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dc.contributor.authorBerentsen, Aleksanderen_US
dc.contributor.authorCamera, Gabrieleen_US
dc.contributor.authorWaller, Christopher Judeen_US
dc.date.accessioned2009-01-28T15:54:55Z-
dc.date.available2009-01-28T15:54:55Z-
dc.date.issued2005en_US
dc.identifier.urihttp://hdl.handle.net/10419/19081-
dc.description.abstractIn monetary models in which agents are subject to trading shocks there is typically an ex-post inefficiency in that some agents are holding idle balances while others are cash constrained. This inefficiency creates a role for financial intermediaries, such as banks, who accept nominal deposits and make nominal loans. We show that in general financial intermediation improves the allocation and that the gains in welfare arise from paying interest on deposits and not from relaxing borrowers? liquidity constraints. We also demonstrate that increasing the rate of inflation can be welfare improving when credit rationing occurs.en_US
dc.language.isoengen_US
dc.relation.ispartofseriesCESifo working papers 1617en_US
dc.subject.jelD9en_US
dc.subject.jelE5en_US
dc.subject.jelE4en_US
dc.subject.ddc330en_US
dc.subject.keywordmoneyen_US
dc.subject.keywordcrediten_US
dc.subject.keywordrationingen_US
dc.subject.keywordbankingen_US
dc.subject.stwGeldtheorieen_US
dc.subject.stwGelden_US
dc.subject.stwKrediten_US
dc.subject.stwMengenrationierungen_US
dc.subject.stwGeldmengensteuerungen_US
dc.titleMoney, credit and bankingen_US
dc.typeWorking Paperen_US
dc.identifier.ppn509703992en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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