By Helmut Schlesinger (auth.), John E. Wadsworth, François Léonard de Juvigny (eds.)

ISBN-10: 9400995776

ISBN-13: 9789400995772

ISBN-10: 9400995792

ISBN-13: 9789400995796

The Colloquium at Wiesbaden used to be the 7th in a chain equipped through the Societe Universitaire Europeenne de Recherches Financieres (SUERF) at durations because 1969. The titles, areas and dates of earlier Colloquia are famous on web page ii, with short details of the consequent courses. From the start, the emphasis has been on funds and finance in a eu atmosphere, and the latest Colloquium, held in Wiesbaden for the 3 days starting on September 29, 1977, this well-established trend. the topic, "New techniques in financial Policy", was once divided into 4 elements, every one mentioned in separate commissions, as defined within the basic document (since the languages utilized by SUERF are English and French, it sounds as if within the unique French on web page 327, and in an English translation, on web page 355. 3 different chapters and the Preface are in French. ) The separate commissions, every one with its personal chairman and rapporteur, have been addressed through the authors of the specifically written papers, all specialists, lively of their fields, and so they led the discussions. M. Raymond Bertrand, the President ofSUERF, used to be Chairman for the Colloquium as a complete, which was once in plenary consultation for the hole and shutting conferences. The Rapporteur common was once Professor Paul Coulbois, whose record is pointed out above. Attendance on the Colloquium has risen through the years, and so has the variety of papers presented.

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By contrast in this credit market approach the money market determines the price at which the economic agents are prepared to include the existing stock of capital goods in their portfolios. This is the supply-price of capital which is an important link in the following transmission process. 8 The rather complicated monetarist process through which monetary influences affect the real variables is as follows: When the central banks pursue an expansive monetary policy, by purchasing short-term government securities from the private sector, the portfolio-balance of the economic agents will be disturbed.

In this context, we refer to the activities of commercial banks concerning the excess-reserve ratio, and to actions of individuals with regard to their preference for currency relative to demand and time deposits, etc. By making use of the instruments of monetary policy the central bank disturbs the equilibrium of portfolios both of commercial banks and those of the public, through which portfolio-adjustment processes will arise changing the money supply. 13 Based on many theoretical and empirical studies, the monetarists have come to the conclusion that the monetary authorities can control the movements in the money stock and that the money supply is a good indicator of the thrust of central bank actions on the ultimate targets in the real sector of the economy (see Section 4).

The credit market also comes into the picture in the money supply process in section 3. In particular the monetarists have criticized the orthodox Keynesian doctrine as presented in the post-war economic 6. C. K. Nieuwenburg, "Een vorm van modern monetarisme", Maandschrift Economie, September, 1973, p. 537. 7 See in this context K. Brunner, "A survey of selected issues in monetary theory", Schweizerische ZeitschriftJilr Volkswirtschaft und Statistik, p. 1-146 and K. Brunner and A. Meltzer, "Money, debt and economic activity", Journal oj Political Economy, September-Ok tober, 1972, p.

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New Approaches in Monetary Policy by Helmut Schlesinger (auth.), John E. Wadsworth, François Léonard de Juvigny (eds.)


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