کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
957704 928556 2007 25 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Money, credit and banking
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Money, credit and banking
چکیده انگلیسی

In monetary models where agents are subject to trading shocks there is typically an ex post inefficiency since some agents are holding idle balances while others are cash constrained. This problem creates a role for financial intermediaries, such as banks, who accept nominal deposits and make nominal loans. In general, financial intermediation improves the allocation. The gains in welfare come from the payment of interest on deposits and not from relaxing borrowers’ liquidity constraints. We also demonstrate that when credit rationing occurs increasing the rate of inflation can be welfare improving.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Theory - Volume 135, Issue 1, July 2007, Pages 171–195
نویسندگان
, , ,