A model of the Federal Reserve Act under the international gold standard system

• 成果类型: Article
• 署名作者: Fujiki, H
• 署名单位: Bank of Japan
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(03)00080-1
• 发表日期: 2003
• 页码: 1333-1350
• 关键词: central bank; clearinghouse; foreign exchange market

摘要

Freeman (Am. Econom. Rev. 86 (1996a) 1126) shows that an elastic money supply enhances the efficiency of monetary equilibrium by clearing default-free debts at par value in the domestic credit market. This research adds a foreign exchange market to Freeman's model and extends his analysis into a two-country model, in which the arrival rates of agents are not equal between the two countries. In this model, an elastic money supply in the foreign exchange market to clear the exchange of fiat monies at gold standard parity, accompanied by an elastic money supply in the domestic credit market, could improve the efficiency of monetary equilibrium. (C) 2003 Elsevier B.V. All rights reserved.