Monetary Policy with Endogenous Money and Liquidity Preference: A Nondualistic Treatment
Victoria Chick and
Journal of Post Keynesian Economics, 2002, vol. 24, issue 4, 587-607
This paper builds on a synthesis of endogenous money and liquidity preference theory to address the mechanisms by which monetary policy takes effect. We focus on the United Kingdom, under a range of institutional arrangements. Rather than operating solely by means of “the” exogenous interest rate, we consider the real process by which the central bank exerts its influence on the banking system, and how that is transmitted to the credit market and the money market. The focus is on process rather than equilibrium, and on the state of expectations, departing from the usual dualism between the interest rate and the money supply.
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