The monetary authority’s choice of operating procedure has significant implications for the role of monetary aggregates and interest rate policy on the business cycle. Using a dynamic general equilibrium model, we show that the type of endogenous monetary regime, together with the interaction between money supply and demand, does well to capture the actual behavior of a monetary economy—the USA. The results suggest that the evolution toward a stricter interest rate-targeting regime renders central bank balance sheet expansions ineffective. In the context of the 2007–2009 Great Recession, a more flexible interest rate-targeting regime would have led to a significant monetary expansion and more rapid economic recovery in the USA.

货币当局对操作程序的选择对货币总量和利率政策在商业周期中的作用具有重要意义。使用动态一般均衡模型，我们表明内生货币制度的类型，以及货币供求之间的相互作用，可以很好地捕捉到美国货币经济的实际行为。结果表明，向更严格的利率目标制度的演变导致央行资产负债表扩张无效。在 2007-2009 年大萧条的背景下，更灵活的利率目标机制将导致美国大幅货币扩张和更快的经济复苏。