| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13585 |
| DP13585 (Un)conventional Policy and the Effective Lower Bound | |
| Fiorella De Fiore; Oreste Tristani | |
| 发表日期 | 2019-03-14 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We study the optimal combination of interest rate policy and unconventional monetary policy in a model where agency costs generate a spread between deposit and lending rates. We show that credit policy can be a powerful substitute for interest rate policy. In the face of shocks that negatively affect bank monitoring efficiency, unconventional measures insulate the real economy from further deterioration in financial conditions and it may be optimal for the central bank not to cut rates to zero. Thus, credit policy lowers the likelihood of hitting the zero bound constraint. Reductions in the policy rates without non-standard measures are sub-optimal as they force savers to inefficiently change their intertemporal consumption patterns. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Optimal monetary policy Unconventional policies Zero-lower bound Asymmetric information |
| URL | https://cepr.org/publications/dp13585 |
| 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/542443 |
| 推荐引用方式 GB/T 7714 | Fiorella De Fiore,Oreste Tristani. DP13585 (Un)conventional Policy and the Effective Lower Bound. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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