BANK REGULATION AS AN ANTIDOTE TO PRICE-LEVEL INSTABILITY - A REAL BILLS MODEL THAT YIELDS QUANTITY THEORY PRESCRIPTIONS
成果类型：
Article
署名作者：
MOURMOURAS, A; RUSSELL, S
署名单位：
Federal Reserve System - USA; Federal Reserve Bank - St. Louis; University System of Georgia; University of Georgia
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/0304-3932(92)90026-X
发表日期：
1992
页码：
125-150
关键词：
摘要：
We use an overlapping generations model with a risky storage technology to describe a new type of 'sunspot' equilibrium characterized by excessive price level volatility and overinvestment in stored goods. The features of this equilibrium lead us to interpret it as involving 'speculation' and as arising when banks create excessive quantities of money. This interpretation provides welfare justification for imposing quantity limits on the bank money stock. We argue that the monetary regime established in England under Peel's Act imposed such a quantity limit. Our findings support quantity theorists' traditional view that the possibility of 'overissue' provides a rationale for bank regulation.
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