| 来源类型 | Working Paper
|
| 规范类型 | 报告
|
| DOI | 10.3386/w20613
|
| 来源ID | Working Paper 20613
|
| Monetary Policy with Interest on Reserves |
| John H. Cochrane
|
| 发表日期 | 2014-10-27
|
| 出版年 | 2014
|
| 语种 | 英语
|
| 摘要 | I analyze monetary policy with interest on reserves and a large balance sheet. I show that conventional theories do not determine inflation in this regime, so I base the analysis on the fiscal theory of the price level. I find that monetary policy can peg the nominal rate, and determine expected inflation. With sticky prices, monetary policy can also affect real interest rates and output, though higher interest rates raise output and then inflation. The conventional sign requires a coordinated fiscal-monetary policy contraction. I show how conventional new-Keynesian models also imply strong monetary-fiscal policy coordination to obtain the usual signs. I address theoretical controversies. A concluding section places our current regime in a broader historical context, and opines on how optimal fiscal and monetary policy will evolve in the new regime. |
| 主题 | Macroeconomics
; Monetary Policy
; Fiscal Policy
|
| URL | https://www.nber.org/papers/w20613
|
| 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/578287
|
推荐引用方式
GB/T 7714 |
John H. Cochrane. Monetary Policy with Interest on Reserves. 2014.
|
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