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Monetary Policy and the Optimal Size of the Banking Sector in General Equilibrium

总体均衡下的货币政策与银行业的最优规模

基本信息

批准号：
15530118
负责人：
BRAUN Richard Anton
金额：
$ 2.11万
依托单位：
The University of Tokyo
依托单位国家：
日本
项目类别：
Grant-in-Aid for Scientific Research (C)
财政年份：
2003
资助国家：
日本
起止时间：
2003 至 2005
项目状态：
已结题

项目摘要

My research on banking, money and the macroeconomy has focused on three topics. The first topic considers determinants of the supply of deposits. It is well known that household's are the principal suppliers of deposits. This research investigates how demographies, mortality risk and technology shocks affect household demand of alternative asset classes and thus the supply of deposits. In Braun, Ikeda and Joines (2006, work in progress) we develop a computational OLG model that incorporates the above elements. Households are active for 80 years and make labor supply decisions. We evaluate the performance of the model using data from 1960 on and model time variation in fertility rates, taxes, technology, mortality risk and government debt. This paper provides detailed age specific information on savings rates but is silent on the asset allocation decision. In other research with Keiichi Kubota and Kenji Wada (2004) I consider the asset allocation decision of households. This research us … More es data going back to the turn of the century to investigate the interaction of demographics and excess returns of different asset classes. Taken together these two research projects provide information on the overall size and demographic distribution of the supply of bank deposits.A second topic considers how increases in monetary supply affects the economy in a low nominal interest rate environment. In Braun and Waki (2006) we formulate a sticky price model and produce a specification that can account for the real and nominal facts from Japan during the 1990s. We find that the ability of monetary policy to stabilize the economy breaks down when the nominal interest rate is zero and that the welfare costs of a binding zero nominal interest rate are large. In Braun and Shioji (2006a, 2006b) I investigate the effects of Japanese monetary policy on the yield curve and perform an international comparison of the credit channel of monetary policy in Japan, the U.S. and Korea.The third topic ties these strands together and investigates the interaction of monetary policy and the health of the banking sector. In (Braun and Gillman (2006) we investigate the implications of a decline in inflation on bank health and household welfare. We also evaluate the implications of alternative government policies according to their implications for household welfare and banking sector profitability. Less

我对银行、货币和宏观经济的研究主要集中在三个主题上。第一个主题考虑存款供应的决定因素。众所周知，家庭储蓄是存款的主要供应者。这项研究调查了人口结构、死亡率风险和技术冲击如何影响家庭对另类资产类别的需求，从而影响存款的供应。在Braun，Ikeda和Joines(2006，工作中)中，我们开发了一个合并了上述元素的计算OLG模型。家庭活跃了80年，并做出劳动力供应的决定。我们使用1960年以来生育率、税收、技术、死亡率风险和政府债务的数据和模型时间变化来评估模型的性能。这份白皮书提供了有关储蓄率的详细年龄信息，但对资产配置决策只字不提。在与久保田敬一和田贤治(2004)的其他研究中，我考虑了家庭的资产配置决策。这项研究是我们的…更多的ES数据可以追溯到世纪之交，以调查不同资产类别的人口统计数据和超额收益之间的相互作用。这两个研究项目合共提供有关银行存款供应的整体规模和人口分布的资料。第二个专题探讨在低名义利率环境下，货币供应的增加如何影响经济。在布劳恩和瓦基(2006)一书中，我们建立了粘性价格模型，并给出了一个能够解释1990年代日本实际和名义事实的规范。我们发现，当名义利率为零时，货币政策稳定经济的能力崩溃，并且具有约束力的零名义利率的福利成本很大。在Braun和Shioji(2006a，2006b)中，我考察了日本货币政策对收益率曲线的影响，并对日本、美国和韩国的货币政策信贷渠道进行了国际比较。第三个主题将这些因素联系在一起，考察货币政策与银行业健康状况的相互作用。在(Braun和Gillman(2006))中，我们调查了通货膨胀下降对银行健康和家庭福利的影响。我们还根据替代政府政策对家庭福利和银行业盈利能力的影响来评估它们的影响。较少