinant on total variation. The analysis demonstrates that there areseveral specific differences before and after the Real Plan in the profile of the determinants.However, the analysis also shows that in both periods one of the major determinants of themonetary base is the net flow of foreign exchange to Brazil.
RePEc:ekm:repojs:v:17:y:1997:i:3:p:330-342:id:1173 Save to MyIDEAS - Funashima, Yoshito (2020): Money stock versus monetary base in time–frequency exchange rate determination
We demonstrate that in the short run, money supply has a stable significant effect on the exchange rate only after the introduction of quantitative easing policies, together with a remarkable difference between the money stock and the monetary base. Under quantitative easing policies, while money stock has a limited role, at best, in short-run exchange rate dynamics, increases in the monetary base cause the currency to depreciate in the short run. The notable role of the monetary base remains exceptionally stable over time only in quantitative easing regimes, while the exchange rate is unstably connected to other fundamentals. Moreover, in the long run, the monetary base outperforms the money stock in explaining the exchange rate, in general. Lastly, the growing role of the monetary base is shown to be robust to several checks.
RePEc:eee:jimfin:v:104:y:2020:i:c:s0261560619304395 Save to MyIDEAS - András Komáromi (2007): The effect of the monetary base on money supply – Does the quantity of central bank money carry any information?
In discussing the transmission mechanism, basic macroeconomics textbooks focus on changes in money supply, which the central bank can control by manipulating the monetary base. ... Under such circumstances, the direction of the mutual effect of the monetary base and money supply is rather the reverse in today’s practice, i.e. the results of the portfolio decisions of economic agents are reflected in the central bank’s balance sheet, determining the size of the monetary base. The article explains the direction of the actual mechanism and argues the point that, contrary to the view still widely held in academic circles, a great deal of the factors affecting the monetary base are exogenous for the central bank. Accordingly, the growth rate of M0 (monetary base or base money) carries no direct information on either the intentions of the central bank or the outlook for inflation.
RePEc:mnb:bullet:v:2:y:2007:i:1:p:31-37 Save to MyIDEAS