| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23151 |
| 来源ID | Working Paper 23151 |
| Tight Money-Tight Credit: Coordination Failure in the Conduct of Monetary and Financial Policies | |
| Julio A. Carrillo; Enrique G. Mendoza; Victoria Nuguer; Jessica Roldán-Peña | |
| 发表日期 | 2017-02-13 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | Violations of Tinbergen rule and strategic interaction undermine monetary and financial policies in a New Keynesian model with the Bernanke-Gertler accelerator. Welfare costs of risk shocks are large because of efficiency losses and income effects of costly monitoring, but they are larger under a simple Taylor rule (STR) and a Taylor rule augmented with credit spreads (ATR) than under a dual rules regime (DRR) with a Taylor rule and a financial rule targeting spreads, by 264 and 138 basis points respectively. ATR and STR are tight money-tight credit regimes that respond too much to inflation and too little to spreads, and yield larger fluctuations in response to risk shocks. Reaction curves display shifts from strategic substitutes to complements in the choice of policy-rule elasticities. The Nash equilibrium is also a tight money-tight credit regime, with lower welfare than Cooperative equilibria and the DRR, but still higher than in the ATR and STR regimes. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; Monetary Policy ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w23151 |
| 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/580825 |
| 推荐引用方式 GB/T 7714 | Julio A. Carrillo,Enrique G. Mendoza,Victoria Nuguer,et al. Tight Money-Tight Credit: Coordination Failure in the Conduct of Monetary and Financial Policies. 2017. |
| 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 | ||
| w23151.pdf（778KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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