| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9767 |
| DP9767 Safe Assets, Liquidity and Monetary Policy | |
| PIerpaolo Benigno; Salvatore Nisticò | |
| 发表日期 | 2013-12-01 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | This paper studies monetary policy in models where multiple assets have different liquidity properties: safe and "pseudo-safe" assets coexist. A shock worsening the liquidity properties of the pseudo-safe assets raises interest-rate spreads and can cause a deep recession cum deflation. Expanding the central bank's balance sheet fills the shortage of safe assets and counteracts the recession. Lowering the interest rate on reserves insulates market interest rates from the liquidity shock and improves risk sharing between borrowers and savers. |
| 主题 | Financial Economics ; International Macroeconomics |
| 关键词 | Liquidity crisis Unconventional policies Zero lower bound |
| URL | https://cepr.org/publications/dp9767 |
| 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/538603 |
| 推荐引用方式 GB/T 7714 | PIerpaolo Benigno,Salvatore Nisticò. DP9767 Safe Assets, Liquidity and Monetary Policy. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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