haku: @indexterm EQUILIBRIUM THEORY / yhteensä: 340
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| Tekijä: | Williamson, S. D. |
| Otsikko: | Increasing returns to scale in financial intermediation and the non-neutrality of government policy. |
| Lehti: | Review of Economic Studies
1986 : OCT, VOL. 53:176, p. 863-875 |
| Asiasana: | FINANCIAL POLICY GOVERNMENT EQUILIBRIUM THEORY |
| Kieli: | eng |
| Tiivistelmä: | A general equilibrium model of imperfectly competitive financial intermediaries is constructed to study the effects of some standard policy experiments. One-time increases in the growth rate and in the level of the stock of money have non-neutral effects on interest rates,the quantity of intermediated borrowing and lending,the number of intermediary firms,inflation and the price level. Optimal government macroeconomic policy is shown to reflect a tradeoff between public sector frictions and the capital market distortion. |
SCIMA