tailieunhanh - Working Paper No. 446 The business cycle implications of banks’ maturity transformation

The study of how biodiversity is spread around the world is known as bio- geography. Mite harvestmen illustrate one of the most common patterns in bio- geography, called vicariance: species become separated from each other when geographical barriers emerge. Those barriers can be formed by oceans, as in the case of the mite harvestmen; they can also be separated by rising mountains, spreading deserts, and shifting rivers. The other major pattern in biogeography, known as dispersal, occurs when species themselves spread away from their place of origin. Birds can fly from one island to another, for example, and insects can float on driftwood. The biogeography of many groups of. | Working Paper No. 446 The business cycle implications of banks maturity transformation Martin M Andreasen Marcelo Ferman and Pawel Zabczyk March 2012 Working papers describe research in progress by the author s and are published to elicit comments and to further debate. Any views expressed are solely those of the author s and so cannot be taken to represent those of the Bank of England or to state Bank of England policy. This paper should therefore not be reported as representing the views of the Bank of England or members of the Monetary Policy Committee or Financial Policy Committee. BANK OF ENGLAND Working Paper No. 446 The business cycle implications of banks maturity transformation Martin M Andreasen Marcelo Ferman1 2 and Pawel Zabczyk 3 Abstract This paper develops a DSGE model in which banks use short-term deposits to provide firms with long-term credit. The demand for long-term credit arises because firms borrow in order to finance their capital stock which they only adjust at infrequent intervals. We show within a real business cycle framework that maturity transformation in the banking sector in general attenuates the output response to a technological shock. Implications of long-term nominal contracts are also examined in a New Keynesian version of the model where we find that maturity transformation reduces the real effects of a monetary policy shock. Key words Banks DSGE model financial frictions firm heterogeneity maturity transformation. JEL classification E32 E44 E22 G21. 1 Bank of England. Email 2 Corresponding author. LSE. Email 3 Bank of England and European Central Bank. Email The views expressed in this paper are those of the authors and not necessarily those of the Bank of England. The authors wish to thank Mark Gertler Peter Karadi Kalin Nikolov Matthias Paustian and participants at the conference hosted by the Bank of England and the European Central Bank on .

• Ngân hàng - Tín dụng
• Sexual Dysfunctions
• Changed America
• Breast Cancer Epidemic
• Consequences of Condomization
• Transmission
• Diagnosis and Therapies
• BMC Cancer
• Breast cancer
• Sexual dysfunction
• Cognitive behavioral therapy
• Internet based
• essential medicines
• treatments and unreliable
• Global Partnershi
• Clinical Assessment
• Family therapy
• Divalproex sodium
• Interpersonal therapy
• Transvestic fetishism
• medical treatment