Giovanni Cesaroni

Il razionamento del credito come meccanismo di trasmissione della politica monetaria in un modello di gestione della liquidità

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This paper, specifying the effects that liquidity management has on the profit function of a generic bank facing an adverse selection problem a là Stiglitz and Weiss (1981), gives a microeconomic foundation, of a partial equilibrium nature, of credit rationing as a transmission mechanism of monetary policy (Blinder 1987). We derive some comparative statics effects very similar to those obtained from Bernanke and Blinder (1992) econometric model. Our model transforms the Pareto-optimal equilibrium with credit rationing into a Pareto-dominated one, exemplifying how the size of agency costs stemming from informational asymmetries may depend on liquidity, a circumstance that is currently being underrated by the contemporary banking theory.

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