小型开放经济DSGE模型中的银行信贷和货币创造

IF 1.2 3区 经济学 Q3 ECONOMICS
Jaunius Karmelavičius, Tomas Ramanauskas
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引用次数: 7

摘要

银行的借贷行为实际上并不是预先积累的实体资源的中介,而是以存款的形式创造新的金融资源。因此,银行信贷需要被建模为一种货币现象,它直接刺激了国内需求和通胀压力。到目前为止,只有几次尝试将银行作为DSGE模型中的货币机构进行建模。在本文中,我们提出了一个简单的DSGE模型,该模型将银行视为真正的货币机构,并捕获了银行创造货币的机构能力。我们的模型的特点是一个小型的开放经济体,有名义价格、储蓄者和借款人以及银行业。在外生因素对银行家放贷意愿造成冲击之后,银行不必提高存款利率或大幅增加海外借款,因为存款动态与信贷动态非常相似,这使我们能够分析银行信贷(和货币)创造的实际和名义后果。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Bank credit and money creation in a DSGE model of a small open economy
ABSTRACT By the act of lending banks do not actually intermediate pre-accumulated real resources but rather create new financial resources in the form of deposits. Therefore, bank credit needs to be modelled as a monetary phenomenon, which directly fuels domestic demand and inflationary pressures. So far, there have been just a few attempts to model banks as monetary institutions in the DSGE model. In this paper we propose a simple DSGE model, which nevertheless accommodates banks as genuinely monetary institutions and captures banks' institutional ability to create money. Our model features a small open economy with nominal prices, savers and borrowers and a banking sector. Following an exogenously induced shock to banker's willingness to lend, the bank does not have to raise deposit rates or significantly increase borrowing from abroad as deposit dynamics closely resembles that of credit, which allows us to analyse real and nominal consequences of bank credit (and money) creation.
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来源期刊
CiteScore
2.20
自引率
0.00%
发文量
7
审稿时长
30 weeks
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