G2TT
来源类型Discussion paper
规范类型论文
来源IDDP11016
DP11016 Credit Frictions and Optimal Monetary Policy
Michael Woodford; Vasco Cúrdia
发表日期2015-12-20
出版年2015
语种英语
摘要We extend the basic (representative-household) New Keynesian [NK] model of the monetary transmission mechanism to allow for a spread between the interest rate available to savers and borrowers, that can vary for either exogenous or endogenous reasons. We find that the mere existence of a positive average spread makes little quantitative difference for the predicted effects of particular policies. Variation in spreads over time is of greater significance, with consequences both for the equilibrium relation between the policy rate and aggregate expenditure and for the relation between real activity and inflation. Nonetheless, we find that the target criterion?a linear relation that should be maintained between the inflation rate and changes in the output gap?that characterizes optimal policy in the basic NK model continues to provide a good approximation to optimal policy, even in the presence of variations in credit spreads. Such a flexible inflation target" can be implemented by a central-bank reaction function that is similar to a forward-looking Taylor rule, but adjusted for changes in current and expected future credit spreads
主题International Macroeconomics and Finance ; Monetary Economics and Fluctuations
关键词Credit spreads Policy rules Target criterion Flexible inflation targeting Quadratic loss function
URLhttps://cepr.org/publications/dp11016
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/539845
推荐引用方式
GB/T 7714
Michael Woodford,Vasco Cúrdia. DP11016 Credit Frictions and Optimal Monetary Policy. 2015.
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