作者：Lagunoff, R; Schreft, SL
作者单位：Georgetown University; Federal Reserve System - USA; Federal Reserve Bank - Kansas City
摘要：This article presents a dynamic, stochastic game-theoretic model with two essential features. First. agents hold diversified portfolios that link their financial positions to those of other agents, Second, shocks to fundamentals at the initial date cause some portfolio losses. Agents who incur losses reallocate their portfolios, thereby breaking some linkages. In the Pareto-efficient symmetric equilibrium studied, two related types of financial crisis can occur in response. One occurs graduall...
作者：Smith, BD
作者单位：University of Texas System; University of Texas Austin; Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：Recent years have seen major innovations in the nature of monetary, banking, and payment arrangements. These innovations, which are certain to continue into the foreseeable future. will have huge implications for the conduct of monetary policy. for the regulation of banking, and for the design of payment systems. Indeed, central banks now need to think about the conduct of monetary policy in environments where the evolution of banking and payments systems already has implied and will continue ...
