The Liquidity Constraint of Banks and Monetary Non-Neutrality in the Steady State

Tianxi Wang
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Abstract

This paper shows that monetary policy produces real effects in the steady state by impacting banks' liquidity constraint, in the absence of frictions that have been used to generate non-neutrality, such as nominal rigidity and search frictions. Moreover, the effects for different types of banks are different, even opposite. Each bank sees a fraction of money that it lends out circulates into other banks and this fraction defines the bank's type. The greater the outflow fraction, the tighter the liquidity constraint. Lastly, if technological advancement eliminates depositor withdrawals, fiat money will stop circulating and a bullion standard might return.
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银行流动性约束与稳态下的货币非中性
本文表明,在不存在用于产生非中性的摩擦(如名义刚性和搜索摩擦)的情况下,货币政策通过影响银行的流动性约束在稳定状态下产生实际效果。此外,对不同类型银行的影响是不同的,甚至是相反的。每家银行借出的钱都有一部分流入其他银行,这一部分决定了这家银行的类型。流出比例越大,流动性约束越严格。最后,如果技术进步消除了储户的取款,法定货币将停止流通,金本位可能会回归。
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