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Finanzinnovationen in den USA: Ursachen, Formen, Auswirkungen

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  • Streit, Joachim

Abstract

Das monetaristische Konzept der Geldmengensteuerung steht auf zwei Fundamenten: Erstens muß es der Notenbank möglich sein, die von ihr als relevant erachtete Indikator- bzw. Zwischenzielgröße tatsächlich in der gewünschten Weise beeinflussen zu können. Handelt es sich dabei beispielsweise um das Geldmengenaggregat Ml, darf der Geldmengenmultiplikator m1, der die (nahezu vollkommen von der Notenbank kontrollierbare) Geldbasis mit Ml verknüpft, keine unvorhersehbaren Schwankungen aufweisen. Zweitens muß es eine systematische Beziehung zwischen Indikator bzw. Zwischenziel und dem höchsten geldpolitischen Ziel, der Preisstabilität, geben. Da nicht vorhergesehene Variationen der Geldmenge aber auch Wirkungen im realwirtschaftlichen Bereich aufweisen können, wollen wir uns hier mit der Forderung begnügen, daß es einen systematischen, signifikanten Zusammenhang zwischen dem Geldmengenaggregat, das die Notenbank zu steuern versucht, und dem nominalen Bruttosozialprodukt geben muß. Mit anderen Worten: die Umlaufsgeschwindigkeit des Geldes darf nicht erratisch sein. Wenn sie es wäre, könnten die Auswirkungen einer bestimmten Geld(mengen)politik nicht im voraus bestimmt werden.

Suggested Citation

  • Streit, Joachim, 1983. "Finanzinnovationen in den USA: Ursachen, Formen, Auswirkungen," Kiel Working Papers 172, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwkwp:172
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