Registro completo de metadatos
Campo DC | Valor |
---|---|
dc.contributor.author | Andrés, Javier |
dc.contributor.author | Arce, Óscar |
dc.contributor.author | Thomas, Carlos |
dc.coverage.spatial | España |
dc.date.accessioned | 2019-08-10T17:57:07Z |
dc.date.available | 2019-08-10T17:57:07Z |
dc.date.issued | 2010-02-16 |
dc.identifier.issn | ISSN: 0213-2710 (en papel) |
dc.identifier.issn | ISSN: 1579-8666 (en línea) |
dc.identifier.uri | https://repositorio.bde.es/handle/123456789/7021 |
dc.description.abstract | We analyze optimal monetary policy in a model with two distinct financial frictions. First, borrowing is subject to collateral constraints. Second, credit flows are intermediated by monopolistically competitive banks, thus giving rise to endogenous lending spreads. We show that, up to a second order approximation, welfare maximization is equivalent to stabilization of four goals: inflation, output gap, the consumption gap between constrained and unconstrained agents, and the distribution of the collateralizable asset between both groups. Following both financial and non-financial shocks, the optimal monetary policy commitment implies a short-run trade-off between stabilization goals. Such policy trade-offs become amplified as banking competition increases, due to the fall in lending spreads and the resulting increase in financial leveraging |
dc.format.extent | 46 p. : gráf. |
dc.language.iso | en |
dc.publisher | Banco de España |
dc.relation.ispartof | Documentos de Trabajo / Banco de España, 1001 |
dc.rights | Reconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0) |
dc.rights | In Copyright - Non Commercial Use Permitted |
dc.rights.uri | https://creativecommons.org/licenses/by-nc-sa/4.0/deed.es_ES |
dc.rights.uri | http://rightsstatements.org/vocab/InC-NC/1.0/ |
dc.subject | Banking competition |
dc.subject | Lending spreads |
dc.subject | Collateral constraints |
dc.subject | Monetary policy |
dc.subject | Linear-quadratic method |
dc.title | Banking competition, collateral constraints and optimal monetary policy |
dc.type | Documento de trabajo |
dc.identifier.bdebib | 000275085 |
dc.identifier.bdepub | DTRA-201001-eng |
dc.subject.bde | Política monetaria |
dc.subject.bde | Instituciones crediticias de depósito |
dc.publisher.bde | Madrid : Banco de España, 2010 |
dc.subject.jel | E32 |
dc.subject.jel | E52 |
dc.subject.jel | G10 |
dc.subject.jel | G21 |
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