The Balance-Sheet Transmission Channel of Monetary Policy: The Cases of Germany and Spain

José M. González Mínguez

Working Papers from Banco de España

Abstract: In this paper, the role of the financial position of private agents in the transmission of monetary policy (the balance-sheet channel) is explored. To the extent that official interest rates are able to affect the market value and the income flows of certain categories of financial instruments and that these changes in financial wealth and interest income have an effect on aggregate expenditure, output and prices, supplementary transmission mechanisms arise in addition to those related to the substitution between current and future demand.

Keywords: MONETARY; POLICY (search for similar items in EconPapers)
JEL-codes: E5 E51 E52 (search for similar items in EconPapers)
Pages: 84 pages
Date: 1997
References: Add references at CitEc
Citations: View citations in EconPapers (1)

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bde:wpaper:9713

Access Statistics for this paper

More papers in Working Papers from Banco de España Contact information at EDIRC.
Bibliographic data for series maintained by Ángel Rodríguez. Electronic Dissemination of Information Unit. Research Department. Banco de España ().