The I Theory of Money

By Markus K. Brunnermeier, Yuliy Sannikov. 2016

264 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/97396fbef37644f319c4ba035886137df55959f8

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Citations in the corpus

On the equivalence of private and public money (2019, background): “Bryant (1983) summarizes important equivalence results. Chamley & Polemarchakis (1984) establish that openmarket operations are neutral when money does not serve as a medium of exchange.”
Monetary Policy, Financial Conditions, and Financial Stability (2014, unknown): “Christiano, Motto, and Rostagno (2006) argue that monetary policy that focuses 8More broadly, a theory of the interdependence of macroprudential, fiscal, and monetary policies is provided by Brunnermeier and Sannikov (2011, 2014a, 2014b).”
Banks’ exposure to interest rate risk and the transmission of monetary policy (2020, unknown): “Brunnermeier and Sannikov (2016) develop a theory of money where monetary policy serves as a redistributive tool across heterogeneous economic agents.”
Bank Market Power and Monetary Policy Transmission: Evidence from a Structural Estimation (2020, unknown): “The second is the bank capital channel in which a rise in the Federal Funds rate lowers bank capital because of a maturity mismatch, thus constraining banks’ capacity to lend (Van den Heuvel 2002; Bolton and Freixas 2000; Brunnermeier and Sannikov 2016).”
ESBies: Safety in the Tranches (2017, unknown): “And central banks need safe assets with which to conduct monetary policy, exchanging money, whether currency or reserves, for quasi-money in the form of safe assets (Brunnermeier & Sannikov, 2016).”
Monetary Policy Surprises, Credit Costs, and Economic Activity † (2014, background): “Examples of models with the risk-taking channel of monetary policy are Drechsler, Savov, and Schnabl (2013) and Brunnermeier and Sannikov (2013).”
Monetary Policy and the Redistribution Channel (2017, unknown): “Readers will recognize the standard incomplete markets model, taken here in partial equilibrium as in Deaton (1991), Carroll (1997), and which forms the basis of general equilibrium variants such as Bewley (1980), Huggett (1993) and Aiyagari (1994).”
A lost century in economics: Three theories of banking and the conclusive evidence☆ (2016, background): “Senior staff at the Bank of England continue to endorse it: Governor Mark Carney (2014) in his Mais Lecture at the Cass Business School cited the monetary theory of Brunnermeier and Sannikov (2015) in support of his arguments.”
How Quantitative Easing Works: Evidence on the Refinancing Channel (2016, unknown): “For example, see Curdia and Woodford (2011), Brunnermeier and Sannikov (2016), Drechsler et al.”
Precautionary Savings, Illiquid Assets, and the Aggregate Consequences of Shocks to Household Income Risk (2019, background): “Likely some of the fluctuations in uncertainty in the data reflect endogenous responses through, say, unemployment as in Ravn and Sterk (2017) or, beyond the labor income focus of our paper, a change in the insurance offered by financial markets as in Brunnermeier and Sannikov (2016).”
The Reversal Interest Rate (2018, unknown): “Hence, an interest rate cut is essentially a “stealth recapitalization” of the banks, as stressed in Brunnermeier and Sannikov (2016)’s “I Theory of Money”.”