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http://hdl.handle.net/10419/60788
  
Title:Money, liquidity, and monetary policy PDF Logo
Authors:Adrian, Tobias
Shin, Hyun Song
Issue Date:2009
Series/Report no.:Staff Report, Federal Reserve Bank of New York 360
Abstract:In a market-based financial system, banking and capital market developments are inseparable, and funding conditions are closely tied to fluctuations in the leverage of market-based financial intermediaries. Offering a window on liquidity, the balance sheet growth of broker-dealers provides a sense of the availability of credit. Contractions of broker-dealer balance sheets have tended to precede declines in real economic growth, even before the current turmoil. For this reason, balance sheet quantities of market-based financial intermediaries are important macroeconomic state variables for the conduct of monetary policy.
Subjects:Credit crisis
monetary policy
JEL:G24
E50
Document Type:Working Paper
Appears in Collections:Staff Reports, Federal Reserve Bank of New York

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