イングランド銀行の"Money creation in the modern economy"の関連動画の紹介です。
- Quarterly Bulletin 2014 Q1 (Bank of England)
Bank reserves held at the central bank have also generally been negligible in size, except of course after the onset of the 2008 ﬁnancial crisis. But this quantitative point is far less important than the recognition that they do not play any meaningful role in the determination of wider monetary aggregates. The reason is that the “deposit multiplier” of the undergraduate economics textbook, where monetary aggregates are created at the initiative of the central bank, through an initial injection of high-powered money into the banking system that gets multiplied through bank lending, turns the actual operation of the monetary transmission mechanism on its head. This should be absolutely clear under the current inﬂation targeting regime, where the central bank controls an interest rate and must be willing to supply as many reserves as banks demand at that rate. But as shown by Kydland and Prescott (1990), the availability of central bank reserves did not even constrain banks during the period, in the 1970s and 1980s, when the central bank did in fact oﬃcially target monetary aggregates. These authors show that broad monetary aggregates, which are driven by banks’ lending decisions, led the economic cycle, while narrow monetary aggregates, most importantly reserves, lagged the cycle. In other words, at all times, when banks ask for reserves, the central bank obliges. Reserves therefore impose no constraint. The deposit multiplier is simply, in the words of Kydland and Prescott (1990), a myth. And because of this, private banks are almost fully in control of the money creation process.