منابع مشابه
Banking and Asset Prices ∗
We embed the notion of banks as monitors into a “two trees” framework, and consider how resources are optimally allocated between an intermediated banking sector and a risky sector, given that capital moves sluggishly between the two. We characterize equilibrium as a function of the relative size of the banking sector — the bank share — and the speed at which capital can move in and out of that...
متن کاملSecuritization and Asset Prices∗
During the 15 years prior to the global financial crisis the volume of securitized assets transacted in the US has grown substantially, reflecting a change in the nature of the financial intermediation process. Together with increased securitization, financial entities, who participate more heavily in the asset-backed security (ABS) market and hold a diversified portfolio of assets, have also b...
متن کاملLiquidity and Asset Prices *
We broadly define liquid assets, or monetary assets, as any asset that can be readily sold in the market and can be held by a number of people in succession before maturity. We ask in what environment is the circulation of liquid assets essential for the smooth running of the economy. By developing a canonical model of a monetary economy (i.e., where the circulation of liquid assets is essentia...
متن کاملSalience and Asset Prices
In Bordalo, Gennaioli, and Shleifer (2012a)— henceforth, BGS (2012a)—we described a new approach to choice under risk that we called salience theory. In comparisons of risky lotteries, we argued, individuals’ attention is drawn to those payoffs which are most different or salient relative to the average. In making choices, individuals overweight these salient payoffs relative to their objective...
متن کاملShould Central Banks Lean Against Changes in Asset Prices?
How should monetary policy be conducted in the presence of endogenous feedback loops between asset prices, firms’ financial health, and economic activity? We reconsider this question in the context of the financial accelerator model and show that, when the level of natural output is inefficient, the optimal monetary policy under commitment leans considerably against movements in asset prices an...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2013
ISSN: 1556-5068
DOI: 10.2139/ssrn.2351845