FINANCIAL INTERMEDIATION, LIQUIDITY, AND INFLATION
نویسندگان
چکیده
منابع مشابه
Financial Intermediation, Liquidity and Inflation
This paper develops a search-theoretic model to study the interaction between banking and monetary policy and how this interaction affects the allocation and welfare. Regarding how banking affects the welfare costs of inflation: First, we find that, with banking, inflation generates smaller welfare costs. Second, we show that, lowering inflation improves welfare not just by reducing consumption...
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T he key role of government policies in the process of development has long been recognized. The recent availability of quality data has led to quantitative analyses of the effect such policies have on development. Most of the renewed research effort on this front, both theoretical and empirical, has emphasized the relationship between fiscal policy and the paths of development of countries. 1 ...
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متن کاملCommentary on " Inflation, Growth, and Financial Intermediation"
This article begins by asking whether standard endogenous growth models with money, when calibrated to properties of U.S. data, are consistent with the quantitative relationship between inflation and growth documented in the empirical growth literature. V. V. Chari, Larry E. Jones, and Rodolfo E. Manuelli summarize this literature as finding that a 10 percent increase in the rate of inflation i...
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This paper studies a Diamond-Dybvig model of nancial intermediation providing insurance against unobservable liquidity shocks in the presence of unobservable trades on private markets. We show that in this case competitive equilibria are ine¢ cient. A social planner nds it bene cial to introduce a wedge between the interest rate implicit in optimal allocations and the economys marginal rate ...
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ژورنال
عنوان ژورنال: Macroeconomic Dynamics
سال: 2011
ISSN: 1365-1005,1469-8056
DOI: 10.1017/s1365100510000568