| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16825 |
| DP16825 Monetary Policy and Endogenous Financial Crises | |
| Frederic Boissay; Fabrice Collard; Jordi Gali; Cristina Manea | |
| 发表日期 | 2022-01-13 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We study whether a central bank should deviate from its objective of price stability to promote financial stability. We tackle this question within a textbook New Keynesian model augmented with capital accumulation and microfounded endogenous financial crises. We compare several interest rate rules, under which the central bank responds more or less forcefully to inflation and aggregate output. Our main findings are threefold. First, monetary policy affects the probability of a crisis both in the short run (through aggregate demand) and in the medium run (through savings and capital accumulation). Second, a central bank can both reduce the probability of a crisis and increase welfare by departing from strict inflation targeting and responding systematically to fluctuations in output. Third, financial crises may occur after a long period of unexpectedly loose monetary policy as the central bank abruptly reverses course. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Financial crises monetary policy |
| URL | https://cepr.org/publications/dp16825-0 |
| 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/545825 |
| 推荐引用方式 GB/T 7714 | Frederic Boissay,Fabrice Collard,Jordi Gali,et al. DP16825 Monetary Policy and Endogenous Financial Crises. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
