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SUMMARY:Payments\, Credit and Asset Prices
DTSTART:20180601T103000
DTEND:20180601T120000
DTSTAMP:20260919T102055Z
UID:dddebb28f05824c624a74baed393261b86199865ae938427f6e1d9dd
CATEGORIES:Conferences - Seminars
DESCRIPTION:Monika PIAZZESI (Stanford University)\nThis paper studies a mo
 dern monetary economy: trade in both goods and securities relies on money 
 provided by intermediaries. While money is valued for its liquidity\, its 
 creation requires costly leverage. Inflation\, security prices and the tra
 nsmission of monetary policy then depend on the institutional details of t
 he payment system. The price of a security is higher if it helps back insi
 de money\, and lower if more inside money is used to trade it. Inflation c
 an be low in security market busts if bank portfolios suffer\, but also in
  booms if trading absorbs more money. The government has multiple policy t
 ools: in addition to the return on outside money\, it affects the mix of s
 ecurities used to back inside money.\n\nPaper: https://web.stanford.edu/~p
 iazzesi/payments.pdf
LOCATION:UNIL\, Extranef\, room 126 https://planete.unil.ch/plan/?local=EX
 T-126
STATUS:CONFIRMED
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