Money in a theory of banking

• 成果类型: Article
• 署名作者: Diamond, DW; Rajan, RG
• 署名单位: University of Chicago; International Monetary Fund
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/000282806776157759
• 发表日期: 2006
• 页码: 30-53
• 关键词: monetary-policy; transmission; liquidity; credit; channel; crises; debt

摘要

We examine the role of banks in the transmission of monetary policy. In economies where banks use real demand deposits to finance their lending, fluctuations in the tinting of production can force banks to scramble for real liquidity, or even fail, which can greatly affect lending and aggregate output. The adverse effect on output can be reduced if banks finance with nominal deposits. Nominal deposits also open a financial liquidity channel for monetary policy to affect real activity. The banking system may be better off, however, issuing real deposits (e.g., foreign exchange denominated) under some circumstances.