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رجحان نقدینگی
Horizontalists emphasize the exogeneity of the short-term interest rate and central-bank accommodation of bank lending, and downplay the role of liquidity preference in interest-rate determination.
By controlling the availability of this safe asset, central banks could determine the price of bonds and thus interest rates, given the strength of liquidity preference.
It is also worth noting that the theory of liquidity preference plays an important role in explaining the structure of interest rates within the horizontalist theory outlined above even though it does not play a role in determining the level at which this structure operates.
But these functions are consistent with two important structuralist tenets: a varying risk premium over the business cycle, and a strong role for liquidity preference in determining the structure of interest rates if not their level.
These include: the possibility of financial innovation associated with variations in interest rates when narrow monetary aggregates are restricted; variations in the risk premia charged by banks through the busi- ness cycle; and the importance of liquidity preference in determining the structure of interest rates if not the level at which this structure is set.
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