Essays on competition and returns of inside money

Detalhes bibliográficos
Ano de defesa: 2003
Autor(a) principal: Forno, Henrique Dezemone
Orientador(a): Cavalcanti, Ricardo de Oliveira
Banca de defesa: Não Informado pela instituição
Tipo de documento: Tese
Tipo de acesso: Acesso aberto
Idioma: eng
Instituição de defesa: Não Informado pela instituição
Programa de Pós-Graduação: Não Informado pela instituição
Departamento: Não Informado pela instituição
País: Não Informado pela instituição
Link de acesso: https://hdl.handle.net/10438/1060
Resumo: In an early paper, Cavalcanti and Wallace (2001) showed, using a computable version of Cavalcanti-Wallace model (CW-1999), that optimal regulation induces banks to pay interests, instead of contracting the money supply in an inside money allocation. Here, we generalize CW in two fashions, assuming inside money allocations, so that banks are supposed to issue money as they find a potential producer wishing to produce. The first generalization allows for seasonality due to real shocks on preferences with persistence and for monetary policy improvement. We found an asymmetric path for interest rates when constraints matter, even when shocks are independent. The second generalization allows for bank competition, in the sense that banks can choose between two different banking nets. We proof the existence of simple stable and unstable equilibria and also verify the existence of multiple equilibria.
id FGV_e99f2624d12dffdb6a5a7d532b97da6f
oai_identifier_str oai:repositorio.fgv.br:10438/1060
network_acronym_str FGV
network_name_str Repositório Institucional do FGV (FGV Repositório Digital)
repository_id_str
spelling Forno, Henrique DezemoneEscolas::EPGEAraújo, Aloísio Pessoa deTeixeira, AriltonAraújo Júnior, Eurilton AlvesMonteiro, Paulo KlingerCavalcanti, Ricardo de Oliveira2008-05-13T15:53:28Z2008-05-13T15:53:28Z2003FORNO, Henrique Dezemone. Essays on competition and returns of inside money. Tese (Doutorado em Economia) - Escola de Pós-Graduação em Economia, Fundação Getúlio Vargas - FGV, Rio de Janeiro, 2003.https://hdl.handle.net/10438/1060In an early paper, Cavalcanti and Wallace (2001) showed, using a computable version of Cavalcanti-Wallace model (CW-1999), that optimal regulation induces banks to pay interests, instead of contracting the money supply in an inside money allocation. Here, we generalize CW in two fashions, assuming inside money allocations, so that banks are supposed to issue money as they find a potential producer wishing to produce. The first generalization allows for seasonality due to real shocks on preferences with persistence and for monetary policy improvement. We found an asymmetric path for interest rates when constraints matter, even when shocks are independent. The second generalization allows for bank competition, in the sense that banks can choose between two different banking nets. We proof the existence of simple stable and unstable equilibria and also verify the existence of multiple equilibria.engTodo cuidado foi dispensado para respeitar os direitos autorais deste trabalho. Entretanto, caso esta obra aqui depositada seja protegida por direitos autorais externos a esta instituição, contamos com a compreensão do autor e solicitamos que o mesmo faça contato através do Fale Conosco para que possamos tomar as providências cabíveis.info:eu-repo/semantics/openAccessEssays on competition and returns of inside moneyinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/doctoralThesisEconomiaFinançasMercado financeiroPolítica monetáriareponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINAL2003HenriqueDezemoneForno.pdf2003HenriqueDezemoneForno.pdfPDFapplication/pdf1475269https://repositorio.fgv.br/bitstreams/d229015f-226c-4da3-9d5c-ffe41eb78f01/download6a49c917ac1671d7be43b16b42ffa9a4MD51TEXT2003HenriqueDezemoneForno.pdf.txt2003HenriqueDezemoneForno.pdf.txtExtracted Texttext/plain117722https://repositorio.fgv.br/bitstreams/5d02d1f0-1780-4a87-945a-e95cfadd8f6f/download0135f1d1d436e69634812f8803ace5caMD52THUMBNAIL2003HenriqueDezemoneForno.pdf.jpg2003HenriqueDezemoneForno.pdf.jpgGenerated Thumbnailimage/jpeg1481https://repositorio.fgv.br/bitstreams/adb53075-191c-4c2b-9f21-a4bb076f36f5/downloadd6c7424757c31d447dd827e4d6517b8aMD5310438/10602024-06-17 13:22:02.509open.accessoai:repositorio.fgv.br:10438/1060https://repositorio.fgv.brRepositório InstitucionalPRIhttp://bibliotecadigital.fgv.br/dspace-oai/requestopendoar:39742024-06-17T13:22:02Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV)false
