| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25319 |
| 来源ID | Working Paper 25319 |
| Money Markets, Collateral and Monetary Policy | |
| Fiorella De Fiore; Marie Hoerova; Harald Uhlig | |
| 发表日期 | 2018-12-03 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Interbank money markets have been subject to substantial impairments in the recent decade, such as a decline in unsecured lending and substantial increases in haircuts on posted collateral. This paper seeks to understand the implications of these developments for the broader economy and monetary policy. To that end, we develop a novel general equilibrium model featuring heterogeneous banks, interbank markets for both secured and unsecured credit, and a central bank. The model features a number of occasionally binding constraints. The interactions between these constraints - in particular leverage and liquidity constraints - are key in determining macroeconomic outcomes. We find that both secured and unsecured money market frictions force banks to either divert resources into unproductive but liquid assets or to de-lever, which leads to less lending and output. If the liquidity constraint is very tight, the leverage constraint may turn slack. In this case, there are large declines in lending and output. We show how central bank policies which increase the size of the central bank balance sheet can attenuate this decline. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy |
| URL | https://www.nber.org/papers/w25319 |
| 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/582993 |
| 推荐引用方式 GB/T 7714 | Fiorella De Fiore,Marie Hoerova,Harald Uhlig. Money Markets, Collateral and Monetary Policy. 2018. |
| 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 | ||
| w25319.pdf（2004KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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