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In: International Economic Review, Band 60, Heft 4, S. 1539-1563
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In: Bank of England Working Paper No. 606
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In: Journal of Monetary Economics, Band 59, Heft 2, S. 135-149
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In: Journal of Monetary Economics, Band 115, S. 249-264
In: The Economic Journal, Band 128, Heft 611, S. 1730-1757
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In: FRB of Dallas Working Paper No. 1804
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In: The economic journal: the journal of the Royal Economic Society, Band 128, Heft 611, S. 1730-1757
ISSN: 1468-0297
In: Journal of Economic Dynamics and Control, Band 93, S. 297-314
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In this paper we develop a simple two-period model that reconciles credit demand and supply frictions. In this stylized but realistic model credit and deposit markets are interlinked and credit demand and credit supply frictions amplify each other in such a way that produces in equilibrium very low levels of credit and stronger reductions of the real and nominal interest, so an economy is much closer to the ZLB. However, an unconventional credit policy, that consists on central bank loans to firms that are guaranteed by the government, can undo partially the effects of the credit frictions and prevents the economy from reaching the ZLB. Since central bank loans are not subject to the moral hazard problem between bankers and depositors and are government-guaranteed, credit market interventions rise aggregate credit supply and positively affect the aggregate credit demand, respectively. However, once the economy is at the ZLB the effect of a credit policy is reduced due to a relatively stronger inflation reduction, which in turn reduces entrepreneurs' incentives to demand bank loans.
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In: FRB of Philadelphia Working Paper No. 12-10
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