| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11444 |
| DP11444 The I Theory of Money | |
| Markus Brunnermeier; Yuliy Sannikov | |
| 发表日期 | 2016-08-20 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | A theory of money needs a proper place for financial intermediaries. Intermediaries diversify risks and create inside money. In downturns, micro-prudent intermediaries shrink their lending activity, fire-sell assets and supply less inside money, exactly when money demand rises. The resulting Fisher disinflation hurts intermediaries and other borrowers. Shocks are amplified, volatility spikes and risk premia rise. Monetary policy is redistributive. Accommodative monetary policy that boosts assets held by balance sheet impaired sectors, recapitalizes them and mitigates the adverse liquidity and disinflationary spirals. Since monetary policy cannot provide insurance and control risk-taking separately, adding macroprudential policy that limits leverage attains higher welfare. |
| 主题 | Financial Economics ; Monetary Economics and Fluctuations |
| 关键词 | Monetary economics (inside) money Endogenous risk dynamics Paradox of prudence Financial frictions |
| URL | https://cepr.org/publications/dp11444 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540258 |
| 推荐引用方式 GB/T 7714 | Markus Brunnermeier,Yuliy Sannikov. DP11444 The I Theory of Money. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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