Risultati della ricerca
Creator: Smith, Bruce D. (Bruce David), 1954-2002 Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 202 Abstract:
A model of credit rationing based on asymmetrically informed borrowers and lenders is developed. In this context, sufficient conditions are derived for an appropriate government policy response to credit rationing to be a continuously open discount window. It is also demonstrated that such a policy can be deflationary, and that given a commitment to operate in this way, the monopoly issue of liabilities can Pareto dominate their competitive issuance.
Parola chiave: Federal lending, Government loans, Jaffee-Russel model, Assymetric information, and Credit limit Soggetto: E51 - Money Supply; Credit; Money Multipliers, H81 - Governmental Loans; Loan Guarantees; Credits; Grants; Bailouts, and D82 - Asymmetric and Private Information; Mechanism Design