Monetary Policy Rules, Adverse Selection and Long-Run Financial Risk
نویسندگان
چکیده
منابع مشابه
Adverse Selection, Segmented Markets, and the Role of Monetary Policy∗
A model is constructed in which trading partners are asymmetrically informed about future trading opportunties and where spatial and informational frictions limit arbitrage between markets. These frictions create an inefficiency relative to a full information equilibrium, and the extent of this inefficiency is affected by monetary policy. Under some conditions a Friedman rule is optimal, but if...
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The author is a senior economist in the macropolicy section of the Atlanta Fed's research department. He thanks Frank King for comments on an earlier version of this article and Steve Russell for detailed and thoughtful editorial suggestions.
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2011
ISSN: 1556-5068
DOI: 10.2139/ssrn.1963778