Fachat, Christian

Agency Costs, Net Worth, and the Transmission Mechanism of Monetary Policy

Reihe: Akademische Abhandlung zu den Wirtschaftswissenschaften
ISBN 978-3-89700-287-6
2000
Preis: 34,90 €
170 Seiten

Abstract

This thesis analysis how informational asymmetries on financial markets influence the effects of monetary policy. Two stochastic dynamic general equilibrium model with asymmetric information between lender and borrower are formalized and numerically simulated. In the first morel problems of asymmetric information arise in the investment sector, in the second model they arise in the production of aggregate output. The results show that taking informational asymmetries into account improves the model dynamics after a monetary shock.

Therefore, this thesis confirms the importance of the credit channel of monetary policy, which emphasizes the existence of asymmetric information on credit markets

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