Financial markets and macroeconomic policy in the flow-of-funds framework

著者

書誌事項

Financial markets and macroeconomic policy in the flow-of-funds framework

Kari Alho

Avebury, c1991

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注記

Revision of the author's thesis (Ph. D.--University of Helsinki, 1988) which had the title: Analysis of financial markets and macroeconomic policy in the flow-of-funds framework

"This book was originally published by ETLA in series A, No 12"

Includes bibliographical references

内容説明・目次

内容説明

This study uses a temporary general equilibrium model constructed in the flow-of-funds framework to describe consistently the behaviour of the various sectors of an open economy. It covers a wide range of research topics related, in particular, to financial markets and monetary policy, as well as fiscal policy, incomes policy and exchange rate policy. In the fixed price version of the model, which incorporates inside money and bank loan markets, the authors are able to present a typology of macroeconomic processes and policies which is analogous to the basic IS-LM framework. Inflationary expectations are introduced into the model in the spirit of rational expectations and the range of macroeconomic measures and shocks is simultaneously widened. The introduction of open interest rate parity into the model may lead to potentially perverse effects of monetary policies. The empirical part describes the building blocks of a flow-of-funds model. Integrated flow-of-funds models describing the real expenditure and financial behaviour are specified and estimated for households and firms. A model is also built for the asset acquisitions of the banks in Finland.

目次

  • Basic macroeconomic analysis under fixed and freely-floating interest rates
  • analysis of short-run macroeconomic policies
  • monetary policies and integration of the domestic and foreign money markets
  • specification and estimation of a flow-of-funds model
  • structure of the empirical analysis
  • the flow-of-funds model for the household sector
  • the flow-of-funds model of the firm sector
  • the flow-of-funds model for the banking sector.

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