Arbeitspapier
Should we take inside money seriously?
This paper presents a dynamic general equilibrium model with sticky prices, in which "inside" money, made out of commercial banks’ liabilities, plays an active, structural role role. It is shown that, in such a model, an inside money shock has a well-defined meaning. A calibrated version of the model is shown to generate small, but non-negligible effects of inside money shocks on output and inflation. I also simulate the effect of a banking crisis in the model. Moreover, I find that it is optimal for monetary policy to react to such shocks, although reacting to inflation alone does not result in a significant welfare loss.
- Sprache
-
Englisch
- Erschienen in
-
Series: ECB Working Paper ; No. 841
- Klassifikation
-
Wirtschaft
Interest Rates: Determination, Term Structure, and Effects
- Thema
-
deposit in advance constraint
dynamic general equilibrium models
Endogenous money
inside money
monetary policy
Geldmenge
Schock
Kreditgeschäft
Einlagensicherung
Geldpolitik
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Stracca, Livio
- Ereignis
-
Veröffentlichung
- (wer)
-
European Central Bank (ECB)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2007
- Handle
- Letzte Aktualisierung
- 10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Stracca, Livio
- European Central Bank (ECB)
Entstanden
- 2007
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