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Mix-Ansicht- Geld-Wachstum Formel? - aprilzi, 25.09.2007, 19:38
Geld-Wachstum Formel?
-->Hi
Stimmt denn diese Formel?
It's generally possible to write the money supply equation as follows:
M = mMB
Here, M is the money supply, MB is the monetary base, and m is the money multiplier. [A simple version is m= (c+1)/(rr + c + e) where c is the currency to deposit ratio, rr is the reserve requirement, and e is the excess reserve to deposit ratio. An even simpler version - usually presented in introductory macro - is m = 1/(rr+e), and the simplest is 1/rr.] The MB can be increased or decreased through open market operations (including the use of repos for short-term changes) and discount loans to banks.
Jim's point is that MB did increase recently, but only temporarily. That is, MB rose by around 18 billion through repo agreements mostly, then fell back to near its original value. But as MB went up, then down, the money supply, M, was largely unaffected. Why didn't M move with MB? As Jim notes, most of the increase in MB was held at banks in the form of excess reserves, and if you remember your basic macro, when excess reserves go up (i.e. e increases in the formula above), m, the money multiplier, goes down (banks hold the money instead of making loans and hence there is no multiple deposit creation). Thus, as MB increased then decreased, m moved in the opposite direction, and the net result was very little change in M.
[aus: http://economistsview.typepad.com/e.../2007/09/the-repo-man.html#more]
Gruss
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