| 000 | 01879cam a22003257 4500 | ||
|---|---|---|---|
| 001 | w4117 | ||
| 003 | NBER | ||
| 005 | 20211020114542.0 | ||
| 006 | m o d | ||
| 007 | cr cnu|||||||| | ||
| 008 | 210910s1992 mau fo 000 0 eng d | ||
| 100 | 1 | _aStiglitz, Joseph E. | |
| 245 | 1 | 0 |
_aTowards a Reformulation of Monetary Theory: _bCompetitive Banking / _cJoseph E. Stiglitz, Bruce Greenwald. |
| 260 |
_aCambridge, Mass. _bNational Bureau of Economic Research _c1992. |
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| 300 |
_a1 online resource: _billustrations (black and white); |
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| 490 | 1 |
_aNBER working paper series _vno. w4117 |
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| 500 | _aJuly 1992. | ||
| 520 | 3 | _aThis paper, after providing a critique of standard monetary theory based on the transactions demand for money, examines the effect of monetary policy (changes in reserve requires and open market operations) in a model with competitive, risk averse banks. The effects of changes in bank net worth and bank's risk perceptions are also analyzed. In deep recessions, monetary policy may be ineffective because banks are unwilling to lend. The effects of monetary policy are, at most, only partially mediated through changes in the interest rate. The implications for traditional IS-LM analysis are briefly noted. | |
| 530 | _aHardcopy version available to institutional subscribers | ||
| 538 | _aSystem requirements: Adobe [Acrobat] Reader required for PDF files. | ||
| 538 | _aMode of access: World Wide Web. | ||
| 588 | 0 | _aPrint version record | |
| 690 | 7 |
_aE40 - General _2Journal of Economic Literature class. |
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| 700 | 1 | _aGreenwald, Bruce. | |
| 710 | 2 | _aNational Bureau of Economic Research. | |
| 830 | 0 |
_aWorking Paper Series (National Bureau of Economic Research) _vno. w4117. |
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| 856 | 4 | 0 | _uhttps://www.nber.org/papers/w4117 |
| 856 |
_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w4117 |
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| 942 |
_2ddc _cW-PAPER |
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| 999 |
_c344333 _d302895 |
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