Banking Competition, Collateral Constraints and Optimal Monetary Policy
نویسندگان
چکیده
منابع مشابه
Banking Competition, Capital Accumulation, and Monetary Policy
In recent years, the increased concentration of activity in the banking system has received much attention. This paper studies the implications of concentration in the banking sector for economic activity. Changes in the competitive structure affect investment, risk-sharing, and social welfare. A key aspect of our analysis is that banks in more concentrated systems allocate a lot of resources t...
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We consider the effects of central-bank purchases of a risky asset, financed by issuing riskless nominal liabilities (reserves), as an additional dimension of policy alongside “conventional” monetary policy (central-bank control of the riskless nominal interest rate), in a general-equilibrium model of asset pricing and risk sharing with endogenous collateral constraints of the kind proposed by ...
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There are many avenues to studying or recommending economic policy. Most common in public debates is an approach, where someone offers some amazingly precise policy conclusion (‘‘the age of mandatory retirement should be 67’’) based on an equally amazingly vague or secondary policy objective (‘‘financial viability of the pension system in the long run’’). Similar examples abound in monetary pol...
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There is an apparent theoretical discrepancy between the effects of monetary policy shocks on economies with differently competitive banking sectors. We employ cross-country data to investigate this hypothesis with two different approaches. First, using aggregate data we analyze the correlation between two indices: (i) a cumulative impulse response function providing an index of the effect of m...
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In most cases authors are permitted to post their version of the article (e.g. in Word or Tex form) to their personal website or institutional repository. Authors requiring further information regarding Elsevier's archiving and manuscript policies are encouraged to visit: JEL classification: E32 E52 E62 E63 Keywords: Optimal simple policy rules Timeless perspective optimal policy Monetary polic...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2010
ISSN: 1556-5068
DOI: 10.2139/ssrn.1553789