dc.title.eng.fl_str_mv Essays on competition and returns of inside money
title Essays on competition and returns of inside money
spellingShingle Essays on competition and returns of inside money
Forno, Henrique Dezemone
Economia
Finanças
Mercado financeiro
Política monetária
title_short Essays on competition and returns of inside money
title_full Essays on competition and returns of inside money
title_fullStr Essays on competition and returns of inside money
title_full_unstemmed Essays on competition and returns of inside money
title_sort Essays on competition and returns of inside money
author Forno, Henrique Dezemone
author_facet Forno, Henrique Dezemone
author_role author
dc.contributor.unidadefgv.por.fl_str_mv Escolas::EPGE
dc.contributor.member.none.fl_str_mv Araújo, Aloísio Pessoa de
Teixeira, Arilton
Araújo Júnior, Eurilton Alves
Monteiro, Paulo Klinger
dc.contributor.author.fl_str_mv Forno, Henrique Dezemone
dc.contributor.advisor1.fl_str_mv Cavalcanti, Ricardo de Oliveira
contributor_str_mv Cavalcanti, Ricardo de Oliveira
dc.subject.area.por.fl_str_mv Economia
topic Economia
Finanças
Mercado financeiro
Política monetária
dc.subject.bibliodata.por.fl_str_mv Finanças
Mercado financeiro
Política monetária
description In an early paper, Cavalcanti and Wallace (2001) showed, using a computable version of Cavalcanti-Wallace model (CW-1999), that optimal regulation induces banks to pay interests, instead of contracting the money supply in an inside money allocation. Here, we generalize CW in two fashions, assuming inside money allocations, so that banks are supposed to issue money as they find a potential producer wishing to produce. The first generalization allows for seasonality due to real shocks on preferences with persistence and for monetary policy improvement. We found an asymmetric path for interest rates when constraints matter, even when shocks are independent. The second generalization allows for bank competition, in the sense that banks can choose between two different banking nets. We proof the existence of simple stable and unstable equilibria and also verify the existence of multiple equilibria.
publishDate 2003
dc.date.issued.fl_str_mv 2003
dc.date.accessioned.fl_str_mv 2008-05-13T15:53:28Z
dc.date.available.fl_str_mv 2008-05-13T15:53:28Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/doctoralThesis
format doctoralThesis
status_str publishedVersion
dc.identifier.citation.fl_str_mv FORNO, Henrique Dezemone. Essays on competition and returns of inside money. Tese (Doutorado em Economia) - Escola de Pós-Graduação em Economia, Fundação Getúlio Vargas - FGV, Rio de Janeiro, 2003.
dc.identifier.uri.fl_str_mv https://hdl.handle.net/10438/1060
identifier_str_mv FORNO, Henrique Dezemone. Essays on competition and returns of inside money. Tese (Doutorado em Economia) - Escola de Pós-Graduação em Economia, Fundação Getúlio Vargas - FGV, Rio de Janeiro, 2003.
url https://hdl.handle.net/10438/1060
dc.language.iso.fl_str_mv eng
language eng
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.source.none.fl_str_mv reponame:Repositório Institucional do FGV (FGV Repositório Digital)
instname:Fundação Getulio Vargas (FGV)
instacron:FGV
instname_str Fundação Getulio Vargas (FGV)
instacron_str FGV
institution FGV
reponame_str Repositório Institucional do FGV (FGV Repositório Digital)
collection Repositório Institucional do FGV (FGV Repositório Digital)
bitstream.url.fl_str_mv https://repositorio.fgv.br/bitstreams/d229015f-226c-4da3-9d5c-ffe41eb78f01/download
https://repositorio.fgv.br/bitstreams/5d02d1f0-1780-4a87-945a-e95cfadd8f6f/download
https://repositorio.fgv.br/bitstreams/adb53075-191c-4c2b-9f21-a4bb076f36f5/download
bitstream.checksum.fl_str_mv 6a49c917ac1671d7be43b16b42ffa9a4
0135f1d1d436e69634812f8803ace5ca
d6c7424757c31d447dd827e4d6517b8a
bitstream.checksumAlgorithm.fl_str_mv MD5
MD5
MD5
repository.name.fl_str_mv Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV)
repository.mail.fl_str_mv
_version_ 1827842521469812736

Registros relacionados