期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2014
出版社：European Central Bank
摘要：Money market structures shape monetary policy design, but the way centralbanks perform their operations also has an impact on the evolution of moneymarkets. This is important, because microeconomic differences in the waythe same macroeconomic policy is implemented may be non-neutral. In thispaper, we take a panel approach in order to investigate both directions ofcausality. Thanks to three newly-collected datasets covering ten countriesover two centuries, we ask (1) where, (2) how, and (3) with what resultsinteraction between money markets and central banks has taken place. Ourfindings allow establishing a periodization singling out phases ofconvergence and divergence. They also suggest that exogenous factors – bychanging both money market structures and monetary policy targets – mayimpact coevolution from both directions. This makes sensible theoreticaltreatment of the interaction between central bank policy and marketstructures a particularly complex endeavor
