Collateral and the efficiency of monetary policy
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| 024 | 7 | 0 | |a 10.1007/s00199-014-0857-4 |2 doi |
| 035 | |a (NATIONALLICENCE)springer-10.1007/s00199-014-0857-4 | ||
| 245 | 0 | 0 | |a Collateral and the efficiency of monetary policy |h [Elektronische Daten] |c [M. Peiris, Alexandros Vardoulakis] |
| 520 | 3 | |a This paper argues that in a monetary Real Business Cycle economy where a complete set of nominal contingent claims exist, the requirement to collateralize loans, alone, does not affect the equilibrium allocation when monetary policy is chosen optimally: The Pareto optimal allocation can be supported. A Friedman rule (r=0), which would be optimal in the absence of collateral constraints, here is not. At the resulting prices, collateral constraints bind and the allocation is inefficient. However, positive interest rates (through an inflation tax on money balances) support the Pareto optimal allocation when the collateral constraint binds. | |
| 540 | |a © Springer-Verlag Berlin Heidelberg (Outside the USA), 2015 | ||
| 690 | 7 | |a Monetary policy |2 nationallicence | |
| 690 | 7 | |a Inflation |2 nationallicence | |
| 690 | 7 | |a Collateral |2 nationallicence | |
| 700 | 1 | |a Peiris |D M. |u ICEF, NRU-Higher School of Economics, 26 Shabolovka Ulitsa, Moscow, Russian Federation |4 aut | |
| 700 | 1 | |a Vardoulakis |D Alexandros |u Federal Reserve Board of Governors, Constitution Ave NW, Washington, DC, USA |4 aut | |
| 773 | 0 | |t Economic Theory |d Springer Berlin Heidelberg |g 59/3(2015-08-01), 579-603 |x 0938-2259 |q 59:3<579 |1 2015 |2 59 |o 199 | |
| 856 | 4 | 0 | |u https://doi.org/10.1007/s00199-014-0857-4 |q text/html |z Onlinezugriff via DOI |
| 898 | |a BK010053 |b XK010053 |c XK010000 | ||
| 900 | 7 | |a Metadata rights reserved |b Springer special CC-BY-NC licence |2 nationallicence | |
| 908 | |D 1 |a research-article |2 jats | ||
| 949 | |B NATIONALLICENCE |F NATIONALLICENCE |b NL-springer | ||
| 950 | |B NATIONALLICENCE |P 856 |E 40 |u https://doi.org/10.1007/s00199-014-0857-4 |q text/html |z Onlinezugriff via DOI | ||
| 950 | |B NATIONALLICENCE |P 700 |E 1- |a Peiris |D M. |u ICEF, NRU-Higher School of Economics, 26 Shabolovka Ulitsa, Moscow, Russian Federation |4 aut | ||
| 950 | |B NATIONALLICENCE |P 700 |E 1- |a Vardoulakis |D Alexandros |u Federal Reserve Board of Governors, Constitution Ave NW, Washington, DC, USA |4 aut | ||
| 950 | |B NATIONALLICENCE |P 773 |E 0- |t Economic Theory |d Springer Berlin Heidelberg |g 59/3(2015-08-01), 579-603 |x 0938-2259 |q 59:3<579 |1 2015 |2 59 |o 199 | ||