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Money and Velocity During Financial Crises
Richard G. Anderson
Michael D. Bordo
John V. Duca
其他書名
From the Great Depression to the Great Recession
出版
National Bureau of Economic Research
, 2016
URL
http://books.google.com.hk/books?id=34YVDAEACAAJ&hl=&source=gbs_api
註釋
This study offers a single, consistent model that tracks the velocity of broad money (M2) since 1929, including the Great Depression, the global financial crisis, and the Great Recession. The model emphasizes the roles of changes in uncertainty and risk premia, financial innovation, and major banking regulations. Our findings suggest an enhanced role of a broad, liquid money aggregate as a policy guide during crises and their unwinding. Following crises, policymakers face the challenge of not only unwinding their balance sheet so as to prevent excess reserves from fueling a surge in M2, but also countering a fall in the demand for money as risk premia return to normal amid velocity shifts stemming from relevant financial reforms.
