| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13502 |
| 来源ID | Working Paper 13502 |
| Two Reasons Why Money and Credit May be Useful in Monetary Policy | |
| Lawrence Christiano; Roberto Motto; Massimo Rostagno | |
| 发表日期 | 2007-10-15 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | We describe two examples which illustrate in different ways how money and credit may be useful in the conduct of monetary policy. Our first example shows how monitoring money and credit can help anchor private sector expectations about inflation. Our second example shows that a monetary policy that focuses too narrowly on inflation may inadvertently contribute to welfare-reducing boom-bust cycles in real and financial variables. The example is of some interest because it is based on a monetary policy rule fit to aggregate data. We show that a policy of monetary tightening when credit growth is strong can mitigate the problems identified in our second example. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy |
| URL | https://www.nber.org/papers/w13502 |
| 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/571178 |
| 推荐引用方式 GB/T 7714 | Lawrence Christiano,Roberto Motto,Massimo Rostagno. Two Reasons Why Money and Credit May be Useful in Monetary Policy. 2007. |
| 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 | ||
| w13502.pdf（403KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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