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- Englund, Peter, et al.
(author)
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Discount Window Borrowing and Money Market Interest Rates
- 1989
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In: Scandinavian Journal of Economics. - : Wiley: 24 months. - 1467-9442 .- 0347-0520. ; 91:3, s. 517-533
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Journal article (peer-reviewed)abstract
- This paper introduces a coherent framework for analyzing the role of discount window aspects of monetary policy. It deals explicitly with discount window regimes used by European central banks. In many European countries, commercial banks have virtually limited access to borrowed reserves. The framework is used to analyze what this feature means for the effects of policy instruments and exogenous shocks.
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- Englund, Peter
(author)
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Monetary Policy and Bank Regulations in an Economy with Financial Innovations
- 1987
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Reports (other academic/artistic)abstract
- This is a study of financial innovations and moves towards "the cashless society" in a general equilibrium cash-in-advance model. It is assumed that a subset of goods - cash goods and check goods - can only be purchased with tangible means of payment, i.e. cash and checks drawn on interest bearing bank accounts. financial innovations are modelled as a decrease in the fraction of such goods. In this world monetary policy and bank regulations have welfare effects. A main result is that Friedman's (1969) optimum quantity of money rule continues to hold in this setting. It does so because a non-zero interest rate distorts the composition of consumption. The general result is translated into results on the optimum rate of expansion of the supply of base money under different assumptions. We also study optimum reserve requirements on banks.
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- Englund, Peter, et al.
(author)
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The Current Account, Supply Shocks, and Accomodative Fiscal Policy : Interpretations of Swedish Post-War Data
- 1987
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Reports (other academic/artistic)abstract
- The aim of the paper is to asses empirically the importance of different types of shocks in explaining the Swedish current account. We do this by first estimating an unrestricted vector autoregression system in these four variables: the real wage, the terms of trade, governmnet consumption, and the current accout. We then perform innovation accouting and impulse response studies based on a particular structural model that allows identification of the parameters of the contemporaneous relations between the variables. The model allows for labour-union determined wages, and government consumption is taken to be accomodative in response to private sector labour demand. A principal finding is that the forecast error variance in the current account is to a very limited extent (less than 20 per cent over a couple of years) explained by innovations to the wage, terms-of-trade, or government-consumption equations. This is in contrast with the "conventional wisdom" and also with the results for some of the other variables. For example, innovations in the wage equation explain less than half of the variance of the wage.
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