| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w16883
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| 来源ID | Working Paper 16883
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| Monetary Policy as Financial-Stability Regulation |
| Jeremy C. Stein
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| 发表日期 | 2011-03-17
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| 出版年 | 2011
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| 语种 | 英语
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| 摘要 | This paper develops a model that speaks to the goals and methods of financial-stability policies. There are three main points. First, from a normative perspective, the model defines the fundamental market failure to be addressed, namely that unregulated private money creation can lead to an externality in which intermediaries issue too much short-term debt and leave the system excessively vulnerable to costly financial crises. Second, it shows how in a simple economy where commercial banks are the only lenders, conventional monetary-policy tools such as open-market operations can be used to regulate this externality, while in more advanced economies it may be helpful to supplement monetary policy with other measures. Third, from a positive perspective, the model provides an account of how monetary policy can influence bank lending and real activity, even in a world where prices adjust frictionlessly and there are other transactions media besides bank-created money that are outside the control of the central bank. |
| 主题 | Macroeconomics
; Monetary Policy
; Financial Economics
|
| URL | https://www.nber.org/papers/w16883
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/574558
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推荐引用方式
GB/T 7714 |
Jeremy C. Stein. Monetary Policy as Financial-Stability Regulation. 2011.
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文件名：
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w16883.pdf
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格式：
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Adobe PDF
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