Notas sobre Mecanismos de Transmissão da Política Monetária

Strachman, Eduardo (2016): Notas sobre Mecanismos de Transmissão da Política Monetária.

Abstract

The article aspires to understand the monetary policy transmission mechanisms and whether they result in the aimed effects. We define and detail these monetary policy transmission mechanisms, showing some recent changes in monetary economics. We emphasize that modern CBs use interests as their fundamental mechanism for monetary policies, instead of goals for some monetary aggregates. We clarify the transmission channels of monetary policies, exposing the differentiated effectiveness of the monetary policy transmission mechanisms, according to the phase of the business cycle, analyzing impacts and endogeneity of risks in relation to these phases, without leading to an optimum

• Item Type: MPRA Paper
• English Title: Some Notes on the Monetary Policy Transmission Mechanisms
• Language: Portuguese
• Keywords: Monetary Economics; Monetary Policy, Transmission Mechanisms
• Subjects: E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates > E44 - Financial Markets and the Macroeconomy; E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit; E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E58 - Central Banks and Their Policies

References

ADRIAN, T. e SHIN, H.S. (2010) Prices and Quantities in the Monetary Policy Transmission Mechanism. Federal Reserve Bank of New York Staff Reports, n. 396, Dec. ALVES JR., A.J.; DYMSKI, G.A. e PAULA, L.F. (2008) “Banking strategy and credit expansion: a Post-Keynesian approach”. Cambridge Journal of Economics, v. 32, n. 3, p. 395-420, May. BERNANKE, B.S. e GERTLER, M. (1995) “Inside the black box: the credit channel of monetary policy transmission”. Journal of Economic Perspectives, v. 9, n. 4, p. 27-48, Autumn. BERNANKE, B.S.; LAUBACH, T.; MISHKIN, F.S. e POSEN, A.S. (1999) Inflation Targeting: Lessons from the International Experience. Princeton: Princeton U.P. BIBOW, J. (1999) Refocusing the ECB on Output Stabilization and Growth through Inflation Targeting? Levy Economics Institute of Bard College Working Paper, n. 425. BOIVIN, J.; KILEY, M.T. e MISHKIN, F.S. (2010) How Has the Monetary Transmission Mechanism Evolved over Time? Federal Reserve Board, Finance and Economic Discussion Series, n. 2010-26. BORIO, C. e ZHU, H. (2012) “Capital regulation, risk-taking and monetary policy: a missing link in the transmission mechanism?”. Journal of Financial Stability, v. 8, n. 4, p. 236-251. CARVALHO, F.C. (1999) “On banks’ liquidity preference”. In DAVIDSON, Paul e KREGEL, Jan (Orgs.) Full Employment and Price Stability in a Global Economy. Cheltenham: Edward Elgar, p. 123-138. CARVALHO, F.C. (2005) “Uma contribuição ao debate em torno da eficácia da política monetária e algumas implicações para o caso do Brasil”. Revista de Economia Política, v. 25, n. 4, p. 323-336, Out./Dez. CHICK, V. e PETTIFOR, A. (2010) The Economic Consequences of Mr. Osborne - Fiscal Consolidation: Lessons from a Century of UK Macroeconomic Statistics. London: Mimeo., 6 June. DAVIDSON, P. (1994) Post-Keynesian Macroeconomic Theory. Aldershot: Edward Elgar. DE PAULA, L.F. e SARAIVA, P.J. (2015) “Novo consenso macroeconômico e regime de metas de inflação”. Revista Paranaense de Desenvolvimento, v. 36, n. 128, p. 19-32. DEQUECH, D. (2011). “Uncertainty: a typology and refinements of existing concepts”. Journal of Economic Issues, v. 45, n. 3, p. 621-640, Sept. DYMSKI, G.A. (1993) “Keynesian uncertainty and asymmetric information: complementary or contradictory?” Journal of Post Keynesian Economics, v. 16, n. 1, p. 49-54. EUROPEAN CENTRAL BANK [s.d.] Transmission Mechanism of Monetary Policy. Frankfurt: European Central Bank. (https://www.ecb.europa.eu/mopo/intro/transmission/html/index.en.html, acesso em 30/12/2015). FELKERSON, J. (2011) $29,000,000,000,000: a detailed look at the Fed’s bailout by funding facility and recipient. Levy Economics Institute of Bard College, Working Paper n. 698, Dec. FINANCIAL TIMES [s.d.] “Definition of Monetary Transmission”. ft.com/lexicon (http://lexicon.ft.com/Term?term=monetary-transmission, acesso em 30/12/2015). FONTANA, G. (2004) “Rethinking