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Rediscounting under aggregate risk
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DOI：10.1016/S0304-3932(98)00045-2.png)
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This paper compares three institutions that offer an elastic currency - open market operations, a discount window, and a private, banknote-issuing clearinghouse - in an economy with financial markets otherwise hampered by a lack of liquidity. When this economy is subject to aggregate financial shocks, these alternative forms of central banking are shown to differ in their implications for risk-sharing. Interesting implications include (i) central bank losses and monetary innovations that are part of an efficient equilibrium; and (ii) desirable quantity restrictions at the discount window. (C) 1999 Elsevier Science B.V. All rights reserved. JEL classification: E58.
Keyword:
central bank
payments system
rediscounting
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