The Short Rate Disconnect in a Monetary Economy
收藏NBER2019-07-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w26102
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资源简介：
In modern monetary economies, most payments are made with inside money provided by payment intermediaries. This paper studies interest rate dynamics when payment intermediaries value short bonds as collateral to back inside money. We estimate intermediary Euler equations that relate the short safe
提供机构：
美国国家经济研究局
创建时间：
2019-07-01
