Money, financial stability and efficiency
成果类型：
Article
署名作者：
Allen, Franklin; Carletti, Elena; Gale, Douglas
署名单位：
University of Pennsylvania; European University Institute; Bocconi University; New York University
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1016/j.jet.2013.02.002
发表日期：
2014
页码：
100-127
关键词：
摘要：
Most analyses of banking crises assume that banks use real contracts but in practice contracts are nominal. We consider a standard banking model with aggregate return risk, aggregate liquidity risk and idiosyncratic liquidity shocks. With non-contingent nominal deposit contracts, a decentralized banking system can achieve the first-best efficient allocation if the central bank accommodates the demands of the private sector for fiat money. Price level variations allow full sharing of aggregate risks. An interbank market allows the sharing of idiosyncratic liquidity risk. In contrast, idiosyncratic (bank-specific) return risks cannot be shared using monetary policy alone as real transfers are needed. (C) 2013 Elsevier Inc. All rights reserved.