Arbeitspapier
Money, credit and banking
In monetary models in which agents are subject to trading shocks there is typically an ex-post inefficiency in that some agents are holding idle balances while others are cash constrained. This inefficiency creates a role for financial intermediaries, such as banks, who accept nominal deposits and make nominal loans. We show that in general financial intermediation improves the allocation and that the gains in welfare arise from paying interest on deposits and not from relaxing borrowers? liquidity constraints. We also demonstrate that increasing the rate of inflation can be welfare improving when credit rationing occurs.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 1617
- Klassifikation
-
Wirtschaft
- Thema
-
money
credit
rationing
banking
Geldtheorie
Geld
Kredit
Mengenrationierung
Geldmengensteuerung
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Berentsen, Aleksander
Camera, Gabriele
Waller, Christopher Jude
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2005
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Berentsen, Aleksander
- Camera, Gabriele
- Waller, Christopher Jude
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2005
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