Record Details

Teorema Modigliani-Miller, imperfetta informazione e meccanismo di trasmissione della politica monetaria

Moneta e Credito

View Archive Info
 
 
Field Value
 
Title Teorema Modigliani-Miller, imperfetta informazione e meccanismo di trasmissione della politica monetaria
 
Creator BERTOCCO, G.
 
Subject —
Modigliani-Miller theorem, monetary policy, transition mechanism, credit
E52, G14
 
Description The work first aims to show that the Modigliani-Miller theorem can not constitute the theoretical foundation of traditional analysis. It then analyses the consequences of the presence of imperfect information on the characteristics of the transmission mechanism of monetary policy. It is observed that the dependence on commercial bank credit is not a sufficient condition for operating a transmission mechanism based on the control of the amount of credit that is different from the traditional mechanism. If the banking system could isolate the supply of credit through central bank decisions, the effects of monetary policy would be transmitted through interest rates, as established traditional analysis. The author shows that the characteristics of the transmission mechanism of monetary policy do not depend only on the presence of imperfect information, but also on the assumptions regarding the determination of the supply of credit.  JEL Codes: E52, G14Keywords: Modigliani-Miller theorem, monetary policy, transition mechanism, credit
 
Publisher Associazione Economia civile
 
Contributor —
 
Date 2013-10-26
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Articolo peer-review
 
Format application/pdf
 
Identifier http://ojs.uniroma1.it/index.php/monetaecredito/article/view/11012
 
Source Moneta e Credito; Vol 48, N° 191 (1995)
Moneta e Credito; Vol 48, N° 191 (1995)
2037-3651
 
Language ita
 
Relation http://ojs.uniroma1.it/index.php/monetaecredito/article/view/11012/10887
 
Rights Copyright (c) 2016 G. BERTOCCO
http://creativecommons.org/licenses/by-nc-nd/4.0