| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w9005 |
| 来源ID | Working Paper 9005 |
| Monetary Policy in a Financial Crisis | |
| Lawrence J. Christiano; Christopher Gust; Jorge Roldos | |
| 发表日期 | 2002-06-13 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | What are the economic effects of an interest rate cut when an economy is in the midst of a financial crisis? Under what conditions will a cut stimulate output and employment, and raise welfare? Under what conditions will a cut have the opposite e ffects? We answer these questions in a general class of open economy models, where a financial crisis is modeled as a time when collateral constraints are suddenly binding. We find that when there are frictions in adjusting the level of output in the traded good sector and in adjusting the rate at which that output can be used in other parts of the economy, then a cut in the interest rate is most likely to result in a welfare-reducing fall in output and employment. When these frictions are absent, a cut in the interest rate improves asset positions and promotes a welfare-increasing economic expansion. |
| 主题 | Macroeconomics ; Monetary Policy ; International Economics ; International Finance |
| URL | https://www.nber.org/papers/w9005 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/566613 |
| 推荐引用方式 GB/T 7714 | Lawrence J. Christiano,Christopher Gust,Jorge Roldos. Monetary Policy in a Financial Crisis. 2002. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w9005.pdf（981KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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。
