Tuesday, February 5, 2013

The Channels of Monetary Effects on Interest Rates

The Channels of Monetary Effects on Interest Rates
by Phillip Cagan

Book Description: National Bureau of Economic Research, New York, 1972. Hardcover.
1st Edition. 8vo - over 7¾ - 9¾" tall. Hardcover, yellow cloth boards with black title to spine, numerous equations and charts, indexed, 127 pp.,

Book Condition: Very Good, covers rubbed and soiled, corners bumped, light shelfwear, previous price sticker to back cover, internally clean, bright and unmarked, no dust jacket,

Contents: Preface, 1. Introduction, The Revenue from Money Creation and Its Disposition - a Theoretical Analysis, 3. The Statistical Association Between Monetary Growth and Interest Rates, 4. A Test of the Credit and Portfolio Effects, 5. The Components of Bank Credit, 6. A Model of Monetary Effects on Interest Rates, 7. The Lag in Monetary Effects on Interest Rates and Aggregate Expenditures., 8. Summary and Implications, Appendix: Data Sources, Index. -- end. 127 pp. A theoretical paper on the monetary effects on interest rates from the early 1970s. Although a good primer, no where in the text did the author ever conceive what would happen if the Fed were to artificially manipulate interest rates to zero for an extended period. It's a good reference to how conceptually montary effects "should" work.

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