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The I Theory of Money - Princeton University

The I Theory of Money . Markus K. Brunnermeier and Yuliy Sannikov . August 8, 2016. Abstract A Theory of Money needs a proper place for financial intermediaries. Intermediaries diversify risks and create inside Money . In downturns, micro-prudent intermediaries shrink their lending activity, fire-sell assets and supply less inside Money , exactly when Money demand rises. The resulting Fisher disinflation hurts intermediaries and other borrowers. Shocks are amplified, volatility spikes and risk premia rise.

tive channel of monetary policy. The key frictions are nancial. Prices are fully exible. The transmission of monetary policy works primarily through capital gains, as in the as-set pricing channel promoted by Tobin (1969) and Brunner and Meltzer (1972). As assets are held asymmetrically in our setting, monetary policy redistributes wealth and ...

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scholar.princeton.edu

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www.federalreserve.gov

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