کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
967099 931153 2009 14 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Interbank market liquidity and central bank intervention
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Interbank market liquidity and central bank intervention
چکیده انگلیسی
We develop a simple model of the interbank market where banks trade a long term, safe asset. When there is a lack of opportunities for banks to hedge idiosyncratic and aggregate liquidity shocks, the interbank market is characterized by excessive price volatility. In such a situation, a central bank can implement the constrained efficient allocation by using open market operations to fix the short term interest rate. It can be constrained efficient for banks to hoard liquidity and stop trading with each other if there is sufficient uncertainty about aggregate liquidity demand compared to idiosyncratic liquidity demand.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Monetary Economics - Volume 56, Issue 5, July 2009, Pages 639-652
نویسندگان
, , ,