By David G. Pierce and Peter J. Tysome (Auth.)
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Additional info for Monetary Economics. Theories, Evidence and Policy
98). The monetarist approach T h e monetarist transmission mechanism is also o n e of portfolio balance. Monetarists are critical of the Keynes and Tobin versions, however, for concentrating on too narrow a range of capital assets, yields and associated expenditures. This has been stated quite explicitly by Friedman and Meiselman w h o , using the phrase 'credit-view' to describe the Keynesian position, said: the crucial issue that corresponds to the distinction between the 'credit' and 'monetary' effects of monetary policy is not whether changes in the stock of money operates through interest rates but rather, the range of interest rates considered.
These include the timing of the payments m a d e by the various economic units, and the extent to which they overlap, the a m o u n t of integration in industry, and the extent to which credit is used. W e shall say no m o r e about these factors here except to point out that they are largely concerned with institutional arrangements. Thus it would appear that if money is held only to finance transactions, then the amount held for this purpose depends on the level of transactions to be financed and on certain institutional arrangements surrounding those transactions.
1980, p. 61). A t the other extreme of responses was, for example, that of Artis w h o replied: Yes. There are of course other channels of the transmission mechanism - expectations and interest rate-demand channels. The evidence on these is not powerful. (1980, p. 44). 2. 2), there are also some important interrelationships between them via their effects on the assets m a r k e t . For example, portfolio adjustments, that bring about increases in asset prices ( G ) , generate a wealth effect ( H ) .
Monetary Economics. Theories, Evidence and Policy by David G. Pierce and Peter J. Tysome (Auth.)