文档介绍:2020
【PPT精品课件】货币金融学7版英文课件--ch26-大学课
Statistical Evidence
Horse race: correlation of A vs M with Y;Friedman and Meic goods relatively less expensive and NX .
Recent work indicates that the exchange rate transmission mechanism plays an important role in how monetary policy affects the economy.
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© 2005 Pearson Education Canada Inc.
Monetary Transmission Mechanisms
Other Asset Channels
Tobin’s q Channel:
where MVF = market value of firms and RCC = replacement cost of capital. If q is high, MFV is high relative to RCC, and new plant and equipment capital is cheap relative to the market value of firms. In this case, companies can issue stock and get a high price for it relative to the cost of the facilities and equipment they are buying. I because firms can buy a lot of new investment goods with only a small issue of stock.
The transmission mechanism for monetary policy is
M , Pe , q , I , Y
where Pe is the price of equity (not the expected price level)
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Monetary Transmission Mechanisms
Other Asset Channels
Wealth Channel:
Was introduced by Franco Modigliani in his famous “life cycle hypothesis of consumption.” He argued that the most important transmission mechanism of monetary policy involves consumption. Considering that an expansionary monetary policy stock prices, the wealth transmission mechanism works as follows:
M , Pe , W , C , Y
Note: Tobin’s q and wealth mechanisms allow for a general definition of equity that includes housing and land. For example, an in house prices, which their value relative to replacement cost, Tobin’s q for housing, thereby stimulating its production. Also, an in housing and land prices W, thereby C and Y.
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Credit View
This view proposes that two types of monetary transmission channels ari