第9回研究会のご案内

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日 時：3月9日(木)17：00～18：30

場 所：経商研究棟 4Ａ会議室

講 師：
郡司 大志　先生 （大東文化大学）

演 題：
“An Industrial-Organization Approach to Money and Banking”

＜要　旨＞
In this paper, we study the effect of conventional interest rate policy, quantitative easing and the reserve accounts’ interest rate on the money stock in an industrial-organization model of the banking industry with money creation.　Our main findings are as follows. First, under a plausible setting of the parameters, the model with money creation supports the liquidity puzzle, in which tight monetary policy increases the money stock. Second, quantitative monetary easing has a similar effect. Third, the negative interest rate policy on reserves has a negative effect on the money stock.

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