| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22152 |
| 来源ID | Working Paper 22152 |
| The Deposits Channel of Monetary Policy | |
| Itamar Drechsler; Alexi Savov; Philipp Schnabl | |
| 发表日期 | 2016-04-11 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We present a new channel for the transmission of monetary policy, the deposits channel. We show that when the Fed funds rate rises, banks widen the spreads they charge on deposits, and deposits flow out of the banking system. We present a model where this is due to market power in deposit markets. Consistent with the market power mechanism, deposit spreads increase more and deposits flow out more in concentrated markets. This is true even when we control for lending opportunities by only comparing different branches of the same bank. Since deposits are the main source of liquid assets for households, the deposits channel can explain the observed strong relationship between the liquidity premium and the Fed funds rate. Since deposits are also a uniquely stable funding source for banks, the deposits channel impacts bank lending. When the Fed funds rate rises, banks that raise deposits in concentrated markets contract their lending by more than other banks. Our estimates imply that the deposits channel can account for the entire transmission of monetary policy through bank balance sheets. |
| 主题 | Macroeconomics ; Monetary Policy ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions |
| URL | https://www.nber.org/papers/w22152 |
| 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/579826 |
| 推荐引用方式 GB/T 7714 | Itamar Drechsler,Alexi Savov,Philipp Schnabl. The Deposits Channel of Monetary Policy. 2016. |
| 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 | ||
| w22152.pdf（1597KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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