MARC Record from Library of Congress

LEADER: 02111cam a22002777a 4500
001 2011656071
003 DLC
005 20110603085401.0
007 cr |||||||||||
008 110602s2011 mau sb 000 0 eng
010 $a 2011656071
040 $aDLC$cDLC
050 00 $aHB1
100 1 $aStein, Jeremy C.
245 10 $aMonetary policy as financial-stability regulation$h[electronic resource] /$cJeremy C. Stein.
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc2011.
490 1 $aNBER working paper series ;$vworking paper 16883
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 6/2/2011.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"This paper develops a model that speaks to the goals and methods of financial-stability policies. There are three main points. First, from a normative perspective, the model defines the fundamental market failure to be addressed, namely that unregulated private money creation can lead to an externality in which intermediaries issue too much short-term debt and leave the system excessively vulnerable to costly financial crises. Second, it shows how in a simple economy where commercial banks are the only lenders, conventional monetary-policy tools such as open-market operations can be used to regulate this externality, while in more advanced economies it may be helpful to supplement monetary policy with other measures. Third, from a positive perspective, the model provides an account of how monetary policy can influence bank lending and real activity, even in a world where prices adjust frictionlessly and there are other transactions media besides bank-created money that are outside the control of the central bank"--National Bureau of Economic Research web site.
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 16883.
856 40 $uhttp://www.nber.org/papers/w16883