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- W3217291282 abstract "We study an overlapping generations model of an economy with banks and asset markets. In each period, two types of aggregate shocks hit the economy. A liquidity shock that affects the demand for real balances of lenders, and a real shock that affects the outcome of the investment projects held by borrowers. Banks arise to insure depositors against liquidity risk, which is by nature intertemporal. Markets, because banks cannot perfectly diversify, provide insurance against the risk of real shocks that can affect borrowers. Real shocks, unlike liquidity shocks, determine the total amount of resources available at a certain date. We study how the demand for liquid assets (i.e. real balances) of banks interacts with asset prices and interest rates. We show that the economy in which banks, markets, and a central bank are present reaches the same equilibrium of an economy with complete asset markets and a safe asset. ∗We would like to thank for helpful conversations, without implicating for any shortcoming, Costas Azariadis, Abhijit Banerjee, Paolo Siconolfi, Steve Spear, and Ping Wang. We gratefully acknowledge financial support from the Weidenbaum Center on the Economy, Government, and Public Policy at Washington University. †Department of Economics, Washington University, St. Louis MO 63130-4899, U.S.A., email, gaetano@wueconc.wustl.edu. ‡Department of Economics, Unversidad de San Andres, Victoria (1644) Buenos Aires, Argentina, email: kawa@udesa.edu.ar." @default.
- W3217291282 created "2021-12-06" @default.
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- W3217291282 date "2008-01-01" @default.
- W3217291282 modified "2023-09-23" @default.
- W3217291282 title "Banking and Markets In a Monetary Model" @default.
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