Monetary Policy as Financial-Stability Regulation
Monetary Policy as Financial-Stability Regulation
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DOI：
10.2139/ssrn.1781306
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发表时间：
2011-03
期刊：
影响因子：
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通讯作者：
J. Stein
中科院分区：
文献类型：
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作者：
J. Stein
本文建立了一个模型，阐述了金融稳定政策的目标和方法。主要有三点。首先，从规范的角度来看，该模型确定了需要解决的根本性市场失灵，即不受监管的私人货币创造可能导致中介机构发行过多短期债务的外部性，使系统极易受到代价高昂的金融危机的影响。其次，它表明在商业银行是唯一贷款人的简单经济体中，公开市场操作等传统货币政策工具可以用来调节这种外部性，而在更发达的经济体中，用其他措施补充货币政策可能会有所帮助。第三，从积极的角度来看，该模型解释了货币政策如何影响银行贷款和真实的活动，即使在一个价格无摩擦调整的世界里，除了银行创造的货币之外，还有其他交易媒介不受中央银行的控制。
This paper develops a model that speaks to the goals and methods of financialstability policies. There are three main points. First, from a normative perspective, the model defines the fundamental market failure to be addressed, namely that unregulated private money creation can lead to an externality in which intermediaries issue too much short-term debt and leave the system excessively vulnerable to costly financial crises. Second, it shows how in a simple economy where commercial banks are the only lenders, conventional monetary-policy tools such as open-market operations can be used to regulate this externality, while in more advanced economies it may be helpful to supplement monetary policy with other measures. Third, from a positive perspective, the model provides an account of how monetary policy can influence bank lending and real activity, even in a world where prices adjust frictionlessly and there are other transactions media besides bank-created money that are outside the control of the central bank.