【主题】Bank Liquidity, Government Bonds and Open Market Operations
【报告人】Tianxi Wang (讲师, 埃塞克斯大学)
【时间】4月19日（星期五） 15：30-17：00
【地点】经济学院楼511
【语言】英文
【摘要/Abstract】 This paper finds that the quantity of government affects the efficiency of bank lending via its impact on bank liquidity. This finding gives rise to a new channel whereby fiscal policy affects efficiency and welfare and a mechanism in which open market operations (OMOs) produce real economic affects in the absence of any nominal rigidity. In the model, banks’ nominal liabilities are used by the real sectors as a means of payment; at an interim stage some banks need to borrow reserve from others to meet their liquidity need; and this borrowing has to be collateralized with the government bond. Government borrowing and OMOs change the ratio of the bond to reserve held by the banking sector. We show (1) such a change alters banks’lending rate and efficiency if some banks are liquidity constrained. (2) In this case, the effect on the liquidity constrained banks is opposite to that on unconstrained banks. (3) The price level is negatively related to the average probability of withdraw. (4) There is money-bond joint liability: if the bond-to-reserve ratio is fixed, then neither of their quantities bears real implications.
