Bank credit and money creation in a DSGE model of a small open economy
Bank credit and money creation in a DSGE model of a small open economy
复制标题
小型开放经济体 DSGE 模型中的银行信贷和货币创造
DOI：
10.1080/1406099x.2019.1640958
复制
发表时间：
2019
影响因子：
1.1
通讯作者：
Tomas Ramanauskas
中科院分区：
文献类型：
--
作者：
Jaunius Karmelavičius;Tomas Ramanauskas
通过贷款行为，银行实际上并不是中介预先积累的真实的资源，而是以存款的形式创造新的金融资源。因此，需要将银行信贷视为一种货币现象，它直接刺激国内需求和通胀压力。到目前为止，在DSGE模型中，只有少数人尝试将银行建模为货币机构。在本文中，我们提出了一个简单的DSGE模型，但它容纳银行作为真正的货币机构，并捕捉银行的机构能力，创造货币。我们的模式是一个小型开放经济体，有名义价格、储蓄者和借款者以及银行部门。在银行家的贷款意愿受到外生冲击后，银行不必提高存款利率或大幅增加从国外的借款，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）创造的真实的和名义后果。
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.