Credit Traps

This paper studies the limitations of monetary policy in stimulating credit and investment. We show that, under certain circumstances, unconventional monetary policies fail in that liquidity injections into the banking sector are hoarded and not lent out. We use the term “credit traps” to describe s...

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Veröffentlicht in:	The American economic review 2012-10, Vol.102 (6), p.3004-3032
Hauptverfasser:	Benmelech, Efraim, Bergman, Nittai K.
Format:	Artikel
Sprache:	eng
Schlagworte:	Balance sheets Bank capital Bank collateral Bank liquidity Bank loans Banking Banking industry Central banks Collateral Corporate liquidity Credit policy Credit systems Economic crisis Equilibrium Interest rates Investment Liquidation value Liquidity Liquidity trap Loans Macroeconomics Monetary policy Peers Shorter Papers Studies
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