| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12623 |
| DP12623 Intermediation markups and monetary policy pass-through | |
| Paul Schrimpf; Semyon Malamud | |
| 发表日期 | 2018-01-19 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We introduce intermediation frictions into the classical monetary model with fully flexible prices. In our model, monetary policy is redistributive because it aaffects intermediaries' ability to extract rents. The pass-through efficiency of quantitative easing (QE) and tightening (QT) policies depends crucially on the anticipated relationship between future monetary policy and future stock market returns (the "Central Bank Put"). When the Central Bank Put is too weak, balance sheet policies become inefficient. When the Central Bank Put is very strong, however, monetary policy may be destabilizing and lead to greater frequency of market tantrums. |
| 主题 | Financial Economics ; Monetary Economics and Fluctuations |
| URL | https://cepr.org/publications/dp12623 |
| 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/541435 |
| 推荐引用方式 GB/T 7714 | Paul Schrimpf,Semyon Malamud. DP12623 Intermediation markups and monetary policy pass-through. 2018. |
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