Money, credit and banking

• 成果类型: Article
• 署名作者: Berentsen, Aleksander; Camera, Gabriele; Waller, Christopher
• 署名单位: University of Basel; Purdue University System; Purdue University; University of Notre Dame
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2006.03.016
• 发表日期: 2007
• 页码: 171-195
• 关键词: money; credit; rationing; banking

摘要

In monetary models where agents are subject to trading shocks there is typically an ex post inefficiency since some agents are holding idle balances while others are cash constrained. This problem creates a role for financial intermediaries, such as banks, who accept nominal deposits and make nominal loans. In general, financial intermediation improves the allocation. The gains in welfare come from the payment of interest on deposits and not from relaxing borrowers' liquidity constraints. We also demonstrate that when credit rationing occurs increasing the rate of inflation can be welfare improving. (c) 2006 Elsevier Inc. All rights reserved.