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Monetary Policy Without Reserve Requirements: Central Bank Money as Means of Final Payment on the Interbank Market

In: Credit, Money and Macroeconomic Policy

Author

Listed:
  • Louis-Philippe Rochon
  • Sergio Rossi

Abstract

With recent turmoil in financial markets around the world, this unique and up-to-date book addresses a number of challenging issues regarding monetary policy, financial markets and macroeconomic policy.

Suggested Citation

  • Louis-Philippe Rochon & Sergio Rossi, 2011. "Monetary Policy Without Reserve Requirements: Central Bank Money as Means of Final Payment on the Interbank Market," Chapters, in: Claude Gnos & Louis-Philippe Rochon (ed.), Credit, Money and Macroeconomic Policy, chapter 6, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:13254_6
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    File URL: https://www.elgaronline.com/view/9781848440678.00013.xml
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    References listed on IDEAS

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    1. Furfine, Craig, 2002. "The interbank market during a crisis," European Economic Review, Elsevier, vol. 46(4-5), pages 809-820, May.
    2. Donna Howard, 1998. "A primer on the implementation of monetary policy in the LVTS environment," Bank of Canada Review, Bank of Canada, vol. 1998(Autumn), pages 57-66.
    3. Richardson, Gary, 2007. "The Check is in the Mail: Correspondent Clearing and the Collapse of the Banking System, 1930 to 1933," The Journal of Economic History, Cambridge University Press, vol. 67(3), pages 643-671, September.
    4. Mark Setterfield (ed.), 2006. "Complexity, Endogenous Money and Macroeconomic Theory," Books, Edward Elgar Publishing, number 3552.
    5. Mr. Alain Ize & Mr. Arto Kovanen & Timo Henckel, 1999. "Central Banking Without Central Bank Money," IMF Working Papers 1999/092, International Monetary Fund.
    6. Marc Lavoie & Mario Seccareccia (ed.), 2004. "Central Banking in the Modern World," Books, Edward Elgar Publishing, number 3297.
    7. Scott T. Fullwiler, 2006. "Setting interest rates in the modern money era," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 28(3), pages 496-525.
    8. Marc Lavoie, 2005. "Monetary base endogeneity and the new procedures of the asset-based Canadian and American monetary systems," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 27(4), pages 689-709.
    9. James Dingle, 1998. "The LVTS-Canada's large-value transfer system," Bank of Canada Review, Bank of Canada, vol. 1998(Autumn), pages 39-55.
    10. Sergio Rossi, 2005. "Central Banking in a Monetary Theory of Production: The Economics of Payment Finality from a Circular-Flow Perspective," Palgrave Macmillan Books, in: Giuseppe Fontana & Riccardo Realfonzo (ed.), The Monetary Theory of Production, chapter 9, pages 139-151, Palgrave Macmillan.
    11. John B. Taylor, 2000. "Teaching Modern Macroeconomics at the Principles Level," American Economic Review, American Economic Association, vol. 90(2), pages 90-94, May.
    12. Sergio Rossi, 2004. "Inflation Targeting and Sacrifice Ratios : The Case of the European Central Bank," International Journal of Political Economy, Taylor & Francis Journals, vol. 34(2), pages 69-85.
    13. L. Randall Wray, 1998. "Understanding Modern Money," Books, Edward Elgar Publishing, number 1668.
    14. Furfine, Craig H., 2000. "Interbank payments and the daily federal funds rate," Journal of Monetary Economics, Elsevier, vol. 46(2), pages 535-553, October.
    15. Marc Lavoie, 1992. "Foundations of Post-Keynesian Economic Analysis," Books, Edward Elgar Publishing, number 275.
    16. Jacques Riboud, 1980. "The Mechanics of Money," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-05112-0, October.
    17. Clyde Goodlet, 1997. "Clearing and settlement systems and the Bank of Canada," Bank of Canada Review, Bank of Canada, vol. 1997(Autumn), pages 49-64.
    18. Claude Gnos & Louis-Philippe Rochon (ed.), 2011. "Credit, Money and Macroeconomic Policy," Books, Edward Elgar Publishing, number 13254.
    19. Goodhart, Charles, 1989. "The Conduct of Monetary Policy," Economic Journal, Royal Economic Society, vol. 99(396), pages 293-346, June.
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    Cited by:

    1. Massimo Cingolani, 2013. "Finance Capitalism: A Look at the European Financial Accounts," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 60(3), pages 249-290, May.

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