Electronic Money and the Monetary Transmission Process (eBook, PDF)

• Format: PDF

Produktbeschreibung

The emergence of new digital payment media has been of growing importance in the last two decades. These new forms of payment media rise the questions wether and how the monetary control of the central bank is influenced. This book analysis the influence of electronic money’s emergence on the monetary transmission process which is the central element linking monetary policy and the real economy. As economically most significant characteristics of electronic money low transaction costs as well as low regulation costs are isolated. As a consequence of these properties electronic money partially substitutes for traditional payment media, but also the market volume for payment media rises. A change in the allocation of the entire economy follows. It turns out that electronic money does not impede the central bank’s power to influence real economic activity. However it changes the nature of the transmission process and forces the central bank to react to changes in the relative importance of specific monetary transmission channels. These results are generated by numerical simulations of a version of today’s most common workhorse model for monetary policy analysis: the dynamic new Keynesian general equilibrium model.

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Produktdetails

• Verlag: Cuvillier Verlag
• Seitenzahl: 290
• Erscheinungstermin: 17. Oktober 2008
• Englisch
• ISBN-13: 9783736927605
• Artikelnr.: 49150274