Bank behavior and monetary policy |
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Authors: | V Levy-Garboua G Maarek |
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Institution: | Banque de France, 75001 Paris, France |
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Abstract: | As a rule, economists have studied the interaction between bank behavior and monetary policy in the case of a ‘monetary base’ target. In many countries (among which France), this is not an adequate analysis of monetary policy: rather, the Central Bank pegs the interest rate at a desired level and supplies whatever amount of central money is needed at this rate. This paper presents a model where both the usual and the ‘French’ case can be analysed; both short- and long-run implications of monetary policy are considered in a partial equilibrium framework. |
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