Die Relevanz monetärer Innovationen in den USA für die Geldpolitik

The Importance of US Monetary Innovations for the Monetary Policy Financial innovations, defined as new financial instruments which induce abrupt shifts of portfolio decisions by financial market participants, had a significant impact on U.S. monetary policy during the last years. There are two main reasons for financial innovations. One of them is that they circumvented the then existing regulations of financial markets, especially interest rate ceilings (Regulation Q). Such innovations were attractive for depositors because of the high interest rates they offered. Other monetary innovations are the result of the deregulation of financial markets. They were introduced to shift interest-sensitive funds back into the banking sector. Financial innovations are important for monetary policy because they lead to interest payments on money, induce large and unpredictable shifts between and within monetary aggregates and make it necessary often to re-define monetary aggregates. The interpretation of money multipliers, velocity of money and monetary indicators need continuous re-examination