Andrés, Javier (contributor); … - 2004 - [Elektronische Ressource]
aggregate demand and asset specifications imply that there exists an
additional channel of monetary policy. Our results suggest …”wasthat“[t]hereisnoreasontothinkthattheimpact[of
monetary policy] will be captured in any single [variable]..., whether it is a
monetary stock or a market interest rate” (Tobin … monetary policy
creates the additional spending is second-order.
Recent discussions of the monetary transmission mechanism have …