| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9795 |
| DP9795 State dependent monetary policy | |
| Francesco Lippi; Nicholas Trachter | |
| 发表日期 | 2014-01-26 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We study the optimal anticipated monetary policy in a flexible-price economy featuring heterogenous agents and incomplete markets, which give rise to a business cycle. In this setting money policy has distributional effects that depend on the state of the cycle. We parsimoniously characterize the dynamics of the economy and study the optimal regulation of the money supply as a function of the state. The optimal policy prescribes monetary expansions in recessions, when insurance is most needed by cash- poor unproductive agents. To minimize the inflationary effect of these expansions the policy prescribes monetary contractions in good times. Although the optimal money growth rate varies greatly through the business cycle, this policy ?echoes? Friedman?s principle in the sense that the expected real return of money approaches the rate of time preference. |
| 主题 | International Macroeconomics |
| 关键词 | Distributional effects Heterogenous agents Incomplete markets Liquidity Precautionary savings |
| URL | https://cepr.org/publications/dp9795 |
| 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/538631 |
| 推荐引用方式 GB/T 7714 | Francesco Lippi,Nicholas Trachter. DP9795 State dependent monetary policy. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
