The I Theory of Money
The I Theory of Money
复制标题
第一货币理论
DOI：
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发表时间：
2016
期刊：
影响因子：
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通讯作者：
Yuliy Sannikov
中科院分区：
文献类型：
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作者：
Markus K. Brunnermeier;Yuliy Sannikov
货币理论需要给金融中介机构一个适当的位置。中介机构分散风险，创造内部资金。在经济低迷时期，微观审慎的中介机构会收缩贷款活动，贱卖资产，减少内部货币供应，而此时正是货币需求上升的时候。由此产生的费雪反通胀伤害了中介机构和其他借款人。冲击被放大，波动性飙升，风险溢价上升。货币政策是再分配的。宽松的货币政策，增加资产负债表受损部门持有的资产，对其进行资本重组，并减轻不利的流动性和反通胀的螺旋式上升。由于货币政策不能单独提供保险和控制风险，因此增加限制杠杆的宏观审慎政策可以获得更高的福利。
A theory of money needs a proper place for financial intermediaries. Intermediaries diversify risks and create inside money. In downturns, micro-prudent intermediaries shrink their lending activity, fire-sell assets and supply less inside money, exactly when money demand rises. The resulting Fisher disinflation hurts intermediaries and other borrowers. Shocks are amplified, volatility spikes and risk premia rise. Monetary policy is redistributive. Accommodative monetary policy that boosts assets held by balance sheet-impaired sectors, recapitalizes them and mitigates the adverse liquidity and disinflationary spirals. Since monetary policy cannot provide insurance and control risk-taking separately, adding macroprudential policy that limits leverage attains higher welfare.