The emergence of a decentralized peer-to-peer platform that matches lending and borrowing without collateral requirements has called the bank lending and balance-sheet channels for monetary transmission into question. Via a standard New Keynesian macroeconomic model expanded with two-sided platform and group identity, we put forward a novel platform density channel of monetary transmission, which could overshadow the conventional channels. An increase in policy rate, for instance, would instigate a shift toward platform borrowing. Increasing borrowers’ density attracts participation in platform deposits, which in turn further enhances borrowers’ benefit of joining the platform, making liquidity available at decreasing platform loan rates. Business investment and hence the inflation rate gets lifted despite monetary tightening. The implication of platform density channel diminishes, however, when platform borrowings complement bank borrowings, and pose nontrivial risk of default.

中文翻译：

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平台金融对货币政策传导的影响

一个去中心化的点对点平台的出现，在没有抵押要求的情况下匹配借贷，这让银行借贷和资产负债表的货币传导渠道受到质疑。通过一个标准的新凯恩斯宏观经济模型，扩展了双边平台和群体认同，我们提出了一个新的平台密度通道货币传导，这可能使传统渠道黯然失色。例如，政策利率的提高将促使人们转向平台借贷。增加借款人的密度会吸引参与平台存款，这反过来又会进一步提高借款人加入平台的好处，从而在降低平台贷款利率的情况下提供流动性。尽管货币紧缩，商业投资和通胀率都会上升。然而，当平台借款补充银行借款并构成重大违约风险时，平台密度渠道的影响就会减弱。