神戸大学金融研究会（RIEBセミナー／科学研究費補助金(基盤研究(A))「デフレ・円高・財政危機：バブル経済の後遺症に関する包括的理論・実証分析と政策対応」共催） Monetary Economics Seminar of Kobe University (Jointly supported by RIEB Seminar / Grant-in-Aid for Scientific Research (A): Deflation, Strong Yen, and Financial Crises)
| 日時 (Date&Time) |
2013年5月28日（火）午前10時30分から (Tuesday, May 28, 2013, 10:30am-) |
|---|---|
| 会場 (Place) |
神戸大学経済経営研究所 調査室（兼松記念館1階） Seminar Room at RIEB (Kanematsu Memorial Hall, 1st Floor) |
| 対象 (Intended Audience) |
基本的に会員制の研究会ですが、非会員で関心のある方の参加も歓迎します。 The seminar is primarily for the workshop members. But non-members are also welcome to attend. |
| 備考 (Note) |
論文のコピーは開催日当日に会場にご用意いたします。 Copies of the paper will be available on that day of the seminar at meeting place. セミナー参加を希望される方はお手数ですがご氏名、ご所属、ご連絡先（メ-ルアドレス）を開催日の1週間前までに共同研究推進室へご連絡下さい。 If you would like to attend our workshop, please email us at Office of Promoting Research Collaboration your name, affiliation and email address by a week before the workshop. |
10:30am～
| 報告者 (Speaker) |
Markus K. BRUNNERMEIER 氏 |
|---|---|
| 所属 (Affiliation) |
プリンストン大学 (Princeton University) |
| 論題 (Topic) |
"The I Theory of Money" |
| 概要 (Abstract) |
A theory of money needs a proper place for financial intermediaries. Intermediaries create money by taking deposits from savers and investing them in productive projects. The money multiplier depends on the size of intermediary balance sheets, and their ability to take risks. In downturns, as lending contracts and the money multiplier shrinks, the value of money rises. This leads to a Fisher deflation that hurts borrowers and amplifies shocks. An accommodative monetary policy in downturns, focused on the assets held by constrained agents, can mitigate these destabilizing adverse feedback effects. We devote particular attention to interest rate cuts, and study the potential for such policies to create moral hazard. |