| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8553 |
| DP8553 Money, Financial Stability and Efficiency | |
| Douglas M Gale; Franklin Allen; Elena Carletti | |
| 发表日期 | 2011-09-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | Most analyses of banking crises assume that banks use real contracts. However, in practice contracts are nominal and this is what is assumed here. We consider a standard banking model with aggregate return risk, aggregate liquidity risk and idiosyncratic liquidity shocks. We show that, with non-contingent nominal deposit contracts, the first-best efficient allocation can be achieved in a decentralized banking system. What is required is that the central bank accommodates the demands of the private sector for fiat money. Variations in the price level allow full sharing of aggregate risks. An interbank market allows the sharing of idiosyncratic liquidity risk. In contrast, idiosyncratic (bank-specific) return risks cannot be shared using monetary policy alone; real transfers are needed. |
| 主题 | Financial Economics ; International Macroeconomics |
| 关键词 | monetary policy Nominal contracts |
| URL | https://cepr.org/publications/dp8553 |
| 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/537390 |
| 推荐引用方式 GB/T 7714 | Douglas M Gale,Franklin Allen,Elena Carletti. DP8553 Money, Financial Stability and Efficiency. 2011. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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。
