Row 1268

Row ID: 1268 | Dataset Entry | Axioma AXP Content Repository

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Abstract:

>Some claim that the money multiplier is useless and ought to be consigned to the dustbin of history. This paper shows that it is not useless, as it measures the degree of intermediation facilitated by a financial system. I study several ratios specifically selected to measure the degree of financial intermediation overall, as well as the two steps necessary for intermediation: attracting funds and lending them. As the money multiplier is positively related to all of these ratios, it also measures financial intermediation. According to these measures, financial intermediation in the U.S. peaked in 1985 (using M2 as the money supply). Although intermediation plummeted with lending rates during the financial crisis of 2008, the data suggest that a relative decrease in deposits in the late 1980s that accelerated in the early 1990s catalyzed a drop in intermediation from its 1985 peak.

TL;DR Twitter thread: [https://twitter.com/JesseAaronZinn/status/1510612113508782083](https://twitter.com/JesseAaronZinn/status/1510612113508782083)

FieldValue
text Abstract: >Some claim that the money multiplier is useless and ought to be consigned to the dustbin of history. This paper shows that it is not useless, as it measures the degree of intermediation facilitated by a financial system. I study several ratios specifically selected to measure the degree of financial intermediation overall, as well as the two steps necessary for intermediation: attracting funds and lending them. As the money multiplier is positively related to all …
label r/econpapers
dataType comment
communityName r/EconPapers
datetime 2022-05-03
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Raw Record

{
  "text": "Abstract:\n\n>Some claim that the money multiplier is useless and ought to be   \nconsigned to the dustbin of history.  This paper shows that it is not   \nuseless, as it measures the degree of intermediation facilitated by a   \nfinancial system.  I study several ratios specifically selected to   \nmeasure the degree of financial intermediation overall, as well as the   \ntwo steps necessary for intermediation: attracting funds and lending   \nthem. As the money multiplier is positively related to all of these   \nratios, it also measures financial intermediation. According to these   \nmeasures, financial intermediation in the U.S. peaked in 1985 (using M2   \nas the money supply).  Although intermediation plummeted with lending   \nrates during the financial crisis of 2008, the data suggest that a   \nrelative decrease in deposits in the late 1980s that accelerated in the   \nearly 1990s catalyzed a drop in intermediation from its 1985 peak.\n\nTL;DR Twitter thread:  [https://twitter.com/JesseAaronZinn/status/1510612113508782083](https://twitter.com/JesseAaronZinn/status/1510612113508782083)",
  "label": "r/econpapers",
  "dataType": "comment",
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  "datetime": "2022-05-03",
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