The role of interbank markets in monetary policy: A model with rationing

• Tipo: Artigo em Revista Científica Internacional
• Data: 2008

Autores

Xavier Freixas (Autor) Outra; José Jorge (Autor) FEP

Revista

Título: Journal of Money, Credit and Banking

Vol. 40 Nº 6

Páginas: 1151-1176

ISSN: 0022-2879

Editora: Wiley-Blackwell

Indexação

ISI Web of Knowledge - 66 Citações

Scopus - 69 Citações

Econlit

Classificação Científica

FOS: Ciências sociais > Economia e gestão

CORDIS: Ciências Sociais

Outras Informações

ID Authenticus: P-003-WMB

DOI: 10.1111/j.1538-4616.2008.00152.x

Abstract (EN): This paper analyzes 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).

Idioma: Inglês

Tipo (Avaliação Docente): Científica

Nº de páginas: 26