全球智库信息集成服务系统(G2TT): Credit Frictions and Optimal Monetary Policy

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w21820
来源ID	Working Paper 21820
	Credit Frictions and Optimal Monetary Policy
	Vasco Cúrdia; Michael Woodford
发表日期	2015-12-21
出版年	2015
语种	英语
摘要	We extend the basic (representative-household) New Keynesian [NK] model of the monetary transmission mechanism to allow for a spread between the interest rate available to savers and borrowers, that can vary for either exogenous or endogenous reasons. We find that the mere existence of a positive average spread makes little quantitative difference for the predicted effects of particular policies. Variation in spreads over time is of greater significance, with consequences both for the equilibrium relation between the policy rate and aggregate expenditure and for the relation between real activity and inflation.
主题	Macroeconomics ; Money and Interest Rates ; Monetary Policy
URL	https://www.nber.org/papers/w21820
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/579494
推荐引用方式 GB/T 7714	Vasco Cúrdia,Michael Woodford. Credit Frictions and Optimal Monetary Policy. 2015.