| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11814 |
| DP11814 Optimal Monetary Policy and Liquidity with Heterogeneous Households | |
| Florin Bilbiie; Xavier Ragot | |
| 发表日期 | 2017-01-28 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | A novel liquidity-insurance motive for monetary policy implies optimal deviations from price stability when heterogeneous households who participate infrequently in financial markets use liquidity to insure idiosyncratic risk. In our tractable sticky-price model that can be solved in closed form, aggregate demand depends on liquidity. The liquidity-insurance motive changes the central bank’s trade-off, which is nevertheless still described by a quadratic approximation to aggregate welfare. Price stability has significant welfare costs because inflation volatility hinders the consumption volatility of constrained households as a side-effect of liquidity-insuring them. Helicopter drops are a better way to achieve this insurance than open-market operations. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Optimal (ramsey) monetary policy Heterogenous agents Incomplete markets Liquidity constraints Limited participation Money |
| URL | https://cepr.org/publications/dp11814 |
| 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/540627 |
| 推荐引用方式 GB/T 7714 | Florin Bilbiie,Xavier Ragot. DP11814 Optimal Monetary Policy and Liquidity with Heterogeneous Households. 2017. |
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