Reconstruyendo los mecanismos de transmisión de la política monetaria
This article surveys the tools used by the FED to implement monetar y polivy in tho United Statos. It argues that the influence of thc market forces over monetary policy initiatives in determining the pace of credit expansion has determined that the debt of the different sectors of the economy reach...
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| Format: | article |
| Language: | spa |
| Published: |
2002
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| Online Access: | https://estudioseconomicos.bce.fin.ec/index.php/RevistaCE/article/view/209 |
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Add Tag | Summary: | This article surveys the tools used by the FED to implement monetar y polivy in tho United Statos. It argues that the influence of thc market forces over monetary policy initiatives in determining the pace of credit expansion has determined that the debt of the different sectors of the economy reaches unsupportable levels. Financial stability and economic growth of U.S. is limited by the breakdown in ihe effectiveness of monetary policy implementation, therefore, 1t is necessary to reinstate quantity controls as transmission instruments of the monetary policy. Nevertheless, this reinstatement must take into consideration the many and substantial changes that have reshaped the U.S. financial system over tie last three decades, and requires the existence of a closer relationship between policy initiatives and all actions of the participants in the financial system. Thus, an asset-based reserve system would meet this objective and provide a policy framework appropriate Tor the 21* century. |
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