Financial Intermediation and Monetary Policy in a General Equilibrium Banking Model
构建了一个银行一般均衡模型，研究扩张性货币政策何时增加贷款、何时仅导致通胀。模型显示，当银行监控成本未完全随通胀调整时，准备金增加或公开市场操作会提高实际贷款和价格。
A general equilibrium model of banking is developed to study the following issue: when does expansionary monetary policy result in an increase in lending and when does the policy simply lead to more inflation? Banks are required to hold nominal reserves and have access to deposit insurance; the financial structure results in a determinate deposit-equity ratio. Monetary policy is implemented by open-market operations and changes in nominal reserves and the policies are linked through the governments' budget constraint. In this model, monetary policy has real effects because it can affect the amount of real wealth transferred between savers and dissavers, which in turn affects the lending decisions of banks and, hence, real output. The bank acts as a financial intermediary between producers and savers (households) and the government and households. The intermediation process between producers and savers is based on the Gale and Hellwig (1985) model in which there is credit rationing because of asymmetric information and costly state verification. When banks are able to write state-contingent standard debt contracts and monitoring costs are indexed for inflation, government reserve policy and open market operations have no real effects. This occurs despite reserve requirements, deposit insurance and the determinate deposit-equity ratio. While these policies increase the nominal assets in the banking sector, prices increase so that real lending and consumption allocations are unchanged. When monitoring costs are no longer perfectly indexed for inflation, in particular, monitoring costs rise (fall) by a smaller percentage than prices increase (decrease), an increase in reserves or open market operations increases real lending and prices.