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来源类型Discussion paper
规范类型论文
来源IDDP11444
DP11444 The I Theory of Money
Markus Brunnermeier; Yuliy Sannikov
发表日期2016-08-20
出版年2016
语种英语
摘要A theory of money needs a proper place for financial intermediaries. Intermediaries diversify risks and create inside money. In downturns, micro-prudent intermediaries shrink their lending activity, fire-sell assets and supply less inside money, exactly when money demand rises. The resulting Fisher disinflation hurts intermediaries and other borrowers. Shocks are amplified, volatility spikes and risk premia rise. Monetary policy is redistributive. Accommodative monetary policy that boosts assets held by balance sheet impaired sectors, recapitalizes them and mitigates the adverse liquidity and disinflationary spirals. Since monetary policy cannot provide insurance and control risk-taking separately, adding macroprudential policy that limits leverage attains higher welfare.
主题Financial Economics ; Monetary Economics and Fluctuations
关键词Monetary economics (inside) money Endogenous risk dynamics Paradox of prudence Financial frictions
URLhttps://cepr.org/publications/dp11444
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/540258
推荐引用方式
GB/T 7714
Markus Brunnermeier,Yuliy Sannikov. DP11444 The I Theory of Money. 2016.
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