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

我对银行、货币和宏观经济的研究主要集中在三个方面。第一个主题考虑存款供应的决定因素。众所周知，家庭是存款的主要提供者。本研究探讨人口统计、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，从而影响存款供应。在Braun，Ikeda and Joines（2006，work in progress）中，我们开发了一个包含上述元素的计算OLG模型。家庭活跃80年，并作出劳动力供应的决定。我们使用1960年以来的数据和生育率、税收、技术、死亡率风险和政府债务的模型时间变化来评估模型的性能。这份文件提供了详细的年龄具体信息的储蓄率，但沉默的资产分配决定。在与Keiichi Kubota和Kenji Wada（2004）的其他研究中，我考虑了家庭的资产配置决策。这项研究我们 ...更多信息 es数据追溯到世纪之交，以调查人口统计和不同资产类别超额回报的相互作用。这两个研究项目结合起来提供了银行存款供应的总体规模和人口分布的信息。第二个主题是在低名义利率环境下，货币供应量的增加如何影响经济。在Braun and Waki（2006）中，我们建立了一个粘性价格模型，并制定了一个规格，可以解释20世纪90年代日本的真实的和名义的事实。我们发现，当名义利率为零时，货币政策稳定经济的能力就会崩溃，并且零名义利率的福利成本很大。在Braun and Shioji（2006 a，2006 b）的研究中，笔者考察了日本货币政策对收益率曲线的影响，并对日、美、韩三国货币政策的信用渠道进行了国际比较。第三个课题是将这些因素结合起来，考察货币政策与银行健康的相互作用。在Braun和Gillman（2006）中，我们研究了通货膨胀率下降对银行健康和家庭福利的影响。我们还评估了替代政府政策的影响，根据其对家庭福利和银行业盈利能力的影响。少

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