| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10250 |
| DP10250 Monetarism rides again? US monetary policy in a world of Quantitative Easing | |
| Patrick Minford; David Meenagh; Vo Phuong Mai Le | |
| 发表日期 | 2014-11-16 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | This paper gives money a role in providing cheap collateral in a model of banking; this means that, besides the Taylor Rule, monetary policy can affect the risk-premium on bank lending to firms by varying the supply of M0 in open market operations, so that even when the zero bound prevails monetary policy is still effective; and fiscal policy under the zero bound still crowds out investment via the risk-premium. A simple rule for making M0 respond to credit conditions can substantially enhance the economy's stability. Both price-level and nominal GDP targeting rules for interest rates would combine with this to stabilise the economy further. With these rules for monetary control, aggressive and distortionary regulation of banks' balance sheets becomes redundant. |
| 主题 | International Macroeconomics |
| 关键词 | Dsge model Financial frictions Crises indirect inference Money supply Qe monetary policy Fiscal multiplier Zero bound |
| URL | https://cepr.org/publications/dp10250 |
| 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/539083 |
| 推荐引用方式 GB/T 7714 | Patrick Minford,David Meenagh,Vo Phuong Mai Le. DP10250 Monetarism rides again? US monetary policy in a world of Quantitative Easing. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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