| 来源类型 | Working Paper
|
| 规范类型 | 报告
|
| DOI | 10.3386/w22599
|
| 来源ID | Working Paper 22599
|
| Optimal Monetary Policy in a Collateralized Economy |
| Gary Gorton; Ping He
|
| 发表日期 | 2016-09-01
|
| 出版年 | 2016
|
| 语种 | 英语
|
| 摘要 | In the last forty or so years the U.S. financial system has morphed from a mostly insured retail deposit-based system into a system with significant amounts of wholesale short-term debt that relies on collateral, and in particular Treasuries, which have a convenience yield. In the new economy the quality of collateral matters: when Treasuries are scarce, the private sector produces (imperfect) substitutes, mortgage-backed and asset-backed securities (MBS). When the ratio of MBS to Treasuries is high, a financial crisis is more likely. The central bank’s open market operations affect the quality of collateral because the bank exchanges cash for Treasuries (one kind of money for another). We analyze optimal central bank policy in this context as a dynamic game between the central bank and private agents. In equilibrium, the central bank sometimes optimally triggers recessions to reduce systemic fragility. |
| 主题 | Macroeconomics
; Money and Interest Rates
; Monetary Policy
|
| URL | https://www.nber.org/papers/w22599
|
| 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/580273
|
推荐引用方式
GB/T 7714 |
Gary Gorton,Ping He. Optimal Monetary Policy in a Collateralized Economy. 2016.
|
|
文件名：
|
w22599.pdf
|
|
格式：
|
Adobe PDF
|
此文件暂不支持浏览
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
