【主讲】Tianxi Wang 讲师 (University of Essex)
【主题】Paper Circulation by Banks, Nominal Liquidity, and Central Banking
【时间】2012年6月13日 (周三) 15：30-17：00
【地点】上海财经大学经济学院楼710室
【语言】英文
【摘要】The paper considers the equilibrium paper circulation by banks and its effects on real economies. The paper captures the feature that a bank can finance (nominal) assets by simply issuing more liabilities, so long as its liability is accepted as a media of exchange. In the paper, bank runs can occur in equilibrium path, not because of coordination problem or liquidity concerns, but because of concerns about the quality of the bank's assets. During times of credit crunch, the money expansion by the central bank has real effects and there is a unique level of the optimal money supply.
