The Effects of Open Market Operations in a Model of Intermediation and Growth
构建了一个货币增长模型，其中空间分离和有限沟通为银行创造了角色。货币政策通过影响金融系统的流动性供给，改变均衡的存在性、多重性和动态性质。适度风险厌恶和紧缩货币政策可能导致多重稳态，动态均衡可能不确定并产生振荡路径。在合理条件下，紧缩货币政策会提高名义利率和通胀率，降低长期产出，因此央行的流动性供给可以促进增长。
This article presents a monetary growth model where spatial separation and limited communication create a role for banks. Monetary policy interacts with the financial system's liquidity provision to affect the existence, multiplicity, and dynamical properties of equilibria. Moderate levels of risk aversion and tight monetary policy can lead to multiple steady states. Dynamical equilibria can be indeterminate, with oscillatory paths. Thus financial market frictions are a source of indeterminacies and endogenous volatility. Under plausible conditions, tight monetary policy raises the nominal interest rate and inflation rate and reduces long run output. Thus, a central bank's liquidity provision can promote growth.