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Liquidity, Interbank Market, and Capital Formation

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  • Tarishi Matsuoka

    ()
    (Graduate School of Economics, Kyoto University)

Abstract

This paper presents a monetary model that links interbank markets to capital accumulation and growth. The purpose of this paper is to study how interbank markets affect real economic activities, and to find the monetary policy implications. The model shows that, in a stationary equilibrium, the economy with interbank markets attains higher capital stock than the economy without the markets, because of precautionary money savings. In addition, I find that inflationary policy is more desirable in the economy without well-functioning interbank markets.

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File URL: http://www.kier.kyoto-u.ac.jp/DP/DP704.pdf
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Bibliographic Info

Paper provided by Kyoto University, Institute of Economic Research in its series KIER Working Papers with number 704.

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Length: 27pages
Date of creation: Jul 2010
Date of revision:
Handle: RePEc:kyo:wpaper:704

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Keywords: overlapping generations; random relocation; inflation; interbank markets;

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