An industrial‐organization approach to conventional and unconventional monetary policy
An industrial‐organization approach to conventional and unconventional monetary policy
复制标题
传统和非常规货币政策的产业组织方法
DOI：
10.1111/ecno.12190
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发表时间：
2021
期刊：
影响因子：
1.5
通讯作者：
Miyazaki Kenji
中科院分区：
文献类型：
--
作者：
Gunji Hiroshi;Miyazaki Kenji
在本研究中，我们使用一个包含货币创造的银行业产业组织模型来检验传统和非常规货币政策对货币存量的影响。我们认为定量货币宽松、定性货币宽松和超额准备金负利率都是非常规货币政策。我们的主要发现如下。首先，在合理的参数设置下，货币创造模型支持流动性难题，其中紧缩的货币政策增加了货币存量。银行数量越多，影响就越强。第二，量化货币宽松对货币存量、贷款、存款和银行持有的政府债券以外的资产没有影响。第三，定性货币宽松的效果是模糊的，但当银行数量足够大时，其效果与准备金利率几乎相同。第四，负利率政策的效果相当复杂。
In this study, we use an industrial‐organization model of the banking industry with money creation to examine the effect of conventional and unconventional monetary policy on the money stock. We consider quantitative monetary easing, qualitative monetary easing, and a negative interest rate on excess reserve balances as unconventional monetary policy. Our main findings are as follows. First, under a plausible setting of the parameters, the model with money creation supports the liquidity puzzle, in which tight monetary policy increases the money stock. The greater the number of banks, the stronger the effect. Second, quantitative monetary easing has no impact on money stocks, loans, deposits and bank holding assets other than government bonds. Third, the effect of qualitative monetary easing is ambiguous, but when the number of banks is sufficiently large, the effect is almost the same as the interest rate on reserves. Fourth, the effect of negative interest rate policy is quite complex.