| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15553 |
| DP15553 The Deposits Channel of Monetary Policy: A Critical Review | |
| Rafael Repullo | |
| 发表日期 | 2020-12-13 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Drechsler, Savov, and Schnabl (2017) claim that increases in the monetary policy rate lead to reductions in bank deposits, which account for the negative effect on bank lending. This paper reviews their theoretical analysis, showing that the relationship between the policy rate and the equilibrium amount of deposits is in fact U-shaped. Then, it constructs an alternative model, based on a simple microfoundation for the households' demand for deposits, where an increase in the policy rate always increases the equilibrium amount of deposits. These results question the theoretical underpinnings of the "deposits channel" of monetary policy transmission. |
| 主题 | Financial Economics ; Monetary Economics and Fluctuations |
| 关键词 | Monetary policy transmission Banks' market power Deposits channel |
| URL | https://cepr.org/publications/dp15553 |
| 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/544558 |
| 推荐引用方式 GB/T 7714 | Rafael Repullo. DP15553 The Deposits Channel of Monetary Policy: A Critical Review. 2020. |
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