Börsennotizbuch

Ich finde, das ist eine interessante Ressource, auch wenn (wie im Titel) es eine Darstellung der theoretischen (akademischen) Modelle über die Wirkung der (expansiven) Geldpolitik auf die Wirtschaft ist: Thinking about Monetary Policy Efficacy: Back to the Textbooks .

Econbrowser zeigt also eine Tabelle mit den unterschiedlichen (modellhaften) Zusammenhängen unterschiedlicher makroökonomischer Konzepte — aus dem Buch von Frederic Mishkin “Economics of Money, Banking and Financial Markets” — mit Kommentar zu den einzelnen. Sein Schluss letztendlich:

I think the main point is that the decreases in interest rates, working through the traditional channels, will have a positive impact on components of aggregate demand. With respect to the credit view channels, the impact on lending is going to be quite muted, I think, given the supply of credit is likely to be limited. In fact, I suspect monetary policy will only be mitigating the negative effects of slowing growth and a reduction of perceived asset values working their way through the system.

So while I conclude that it’s wrong to look for a sector that monetary policy can rely upon to “save” the economy, in order to justify expansionary monetary policy, it seems to me that expansionary monetary policy will serve to offset these negative influences.