貨幣、資產與流動性效果

本研究利用搜尋模型來探討貨幣注入透過銀行產生的效果，並討論了貨幣注入在銀行完全執法能力下和受限執法能力下的效果。在模型中，我們假設銀行只會借出部分存款，但是會借出所有的貨幣注入。人們持有兩種資產: 貨幣與短期公債。只有貨幣可以做為交易媒介，短期公債則是在銀行受限執法能力之下作為借貸時的抵押品，抵押品的價值會影響借貸額度。結果發現，在銀行的兩種執法能力下，貨幣注入都有流動效果。不過貨幣注入所產生的可貸資金效果要大於費雪效果，才會有流動性效果。

關鍵字

搜尋模型；流動性效果；借貸限制；貨幣政策

並列摘要

We use a search model to explore the effect of money injections through banks and discuss the effect when banks with full enforcement and limited enforcement. In the model we assume that banks lend out the fraction of the deposits and lend out all the money injections. People have two assets, money and short-term bonds. Only money can be used as the medium of exchange. Short-term bonds are used as collateral when banks with limited enforcement and the loan amount is constrained by the value of the collateral. We found that money injections will have liquidity effects under both enforcement. However, liquidity effects will occur only when loanable funds effect is stronger than Fisher effect.

並列關鍵字

search model ； liquidity effects ； credit constraints ； monetary policy

參考文獻

Berentsen, Aleksander, Gabriele Camera, and Christopher Waller. "Money, credit and banking." Journal of Economic theory135.1 (2007): 171-195.

Google Scholar

Berentsen, Aleksander, and Christopher Waller. "Price‐Level Targeting and Stabilization Policy." Journal of money, credit and banking 43 (2011): 559-580.