全球智库信息集成服务系统(G2TT): The Four Equation New Keynesian Model

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w26067
来源ID	Working Paper 26067
	The Four Equation New Keynesian Model
	Eric R. Sims; Jing Cynthia Wu
发表日期	2019-07-15
出版年	2019
语种	英语
摘要	This paper develops a New Keynesian model featuring financial intermediation, short and long term bonds, credit shocks, and scope for unconventional monetary policy. The log-linearized model reduces to four key equations – a Phillips curve, an IS equation, and policy rules for the short term nominal interest rate and the central bank's long bond portfolio (QE). The four equation model collapses to the standard three equation New Keynesian model under a simple parameter restriction. Credit shocks and QE appear in both the IS and Phillips curves. Optimal monetary policy entails adjusting the short term interest rate to offset natural rate shocks, but using QE to offset credit market disruptions. The ability of the central bank to engage in QE significantly mitigates the costs of a binding zero lower bound.
主题	Macroeconomics ; Macroeconomic Models ; Monetary Policy
URL	https://www.nber.org/papers/w26067
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/583741
推荐引用方式 GB/T 7714	Eric R. Sims,Jing Cynthia Wu. The Four Equation New Keynesian Model. 2019.