| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11368 |
| DP11368 On the Money Creation Approach to Banking | |
| Hans Gersbach; Salomon Faure | |
| 发表日期 | 2016-06-30 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We study today's two-tier money creation and destruction by commercial banks via deposit/loan creation to firms and by central banks via deposit/loan creation to commercial banks. In a simple general equilibrium setting, we show that symmetric equilibria yield the first-best level of money creation and lending when prices are flexible, regardless of monetary policy and capital regulation. When prices are rigid, we identify the circumstances in which money creation is excessive or breaks down and the ones in which an adequate combination of monetary policy and capital regulation can restore efficiency. Finally, we provide a series of extensions and generalizations of the results. |
| 主题 | Financial Economics ; Monetary Economics and Fluctuations |
| 关键词 | Money creation - bank deposits - capital regulation - zero lower bound - monetary policy - price rigidities |
| URL | https://cepr.org/publications/dp11368-1 |
| 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/540181 |
| 推荐引用方式 GB/T 7714 | Hans Gersbach,Salomon Faure. DP11368 On the Money Creation Approach to Banking. 2016. |
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