How does credit supply respond to monetary policy and bank minimum capital requirements?

We use data on UK banks׳ minimum capital requirements to study the interaction of monetary policy and capital requirement regulation. UK banks were subject to both time-varying capital requirements and changes in interest rate policy. Tightening of either capital requirements or monetary policy reduces the supply of lending. Lending by large banks reacts substantially to capital requirement changes, but not to monetary policy changes. Lending by small banks reacts to both. There is little evidence of interaction between these two policy instruments. The differences in the responses of small and large banks identify important distributional consequences within the financial system of these two policy instruments. Finally, our findings do not corroborate theoretical models that raise concerns about complex interactions between monetary policy and macro-prudential variation in capital requirements.     

Would helicopter money be spent? New evidence for the Netherlands

According to some economists, central banks should use ‘helicopter money’ to boost inflation (expectations). Based on a survey among Dutch households, we examine whether respondents would spend the money received via such a transfer. Our results show that respondents expect to spend about 30% of the transfer and that helicopter money would hardly affect inflation expectations. Furthermore, whether transfers come from the central bank or the government makes no difference. Finally, our results suggest that the effect of helicopter money on public trust in the ECB is ambiguous.     

A classroom experiment in monetary policy

The authors propose a classroom experiment implementing a simple version of a New Keynesian model suitable for courses in intermediate macroeconomics and money and banking. Students play as either the central bank or members of the private sector. The central banker sets interest rates to meet twin objectives for inflation and the output gap or to meet only an inflation target. In both settings, private sector agents are concerned with correctly forecasting the inflation rate. The authors show that an experiment implementing this setup is feasible and yields results that enhance understanding of the New Keynesian model of monetary policy. They propose alternative versions where the central bank is replaced by a policy rule and provide suggestions for discussing the experimental results with students.     

股票市场的货币政策传导分析

货币政策的传导机制不是唯一的,金融市场的种种特征造成了货币政策传导的多样性,股票市场中的货币政策传导就具有独特的规律,在不与银行信贷的创造机制相连的前提下,信贷资金和股市资金的沟通是合理的,目前中国信贷市场和股票市场之间千丝万缕的关系,并没有为货币政策传导创造更加有效的机制基础,股票市场还不能成为货币政策的有效传导渠道。     

宏观经济政策与资本形成机制的契合--资本市场的宏观经济意义分析

资本形成机制的宏观经济含义体现为实现国民收入的良性循环,这一良性循环不只是消费、积累比例的确定,还体现在形成投资的现实效益,这种效益很大程度上体现为经济结构的优化。宏观经济政策在资本市场的传导,便以现实的资本形成机制的顺畅运行为前提。资本市场作为资本形成的实现机制,其宏观意义体现在其对宏观经济政策的顺畅传导中。     

银行业在区域经济市场化过程中的策略选择——以振兴东北老工业基地为例

振兴东北是从传统到现代、从计划到市场的经济制度变迁过程.货币政策的区域效应使银行业在东北这一特定区域市场化进程中有了采取区域性策略的可能.在分析东北的区域性经济特点的基础上,针对银行业自身改制和振兴东北的企业问题,本文提出了在东北经济市场化进程中的区域性银行业策略.     

Consumption externalities with endogenous time preference

This paper shows that in a model with inelastic labor supply, consumption externalities have impacts on stationary consumption and capital. The key element in observing the effects of consumption externalities on stationary consumption and capital is the endogeneity of the time preference rate, which depends on future-oriented resources rather than on private consumption. We conclude that when individuals experience jealousy, they become more impatient, leading to a lower level of capital stock and a higher level of consumption relative to those of the social optimum, while when they experience admiration, these relationships are reversed. We examine an optimal tax policy that replicates the socially optimal path in the centrally planned economy. Finally, using numerical analysis we explore how this economy evolves through time.      

Competition Policy Convergence: Where Next?

As the 20th Century dawned, there were radical divergences in the policies individual nations pursued toward restraints of competition by cartels and monopolies. Since World War II there has been considerable convergence; many nations have adopted explicit pro-competition policies. This paper traces the reasons for the divergence and then convergence and asks what important steps remain to be taken, especially where the concerns of international trade policy and competition policy intersect. A proposed augmentation of the World Trade Organization's functions to deal with competition policy issues is examined.     

Systemic technology policies: Issues and instruments

In this Introduction, we review the arguments that underpinned the workshop on which the special section is grounded and provide a structured sequence for the contents of the seven selected papers that comprise the section.