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The Balance-Sheet Transmission Channel of Monetary Policy: The Cases of Germany and Spain

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  • José M. González Mínguez

Abstract

In this paper, the role of the financial position of private agents in the transmission of monetary policy (the balance-sheet channel) is explored. To the extent that official interest rates are able to affect the market value and the income flows of certain categories of financial instruments and that these changes in financial wealth and interest income have an effect on aggregate expenditure, output and prices, supplementary transmission mechanisms arise in addition to those related to the substitution between current and future demand.

Suggested Citation

  • José M. González Mínguez, 1997. "The Balance-Sheet Transmission Channel of Monetary Policy: The Cases of Germany and Spain," Working Papers 9713, Banco de España.
    • Handle: RePEc:bde:wpaper:9713
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    Cited by:

    1. Freddy Cepeda L. & Carlos Varela B., 2002. "Estimación Del Efecto Ingreso Sobre Los Balances Financieros De Los Sectores Público Y Privado: 1996.2000," Borradores de Economia 2599, Banco de la Republica.

    More about this item

    Keywords

    MONETARY POLICY;

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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