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, David Andolfatto Federal Reserve Bank of St. Louis Search for other works by this author on: Oxford Academic Aleksander Berentsen University of Basel Search for other works by this author on: Oxford Academic Fernando M Martin Federal Reserve Bank of St. Louis Email: fernando.m.martin@stls.frb.org Search for other works by this author on: Oxford Academic
The Review of Economic Studies, Volume 87, Issue 5, October 2020, Pages 2049–2086, https://doi.org/10.1093/restud/rdz051
Published:
14 October 2019
Article history
Received:
01 October 2017
Accepted:
01 September 2019
Published:
14 October 2019
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David Andolfatto, Aleksander Berentsen, Fernando M Martin, Money, Banking, and Financial Markets, The Review of Economic Studies, Volume 87, Issue 5, October 2020, Pages 2049–2086, https://doi.org/10.1093/restud/rdz051
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Abstract
The fact that money, banking, and financial markets interact in important ways seems self-evident. The theoretical nature of this interaction, however, has not been fully explored. To this end, we integrate the Diamond (1997, Journal of Political Economy105, 928–956) model of banking and financial markets with the Lagos and Wright (2005, Journal of Political Economy113, 463–484) dynamic model of monetary exchange—a union that bears a framework in which fractional reserve banks emerge in equilibrium, where bank assets are funded with liabilities made demandable in government money, where the terms of bank deposit contracts are affected by the liquidity insurance available in financial markets, where banks are subject to runs, and where a central bank has a meaningful role to play, both in terms of inflation policy and as a lender of last resort. Among other things, the model provides a rationale for nominal deposit contracts combined with a central bank lender-of-last-resort facility to promote efficient liquidity insurance and a panic-free banking system.
© The Author(s) 2019. Published by Oxford University Press on behalf of The Review of Economic Studies Limited.
This article is published and distributed under the terms of the Oxford University Press, Standard Journals Publication Model (https://academic.oup.com/journals/pages/open_access/funder_policies/chorus/standard_publication_model)
JEL
D53 - Financial Markets E42 - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems E44 - Financial Markets and the Macroeconomy E58 - Central Banks and Their Policies G21 - Banks; Depository Institutions; Micro Finance Institutions; Mortgages
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