The role of interbank markets in monetary policy: A model with rationing
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- dc.contributor.author Freixas, Xavierca
- dc.contributor.author Jorge, Joséca
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2017-07-26T10:50:06Z
- dc.date.available 2017-07-26T10:50:06Z
- dc.date.issued 2007-03-01
- dc.date.modified 2017-07-23T02:11:07Z
- dc.description.abstract This paper analyses the impact of asymmetric information in the interbank market and establishes its crucial role in the microfoundations of the monetary policy transmission mechanism. We show that interbank market imperfections induce an equilibrium with rationing in the credit market. This has two major implications: first, it reconciles the irresponsiveness of business investment to the user cost of capital with the large impact of monetary policy (magnitude effect) and, second, it shows that banks liquidity positions condition their reaction to monetary policy (Kashyap and Stein liquidity effect).
- dc.format.mimetype application/pdfca
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1027
- dc.identifier.uri http://hdl.handle.net/10230/1031
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1027
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword banking
- dc.subject.keyword rationing
- dc.subject.keyword monetary policy
- dc.subject.keyword Finance and Accounting
- dc.title The role of interbank markets in monetary policy: A model with rationingca
- dc.type info:eu-repo/semantics/workingPaper