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dc.creatorCasares Polo, Migueles_ES
dc.creatorPoutineau, Jean-Christophees_ES
dc.date.accessioned2016-05-10T07:40:33Z
dc.date.available2016-05-10T07:40:33Z
dc.date.issued2010
dc.identifier.urihttps://hdl.handle.net/2454/20631
dc.description.abstractThis paper introduces both endogenous capital accumulation and deposit-in-advance requirements for investment in the banking model of Goodfriend and McCallum (2007). Impulse response functions from technology and monetary shocks show some attenuation effect due to the procyclical behavior of the marginal finance cost. In addition, an adverse financial shock produces sizeable declines in output, inflation and interest rates. In the long-run analysis, we find the following effects of banking intermediation: (i) the stock of capital increases to take advantage of its collateral services, and (ii) consumption and labor fall in response to the finance cost attached to purchases of goods. Using the baseline calibrated model, we show how a 10% increase in banking efficiency would result in a permanent welfare gain equivalent to 0.3% of output.en
dc.description.sponsorshipThe author would like to thank Fundación Ramón Areces and the Ministerio de Educación of Spain (research project ECO2008-02641) for their financial support.en
dc.format.extent34 p.
dc.format.mimetypeapplication/pdfen
dc.language.isoengen
dc.relation.ispartofseriesDocumentos de Trabajo DE - ES Lan Gaiakes
dc.relation.ispartofseries1002en
dc.rightsCC Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0)en
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/4.0/
dc.subjectFinancial attenuatoren
dc.subjectFinancial shocksen
dc.subjectWelfare cost of bankingen
dc.titleShort run and long run effects of banking in a New Keynesian modelen
dc.typeDocumento de trabajo / Lan gaiakes
dc.typeinfo:eu-repo/semantics/workingPaperen
dc.contributor.departmentUniversidad Pública de Navarra. Departamento de Economíaes_ES
dc.contributor.departmentNafarroako Unibertsitate Publikoa. Ekonomia Sailaeu
dc.rights.accessRightsAcceso abierto / Sarbide irekiaes
dc.rights.accessRightsinfo:eu-repo/semantics/openAccessen


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CC Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0)
Except where otherwise noted, this item's license is described as CC Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0)