Macroprudential and Monetary Policy Rules: a Welfare Analysis
نویسندگان
چکیده
منابع مشابه
Monetary Policy, Price Dynamics, and Welfare∗
We present a micro-founded search-theoretical model of money in which agents are subject to idiosyncratic liquidity shocks as well as aggregate productivity and monetary shocks. Monetary policy has redistributive effects and persistent effects on output and prices: aggregate shocks will propagate and diffuse gradually as the money distribution adjusts over time. The model is used to study the c...
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The staggering economic and social costs left behind by the near collapse of the global financial system in the autumn of 2008 have led to much soul searching among economists. What were the factors that contributed to the massive buildup of risks and imbalances in the financial system in the years prior to the 2007–09 financial crisis—many of which went undetected or were poorly understood at ...
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This paper focuses on simple normative rules for monetary policy that central banks can use to guide their interest rate decisions. Such rules were first derived from research on empirical monetary models with rational expectations and sticky prices built in the 1970s and 1980s. During the past two decades substantial progress has been made in establishing that such rules are robust. They perfo...
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ژورنال
عنوان ژورنال: The Manchester School
سال: 2015
ISSN: 1463-6786
DOI: 10.1111/manc.12078