endogenous money: a constructive interpretation of the debate between horizontalists and structuralists”. Metroeconomica, v. 55, n. 4, p. 367-385, Nov. FULLWILER, S.T. (2013) “An endogenous money perspective on the post-crisis monetary policy debate”. Review of Keynesian Economics, v. 1, n. 2, p. 171-194, Summer. GERTLER, M. e GILCHRIST, S. (1993) “The role of credit market imperfections in the transmissions of monetary policy: arguments and evidence”. Scandinavian Journal of Economics, v. 95, n. 1, p. 43-64, May. GREENSPAN, Alan (2007) The Age of Turbulence. New York: Penguin. HARCOURT, G.C. (2013) “The ABC of G and T”. Economic and Labour Relations Review, v. 24, n. 3, p. 456–457. IRELAND, P.N. (2008) “Monetary transmission mechanism”. In DURLAUF, S.N. e BLUME, L.E. (Eds.) The New Palgrave Dictionary of Economics. 2nd Ed. London: Macmillan. KALECKI, M. (1954) Theory of Economic Dynamics. 2nd Ed. London: Allen and Unwin, 1965. KEYNES, J.M. (1936) The General Theory of Employment, Interest and Money. London: Macmillan, 1973. KRUGMAN, P. (1998) “It’s baaack! Japan’s slump and the return of the liquidity trap”. Brookings Papers on Economic Activity, v. 1998, n. 2, p. 137-205. KRUGMAN, P. (2000) “Thinking about the liquidity trap”. Journal of the Japanese and International Economics, v. 14, n.4, p. 221-37, Dec. LAVOIE, M. (2010) Changes in Central Bank Procedures during the Subprime Crisis and Their Repercussions on Monetary Theory. Levy Economics Institute of Bard College, Working Paper n. 606, Aug. LAVOIE, M. (2014) Post-Keynesian Economics: New Foundations. Aldershot: Edward Elgar. MCLEAY, Michael; RADIA, Amar e THOMAS, Ryland (2014) “Money creation in the modern economy”. Bank of England Quarterly Bulletin, v. 54, n. 1, p. 14-27. MENDONÇA, Helder F. (2001) Independência do Banco Central, Âncoras Nominais e Coordenação de Políticas. Tese (Doutorado – IE-UFRJ). Rio de Janeiro: Mimeo. MINSKY, Hyman P. (1986) Stabilizing an Unstable Economy. New Haven: Yale U.P. MIRANDA, J.C.R. (1992) Câmbio, Juros e Fisco: A Experiência Internacional. Tese (Doutorado – IE-Unicamp). Campinas: Mimeo. NERSISYAN, Y. e WRAY, L.R. (2011) “Review of ‘This Time Is Different: Eight Centuries of Financial Folly. By Carmen Reinhart and Kenneth Rogoff’”. Challenge, v. 54, n. 1, p. 113-120, Jan./Feb. REINHART, C.M. e ROGOFF, K.S. (2009) This Time Is Different: Eight Centuries of Financial Folly. Princeton, N.J.: Princeton U.P. SACHS, J.D. e LARRAIN, F.B. (1993) Macroeconomics. Upper Saddle River, N.J.: Prentice Hall. SAYAD, J. (2014) “Pé ante pé: o preço da salada e outros mitos da moeda”. Folha de São Paulo, 31 Ago. SILVA, A.C.M. (1994) Macroeconomia sem Equilíbrio: Dois Ensaios e um Livro-Texto. Tese (Doutorado – IE-Unicamp). Campinas: Mimeo. STIGLITZ, J.E. e WEISS, A. (1992) “Asymmetric information in credit markets and its implications for macroeconomics”. Oxford Economic Papers, v. 44, n. 4, p. 694-724, Oct. STRACHMAN, E. (2000) “Notas sobre o processo de cálculo de aplicação de capital”. Revista de Economia Política, v. 20, n. 1, p. 149-154, Jan./Mar. STRACHMAN, E. (2013) “Metas de inflação no Brasil (1999-2012): uma análise institucional”. Ensaios Econômicos FEE, v. 34, n. 2, p. 407-438, Jul./Dez. SVENSSON, L.O. (2005) Further Developments of Inflation Targeting. Prepared for “Inflation Targeting: Implementation, Communication and Effectiveness”, Workshop at Sveriges Riksbank, Stockholm, June 10-12. VAN EES, H. e GARRETSEN, H. (1993) “Financial markets and the complementarity of asymmetric information and fundamental uncertainty”. Journal of Post Keynesian Economics, v. 16, n. 1, p. 37-48. WOLFSON, M.H. (1996) “A post Keynesian theory of credit rationing”. Journal of Post Keynesian Economics, v. 18, n. 3, p. 443-470. WRAY, L.R. (1998) Understanding Modern Money: the key to full employment and price stability. Cheltenham: Edward Elgar. WRAY, L.R. (2015) Modern Money Theory: a primer on macroeconomics for sovereign monetary systems. 2nd ed. New York: Palgrave Macmillan. ZENDRON, P. (2006) Instituições Bancárias, Concessão de Crédito e Preferência pela Liquidez: Três Ensaios na Perspectiva Pós-Keynesiana. Tese (Doutorado – IE-UFRJ). Rio de Janeiro: Mimeo.