全球智库信息集成服务系统(G2TT): DP8652 A Dynamic General Equilibrium Analysis of Monetary Policy Rules, Adverse Selection and Long-Run Financial Risk

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来源类型	Discussion paper
规范类型	论文
来源ID	DP8652
	DP8652 A Dynamic General Equilibrium Analysis of Monetary Policy Rules, Adverse Selection and Long-Run Financial Risk
	Sylvester Eijffinger; Hans J. Blommestein; Zongxin Qian
发表日期	2011-11-01
出版年	2011
语种	英语
摘要	This paper builds a dynamic general equilibrium macro-finance model with two types of borrowers: entrepreneurs who want to produce and gamblers who want to play a lottery. It links central bank's interest rate policy to expected cash flows of both types. This link enables us to study how the interactions between various shocks and different monetary policy rules affect the borrower pool faced by financial intermediaries. We find that when the economy is hit by an expansionary monetary policy shock, the proportion of entrepreneurs in the borrower pool will be persistently lower than the steady state level after a short period. It is lowest when the central bank does not react to output fluctuations. Quite differently, not reacting to output fluctuations avoids a persistent worsening of the borrower pool in the long run if the shock is a bad productivity shock.
主题	International Macroeconomics
关键词	Adverse selection Financial crisis monetary policy
URL	https://cepr.org/publications/dp8652
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/537489
推荐引用方式 GB/T 7714	Sylvester Eijffinger,Hans J. Blommestein,Zongxin Qian. DP8652 A Dynamic General Equilibrium Analysis of Monetary Policy Rules, Adverse Selection and Long-Run Financial Risk. 2011.