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dc.contributor.authorFaia, Esteren_US
dc.date.accessioned2011-02-03en_US
dc.date.accessioned2011-06-24T12:48:20Z-
dc.date.available2011-06-24T12:48:20Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/45866-
dc.description.abstractThe recent financial crisis has highlighted the limits of the 'originate to distribute' model of banking, but its nexus with the macroeconomy and monetary policy remains unexplored. I build a DSGE model with banks (along the lines of Holmström and Tirole [28] and Parlour and Plantin [39]) and examine its properties with and without active secondary markets for credit risk transfer. The possibility of transferring credit reduces the impact of liquidity shocks on bank balance sheets, but also reduces the bank incentive to monitor. As a result, secondary markets allow to release bank capital and exacerbate the effect of productivity and other macroeconomic shocks on output and in.ation. By offering a possibility of capital recycling and by reducing bank monitoring, secondary credit markets in general equilibrium allow banks to take on more risk.en_US
dc.language.isoengen_US
dc.publisherKiel Institute for the World Economy (IfW) Kielen_US
dc.relation.ispartofseriesKiel Working Papers 1677en_US
dc.subject.jelE3en_US
dc.subject.jelE5en_US
dc.subject.jelG3en_US
dc.subject.ddc330en_US
dc.subject.keywordCredit risk transferen_US
dc.subject.keyworddual moral hazarden_US
dc.subject.keywordmonetary policyen_US
dc.subject.keywordliquidityen_US
dc.subject.keywordwelfareen_US
dc.subject.stwKreditrisikoen_US
dc.subject.stwSekundärmarkten_US
dc.subject.stwDynamisches Gleichgewichten_US
dc.subject.stwMoral Hazarden_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwGesamtwirtschaftliche Liquiditäten_US
dc.subject.stwTheorieen_US
dc.titleCredit risk transfers and the macroeconomyen_US
dc.typeWorking Paperen_US
dc.identifier.ppn645187038en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
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