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- W2575898983 abstract "Using the Smolyak grid, we solve a DSGE model where there are two types of money: reserves (e-money that banks deposit at the central bank) and zero maturity deposits (e-money that is issued by banks). Transactions between bankers are settled by reserves, while other ones are settled by zero maturity deposits. Our model, featuring only one housing demand shock, can match some key facts in the Great Recession: (i) the investment falls sharply, (ii) the excess reserves skyrocket but the money multiplier plummets, (iii) the household debt declines, (iv) the long duration of the interbank rate at the lower bound - the interest rate paid on reserves, (v) the sharp deflation then back to inflation immediately after the central bank conducts quantitative easing. Due to the maturity mismatch between deposits and loans, we find that the large scale asset purchase program is very effective in the short run but creates deflation and lower outputs in the long run. After a period of time since conducting quantitative easing, a recommended policy is to slowly raise the interest rate paid on reserves even if the central bank does not see the inflation signal." @default.
- W2575898983 created "2017-01-26" @default.
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- W2575898983 date "2017-07-10" @default.
- W2575898983 modified "2023-09-27" @default.
- W2575898983 title "The E-Monetary Theory" @default.
- W2575898983 hasPublicationYear "2017" @default.
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