Safe Assets, Liquidity, and Monetary Policy

被引：13
|
作者：
Benigno, Pierpaolo [1 ]
Nistico, Salvatore [2 ]
机构：
[1] LUISS Guido Carli, Dept Econ & Finance, Viale Romania 32, I-00197 Rome, Italy
[2] Sapienza Univ Roma, Dip Sci Sociali & Econ, Piazzale Aldo Moro 5, I-00185 Rome, Italy
来源：
AMERICAN ECONOMIC JOURNAL-MACROECONOMICS | 2017年 / 9卷 / 02期
基金：
欧洲研究理事会;
关键词：
INTEREST-RATES; MONEY; PRICES;
D O I：
10.1257/mac.20150073
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper studies monetary policy in models where multiple assets have different liquidity properties: safe and "pseudo-safe" assets coexist. A shock worsening the liquidity properties of the pseudo-safe assets raises interest rate spreads and can cause a deep recession-cum-deflation. Expanding the central bank's balance sheet fills the shortage of safe assets and counteracts the recession. Lowering the interest rate on reserves insulates market interest rates from the liquidity shock and improves risk sharing between borrowers and savers.
引用
收藏
页码：182 / 227
页数：46
相关论文
共 50 条
  • [1] Money, Liquidity, and Monetary Policy
    Adrian, Tobias
    Shin, Hyun Song
    [J]. AMERICAN ECONOMIC REVIEW, 2009, 99 (02): : 600 - 605
  • [2] LIQUIDITY PREFERENCE AND MONETARY POLICY
    Tobin, James
    [J]. REVIEW OF ECONOMIC STATISTICS, 1947, 29 (02): : 124 - 131
  • [3] Redefining Liquidity for Monetary Policy
    Kim, Kyunghun
    Lee, Il Houng
    Shim, Won
    [J]. EAST ASIAN ECONOMIC REVIEW, 2018, 22 (03) : 307 - 336
  • [4] Demand for financial assets and monetary policy: a restatement of the liquidity preference theory and the speculative demand for money
    Rezende, Felipe
    [J]. JOURNAL OF POST KEYNESIAN ECONOMICS, 2015, 38 (01) : 64 - 92
  • [5] VIRTUAL ASSETS AND MONETARY POLICY
    Makarov, Oleg
    Arzhevitin, Stanislav
    [J]. FINANCIAL AND CREDIT ACTIVITY-PROBLEMS OF THEORY AND PRACTICE, 2022, 5 (46): : 8 - 18
  • [6] LIQUIDITY, TERM SPREADS AND MONETARY POLICY
    Aksoy, Yunus
    Basso, Henrique S.
    [J]. ECONOMIC JOURNAL, 2014, 124 (581): : 1234 - 1278
  • [7] Liquidity regulation and the implementation of monetary policy
    Bech, Morten
    Keister, Todd
    [J]. JOURNAL OF MONETARY ECONOMICS, 2017, 92 : 64 - 77
  • [8] Banks, Liquidity Management, and Monetary Policy
    Bianchi, Javier
    Bigio, Saki
    [J]. ECONOMETRICA, 2022, 90 (01) : 391 - 454
  • [9] BANKING, LIQUIDITY EFFECTS, AND MONETARY POLICY
    Chang, Te-Tsun
    Li, Yiting
    [J]. MACROECONOMIC DYNAMICS, 2018, 22 (05) : 1267 - 1297
  • [10] Monetary policy, bank leverage and liquidity
    Dang, Van Dan
    Nguyen, Khac Quoc Bao
    [J]. INTERNATIONAL JOURNAL OF MANAGERIAL FINANCE, 2021, 17 (04) : 619 - 639
12345