| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29602 |
| 来源ID | Working Paper 29602 |
| Monetary Policy and Endogenous Financial Crises | |
| Frederic Boissay; Fabrice Collard; Jordi Galí; Cristina Manea | |
| 发表日期 | 2021-12-27 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We study whether a central bank should deviate from its objective of price stability to promote financial stability. We tackle this question within a textbook New Keynesian model augmented with capital accumulation and microfounded endogenous financial crises. We compare several interest rate rules, under which the central bank responds more or less forcefully to inflation and aggregate output. Our main findings are threefold. First, monetary policy affects the probability of a crisis both in the short run (through aggregate demand) and in the medium run (through savings and capital accumulation). Second, a central bank can both reduce the probability of a crisis and increase welfare by departing from strict inflation targeting and responding systematically to fluctuations in output. Third, financial crises may occur after a long period of unexpectedly loose monetary policy as the central bank abruptly reverses course. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; Monetary Policy |
| URL | https://www.nber.org/papers/w29602 |
| 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/587274 |
| 推荐引用方式 GB/T 7714 | Frederic Boissay,Fabrice Collard,Jordi Galí,et al. Monetary Policy and Endogenous Financial Crises. 2021. |
| 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 | ||
| w29602.pdf（891KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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