… broad monetary aggregates that include deposits are largely immune to Fed influence.
By the way, in discussing monetary policy I sometimes write “money supply” as shorthand for “monetary base”; it has always been clear, if you read my work, that I know that the Fed only truly controls the base and that this need not translate into changes in broader aggregates.
8頁目（p.21）の"QE — creating broad money directly with monetary policy"の部分です。
QE involves a shift in the focus of monetary policy to the quantity of money: the central bank purchases a quantity of assets, financed by the creation of broad money and a corresponding increase in the amount of central bank reserves.(下線は引用者、以下同。))
QE has a direct effect on the quantities of both base and broad money because of the way in which the Bank carries out its asset purchases.
The Fed can stuff the banks full of reserves, but at zero rates those reserves have no incentive to go anywhere, and even if they do they can sit in safes and mattresses.
Importantly, the reserves created in the banking sector (Figure 3, third row) do not play a central role. This is because, as explained earlier, banks cannot directly lend out reserves. Reserves are an IOU from the central bank to commercial banks. Those banks can use them to make payments to each other, but they cannot ‘lend’ them on to consumers in the economy, who do not hold reserves accounts. When banks make additional loans they are matched by extra deposits — the amount of reserves does not change.
- Step 1：中央銀行がMBSの代金としてノンバンクに現金1を支払う（中銀のバランスシート拡大）
- Step 2：ノンバンクが現金を銀行に預ける（銀行のバランスシート拡大）
- Step 3：銀行が現金を中央銀行に預ける（現金→準備預金）