| 来源类型 | Working Paper
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| 规范类型 | 报告
|
| DOI | 10.3386/w28540
|
| 来源ID | Working Paper 28540
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| A Model of Credit, Money, Interest, and Prices |
| Saki Bigio; Yuliy Sannikov
|
| 发表日期 | 2021-03-08
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| 出版年 | 2021
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| 语种 | 英语
|
| 摘要 | This paper integrates a realistic implementation of monetary policy through the banking system into an incomplete-markets economy with wage rigidity. Monetary policy sets policy rates and alters the supply of reserves. These tools grant independent control over credit spreads and an interest target. Through these tools, monetary policy affects the evolution of real interests rates, credit, output, and the wealth distribution—both in the long and in the short run. We decompose the effects through a combination of the interest and credit channels that depend on the size of the central bank’s balance sheet. Monetary policy reaches an expansionary limit when it enters a liquidity trap. The model highlights a trade-off between worse microeconomic insurance (insurance across agents) and greater macroeconomic insurance (insurance across states). The model prescribes that monetary policy should operate with a small balance sheet which tightens credit during booms, and should expand its balance sheet and lower policy rates during busts. |
| 主题 | Macroeconomics
; Business Cycles
; Money and Interest Rates
|
| URL | https://www.nber.org/papers/w28540
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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/586213
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推荐引用方式
GB/T 7714 |
Saki Bigio,Yuliy Sannikov. A Model of Credit, Money, Interest, and Prices. 2021.
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文件名：
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w28540.pdf
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格式：
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Adobe PDF
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