1 0 0 0 OA 中間目標政策と金融構造
- 著者
- 北川 雅章
- 出版者
- 日本経済学会
- 雑誌
- The Economic Studies Quarterly (ISSN:0557109X)
- 巻号頁・発行日
- vol.38, no.3, pp.234-244, 1987-09-30 (Released:2008-02-28)
- 参考文献数
- 9
This paper puts an important strand to the discussion on the intermediate target policy for income stabilization. We explicitly introduce distinction between money supply (MS) and high-poweredmoney (HPM), a la Horiuchi (1980).MS is used as an intermediate target variable, which implies the level of fund available in the financial market is fixed. In such a case, any real disturbance affects the equilibrium condition of the financial market, because amount of loans cannot respond to the borrower's demand. If, on the other hand, HPM is used, the equilibrium condition of the financial market is independent from the real disturbance.Horiuchi proposes to use HPM as an intermediate target variable if the IS disturbance is dominant. However, we revise his conclusion, because MS rule adds another stabilizing effect through interest change due to LM shift. Our conclusion is derived by making an explicit role of lenders and borrowers in the financial market, a la Modigliani and Papademos (1980), which was not explained in Horiuchi.