G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w18960
来源IDWorking Paper 18960
The Simple Analytics of Monetary Policy: A Post-Crisis Approach
Benjamin M. Friedman
发表日期2013-04-11
出版年2013
语种英语
摘要The standard workhorse models of monetary policy now commonly in use, both for teaching macroeconomics to students and for supporting policymaking within many central banks, are incapable of incorporating the most widely accepted accounts of how the 2007-9 financial crisis occurred and incapable too of analyzing the actions that monetary policymakers took in response to it. They also offer no point of entry for the frontier research that many economists have subsequently undertaken, especially research revolving around frictions in financial intermediation. This paper suggests a simple model that bridges this gap by distinguishing the interest rate that the central bank sets from the interest rate that matters for the spending decisions of households and firms. One version of this model adds to the canonical "new Keynesian" model a fourth equation representing the spread between these two interest rates. An alternate version replaces this reduced-form expression for the spread with explicit supply and demand equations for privately issued credit obligations. The discussion illustrates the use of both versions of the model for analyzing the kind of breakdown in financial intermediation that triggered the 2007-9 crisis, as well as "unconventional" central bank actions like large-scale asset purchases and forward guidance on the policy interest rate.
主题Macroeconomics ; Monetary Policy
URLhttps://www.nber.org/papers/w18960
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/576634
推荐引用方式
GB/T 7714
Benjamin M. Friedman. The Simple Analytics of Monetary Policy: A Post-Crisis Approach. 2013.
条目包含的文件
条目无相关文件。
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Benjamin M. Friedman]的文章
百度学术
百度学术中相似的文章
[Benjamin M. Friedman]的文章
必应学术
必应学术中相似的文章
[Benjamin M. Friedman]的文章
相关权益政策
暂无数据
收藏/分享

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。