| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14678 |
| 来源ID | Working Paper 14678 |
| Is Monetary Policy Effective During Financial Crises? | |
| Frederic S. Mishkin | |
| 发表日期 | 2009-01-29 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | This short paper argues that the view that monetary policy is ineffective during financial crises is not only wrong, but may promote policy inaction in the face of a severe contractionary shock. To the contrary, monetary policy is more potent during financial crises because aggressive monetary policy easing can make adverse feedback loops less likely. The fact that monetary policy is more potent than during normal times provides a rationale for a risk-management approach to counter the contractionary effects from financial crises, in which monetary policy is far less inertial than would otherwise be typical -- not only by moving decisively through conventional or nonconventional means to reduce downside risks from the financial disruption, but also in being prepared to quickly take back some of that insurance in response to a recovery in financial markets or an upward shift in inflation risks. |
| 主题 | Macroeconomics ; Monetary Policy ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w14678 |
| 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/572354 |
| 推荐引用方式 GB/T 7714 | Frederic S. Mishkin. Is Monetary Policy Effective During Financial Crises?. 2009. |
| 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 | ||
| w14678.pdf（42KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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