Low Inflation: The Behavior of Financial Markets and Institutions

Anthony Saunders

18 citations0/0 files storedJournal of money credit and banking

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Monetary Policy and Economic Impact Banking stability, regulation, efficiency Economic theories and models

Abstract

This paper provides a broad overview of the potential impact of low inflation (deflation) on U.S. financial markets and institutions. It is argued that the contemporary experience of Japan and the historical experience of the United States in the 1920s and 1930s offer only limited insights into the potential impact of low inflation (deflation) on today's U.S. financial system. A number of potential implications are discussed including a decline in secondary market trading and a trend towards reintermediation. In addition, low inflation/deflation is likely to have a material effect on bank duration and convexity exposures.

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References

1981Credit Rationing in Markets with Imperfect Information 1988Agency Costs, Net Worth, And Business Fluctuations 2017A Monetary History of the United States, 1867-1960 1985What's different about banks?1987Some evidence on the uniqueness of bank loans 1986Financial intermediary-coalitions 1990Financial Fragility and Economic Performance 2017The Optimum Quantity of Money

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2017How Would US Banks Fare in a Negative Interest Rate Environment?2002Some Implications of the Zero Lower Bound on Interest Rates for the Term Structure and Monetary Policy

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