Einladung zu einem
VOSTA-Freitagsseminar
Hiermit übermitteln wir Ihnen die Einladung zu einem VOSTA-Freitagsseminar, mit dem Titel
„Money Creation, Monetary Policy, and Capital Regulation“
Vortragender
Hans GERSBACH
ETH Zürich
Termin
Freitag, 24. Juni 2016, 11:00 Uhr
Ort
Oesterreichische Nationalbank
Otto-Wagner-Platz 3, 1090 Wien
Veranstaltungssaal, EG
Abstract
We examine the impact of monetary policy and capital requirements on money creation by private banks. For this purpose, we develop
a two-period general equilibrium model with two production sectors, financial intermediation, aggregate shocks, safe deposits, and two types of money creation: Private deposits when banks grant loans to
firms or to other banks, and central bank money when the central bank grants loans to private banks. We show that (i) in the baseline model, equilibria yield the first-best levels of money creation and lending regardless of the central bank's monetary policy
or bank capital requirements, (ii) if we add either price rigidities coupled with the zero lower bound or financial frictions, no equilibrium with banks may exist, (iii) in both cases, appropriate capital requirements in the form of a minimum equity ratio
and an adequate central bank policy can restore the existence of equilibria and effciency under normal economic conditions, and (iv) with price rigidities and the zero lower bound, when economic conditions are too depressed, however, no monetary policy and
capital requirements can jointly avoid a slump in money creation and economic activities.
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Mit freundlichen Grüßen,
Monja Pitzer
________________________
Oesterreichische Nationalbank
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