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Essays on Liquidity, Informational F...

Washington University in St. Louis.

Essays on Liquidity, Informational Frictions, and Monetary Policy.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Essays on Liquidity, Informational Frictions, and Monetary Policy./
Author:	Kang, Kee Youn.
Description:	1 online resource (93 pages)
Notes:	Source: Dissertation Abstracts International, Volume: 79-01(E), Section: A.
Contained By:	Dissertation Abstracts International79-01A(E).
Subject:	Economics. -
Online resource:	click for full text (PQDT)
ISBN:	9780355165654

Essays on Liquidity, Informational Frictions, and Monetary Policy.
Kang, Kee Youn.

Essays on Liquidity, Informational Frictions, and Monetary Policy. - 1 online resource (93 pages)

Source: Dissertation Abstracts International, Volume: 79-01(E), Section: A.

Thesis (Ph.D.)

Includes bibliographical references

The dissertation, which consists of two chapters, is devoted to exploring the role of informational friction in monetary economics and finance.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9780355165654Subjects--Topical Terms:

555568
Economics.
Index Terms--Genre/Form:

554714
Electronic books.

Essays on Liquidity, Informational Frictions, and Monetary Policy.
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035 $a (MiAaPQ)wustl:12303
035 $a AAI10616643
040 $a MiAaPQ $b eng $c MiAaPQ
099 $a TUL $f hyy $c available through World Wide Web
100 1 $a Kang, Kee Youn. $3 1181883
245 1 0 $a Essays on Liquidity, Informational Frictions, and Monetary Policy.
264 0 $c 2017
300 $a 1 online resource (93 pages)
336 $a text $b txt $2 rdacontent
337 $a computer $b c $2 rdamedia
338 $a online resource $b cr $2 rdacarrier
500 $a Source: Dissertation Abstracts International, Volume: 79-01(E), Section: A.
500 $a Adviser: Stephen Williamson.
502 $a Thesis (Ph.D.) $c Washington University in St. Louis $d 2017.
504 $a Includes bibliographical references
520 $a The dissertation, which consists of two chapters, is devoted to exploring the role of informational friction in monetary economics and finance.
520 $a Chapter I: COUNTERFEITING, SCREENING AND GOVERNMENT POLICY. In this chapter, I construct a search theoretic model of money in which counterfeit money can be produced at a cost but agents can screen for fake money also at a cost. Counterfeiting can occur in equilibrium when both costs and the inflation rate are sufficiently low. Optimal monetary policy is the Friedman rule. However, the rationale for the Friedman rule in an economy with the circulation of counterfeit money differs from the conventional mechanism that holds in the model when counterfeiting does not occur. I also study optimal anti-counterfeiting policy that determines the counterfeiting cost and the screening cost.
520 $a Chapter II: CENTRAL BANK PURCHASES OF PRIVATE ASSETS: AN EVALUATION. In this chapter, I develop a model of asset exchange and monetary policy, augmented to incorporate a housing market and a frictional financial market. Homeowners take out mortgages with banks using their residential properties as collateral to finance consumption. Banks use mortgages and government liabilities as collateral to secure deposit contracts, but they have an incentive to fake the quality of mortgages at a cost. Quantitative easing (QE) in the form of central bank purchases of mortgages from private banks has effects on the composition of assets in the economy, and on the incentive structure of the private sector. When the incentive problem is severe, the central bank can unambiguously improve welfare by purchasing mortgages. However, when it is not severe, the central bank's mortgage purchases cause a housing construction boom and sometimes can lower exchange in the economy, hence reducing welfare.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Economics. $3 555568
650 4 $a Finance. $3 559073
655 7 $a Electronic books. $2 local $3 554714
690 $a 0501
690 $a 0508
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a Washington University in St. Louis. $b Economics. $3 1181884
773 0 $t Dissertation Abstracts International $g 79-01A(E).
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10616643 $z click for full text (PQDT)

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