Money, Credit, and Deposit Insurance

货币、信用和存款保险

• 批准号: 9308819
• 负责人: Stephen Williamson
• 金额: $ 15.06万
• 依托单位: University of Iowa
• 依托单位国家: 美国
• 项目类别: Continuing Grant
• 财政年份: 1993
• 资助国家: 美国
• 起止时间: 1993-07-15 至 1996-12-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=9308819&HistoricalAwards=false
• 关键词: Money; Credit; Deposit; Insurance

9308819 Williamson The main goal of this research is to advance understanding of government intervention in monetary and financial affairs. The research consists of three projects. The first will be a study of the quantitative importance of monetary policy for economic welfare and business cycles in the United States. This topic has been neglected in macroeconomics over the last ten to fifteen years, as macroeconomists focused much of their attention on the role of "real" or supply-side factors in business cycle behavior. This project will answer the following questions. What is the magnitude of the welfare loss from long-run inflation relative to the loss from uncertainty about monetary policy? Could the behavior of the Federal Reserve System over the period 1954-1992 be characterized as "close" to optimal? If the answer to the last question is no, then how might policy have been improved? The second project will study the role for government-provided deposit insurance and the optimal design of deposit insurance schemes. Recently, it has become painfully clear that something is dramatically wrong with the system of deposit insurance in the United States, while economists have had surprisingly little to say about the provision of deposit insurance. The modeling framework is capable of explaining why U.S. deposit insurance appeared to work well for a long period of time prior to failing miserably in the 1980s, and of showing how the system could be improved. The third project will examine the link between monetary policy and credit. Recent evidence suggests that "credit crunches" have played an important role in transmitting changes in Federal Reserve behavior to real activity, yet there is little agreement on the mechanism by which central bank actions affect the allocation of credit. The modeling framework to be used here builds on recent advances in information economics. Credit crunches arise as period where monetary policy can interact with f inancial regulations to produce an undesirable allocation of credit.

9308819威廉姆森这项研究的主要目的是增进对政府干预货币和金融事务的理解。本研究由三个项目组成。首先将研究货币政策对美国经济福利和商业周期的数量重要性。在过去的十到十五年里，这个话题在宏观经济学中一直被忽视，因为宏观经济学家把大部分注意力集中在“真实”或供应面因素在经济周期行为中的作用上。这个项目将回答以下问题。相对于货币政策不确定性造成的损失，长期通胀造成的福利损失有多大？联邦储备系统在1954-1992年间的行为可以被描述为“接近”最优吗？如果最后一个问题的答案是否定的，那么政策可能会如何改进？第二个项目将研究政府提供的存款保险的作用和存款保险计划的优化设计。最近，令人痛苦的是，美国的存款保险制度出了很大的问题，而经济学家对存款保险的规定却出人意料地没有什么可说的。该模型框架能够解释为什么美国存款保险在20世纪80年代惨败之前，在很长一段时间里似乎运行良好，并能够说明如何改进该制度。第三个项目将考察货币政策和信贷之间的联系。最近的证据表明，“信贷紧缩”在将美联储行为的变化转化为实际活动方面发挥了重要作用，但对于央行行动影响信贷分配的机制，各方几乎没有达成一致意见。这里使用的建模框架建立在信息经济学最新进展的基础上。信贷紧缩是货币政策与金融监管相互作用、产生不必要的信贷分配的时期。