| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15197 |
| 来源ID | Working Paper 15197 |
| Illiquidity and Interest Rate Policy | |
| Douglas W. Diamond; Raghuram G. Rajan | |
| 发表日期 | 2009-07-30 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | The cheapest way for banks to finance long term illiquid projects is typically to borrow short term from households. But when household needs for funds are high, interest rates will rise sharply, debtors will have to shut down illiquid projects, and in extremis, will face more damaging runs. Authorities may want to push down interest rates to maintain economic activity in the face of such illiquidity, but intervention may not always be feasible, and when feasible, could encourage banks to increase leverage or fund even more illiquid projects up front. This could make all parties worse off. Authorities may want to commit to a specific policy of interest rate intervention to restore appropriate incentives. For instance, to offset incentives for banks to make more illiquid loans, authorities may have to commit to raising rates when low, to counter the distortions created by lowering them when high. We draw implications for interest rate policy to combat illiquidity. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy ; Financial Economics ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w15197 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/572873 |
| 推荐引用方式 GB/T 7714 | Douglas W. Diamond,Raghuram G. Rajan. Illiquidity and Interest Rate Policy. 2009. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w15197.pdf（284KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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