The Multiplier Approach to the Money Supply Process: A Precautionary Note

Michelle R. Garfinkel · Daniel L. Thornton

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Monetary Policy and Economic Impact Banking stability, regulation, efficiency Economic theories and models

Abstract

Michelle R. Garfinkel and Daniel L. Thornton show that the money multiplier is not independent of monetary policy actions as is commonly assumed. They note that, for the multiplier to be independent of policy actions, movements in the ratio of currency to checkable deposits (the most important determinant of the multiplier) must be due to individuals simply adjusting their holdings of currency and checkable deposits.

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1986The Economics of Money, Banking and Financial Markets 1911The Purchasing Power of Money.1958The Demand for Currency Relative to the Total Money Supply 1964SOME FURTHER INVESTIGATIONS OF DEMAND AND SUPPLY FUNCTIONS FOR MONEY 1989The Changing Empirical Definition of Money: Some Estimates from a Model of the Demand for Money Substitutes 1979Predicting the money multiplier 1986The use of cash and transaction accounts by American families 1964Some Further Investigations of Demand and Supply Functions for Money

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2000New dogs and old tricks: do money and interest rates still provide information content for forecasts of output and prices?2007Open Market Operations and Financial Markets

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