| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2902 |
| DP2902 How Does Imperfect Competition in the Labour Market Affect Unemployment Policies? | |
| Yves Zenou; Xavier Wauthy | |
| 发表日期 | 2001-08-01 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | This Paper analyses the transmission mechanisms of monetary policy in a general equilibrium model of securities markets and banking with asymmetric information. Banks' optimal asset/liability policy is such that in equilibrium capital adequacy constraints are always binding. Asymmetric information about banks' net worth adds a cost to outside equity capital, which limits the extent to which banks can relax their capital constraint. In this context monetary policy does not affect bank lending through changes in bank liquidity. Rather, it has the effect of changing the aggregate composition of financing by firms. The model also produces multiple equilibria, one of which displays all the features of a ?credit crunch?. Thus, monetary policy can also have large effects when it induces a shift between equilibria. |
| 主题 | Financial Economics |
| 关键词 | monetary policy Corporate finance Equity capital adequacy constraints |
| URL | https://cepr.org/publications/dp2902 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531942 |
| 推荐引用方式 GB/T 7714 | Yves Zenou,Xavier Wauthy. DP2902 How Does Imperfect Competition in the Labour Market Affect Unemployment Policies?. 2001. |
| 条目包含的文件 | 条目无相关文件。 | |||||
| 个性服务 |
| 推荐该条目 |
| 保存到收藏夹 |
| 导出为Endnote文件 |
| 谷歌学术 |
| 谷歌学术中相似的文章 |
| [Yves Zenou]的文章 |
| [Xavier Wauthy]的文章 |
| 百度学术 |
| 百度学术中相似的文章 |
| [Yves Zenou]的文章 |
| [Xavier Wauthy]的文章 |
| 必应学术 |
| 必应学术中相似的文章 |
| [Yves Zenou]的文章 |
| [Xavier Wauthy]的文章 |
| 相关权益政策 |
| 暂无数据 |
| 收藏/分享 |
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
