Banking: A New Monetarist Approach

• 成果类型: Article
• 署名作者: Gu, Chao; Mattesini, Fabrizio; Monnet, Cyril; Wright, Randall
• 署名单位: University of Missouri System; University of Missouri Columbia; University of Rome Tor Vergata; University of Bern; University of Wisconsin System; University of Wisconsin Madison
• 刊物名称: REVIEW OF ECONOMIC STUDIES
• ISSN/ISSBN: 0034-6527
• DOI: 10.1093/restud/rds037
• 发表日期: 2013
• 页码: 636-662
• 关键词: Financial intermediation; money; equilibrium; liquidity; ECONOMICS; exchange; London; MODEL; debt; RISK

摘要

We develop a model where: (i) banks take deposits and make investments; (ii) their liabilities facilitate third-party transactions. Other models have (i) or (ii), not both, although we argue they are intimately connected: we show that they both emerge from limited commitment. We describe an environment, characterize desirable allocations, and interpret the outcomes as banking arrangements. Banks are essential: without them, the set of feasible allocations is inferior. As a technical contribution, we characterize dynamically optimal credit allocations with frictions, show they involve backloading, and analyse how this interacts with banking. We also confront the theory with economic history.