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dc.contributor.authorBerentsen, Aleksanderen
dc.contributor.authorCamera, Gabrieleen
dc.contributor.authorWaller, Christopher Judeen
dc.date.accessioned2009-01-28T15:54:55Z-
dc.date.available2009-01-28T15:54:55Z-
dc.date.issued2005-
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-postinefficiency 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 acceptnominal deposits and make nominal loans. We show that in general financial intermediationimproves the allocation and that the gains in welfare arise from paying interest on depositsand not from relaxing borrowers? liquidity constraints. We also demonstrate that increasingthe rate of inflation can be welfare improving when credit rationing occurs.en
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x1617en
dc.subject.jelD9en
dc.subject.jelE5en
dc.subject.jelE4en
dc.subject.ddc330en
dc.subject.keywordmoneyen
dc.subject.keywordcrediten
dc.subject.keywordrationingen
dc.subject.keywordbankingen
dc.subject.stwGeldtheorieen
dc.subject.stwGelden
dc.subject.stwKrediten
dc.subject.stwMengenrationierungen
dc.subject.stwGeldmengensteuerungen
dc.titleMoney, credit and banking-
dc.typeWorking Paperen
dc.identifier.ppn509703992en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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