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UID:b9c7cfab64a100c3d0afb373a96ab6c1
CATEGORIES:Seminars
CREATED:20170418T185243
SUMMARY:Lunch Seminar: Saki Bigio (UCLA)
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Banks, Liquidity Management and Monetary Policy (with Javier Bianchi)\nAbst
 ract:\n We develop a new framework to study the transmission of monetary po
 licy through the banking system. Banks finance illiquid loans by issuing de
 posits. Deposit transfers across banks must be settled using central bank r
 eserves. Transfers are random and therefore create liquidity risk, which in
  turn determines the supply of credit and the money multiplier. We study ho
 w different shocks to the banking system and monetary policy affect the eco
 nomy by altering the trade-o between profiting from lending and incurring g
 reater liquidity risk. We calibrate our model to study quantitatively why b
 anks have recently increased their reserve holdings but have not expanded l
 ending despite policy e orts. Our analysis underscores an important role of
  disruptions in interbank markets, followed by a persistent credit demand s
 hock.\n
DTSTAMP:20260406T072625Z
DTSTART:20160914T130000Z
DTEND:20160914T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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