search query: @journal_id 1275 / total: 203
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| Author: | Stein, J. |
| Title: | An adverse-selection model of bank asset and liability management with implications for the transmission of monetary policy |
| Journal: | RAND Journal of Economics
1998 : AUTUMN, VOL. 29:3, p. 466-486 |
| Index terms: | ADVERSE SELECTION MODELS LIABILITY |
| Language: | eng |
| Abstract: | The author develops a model in which information problems make it difficult for banks to raise funds with instruments other than insured deposits. The model has a number of implications for bank asset and liability management as well as corporate financing patterns. It also speaks to the question of how monetary policy works: when the Federal reserve reduces reserves, this tightens banks' financing constraints and leads to both a cutback in the supply of intermediated lending and an increase in bond-market interest rates. |
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