Should the monetary policy rule be different in a financial crisis?
نویسندگان
چکیده
منابع مشابه
Monetary policy in a financial crisis
What are the economic effects of an interest rate cut when an economy is in the midst of a financial crisis? Under what conditions will a cut stimulate output and employment, and raise welfare? Under what conditions will a cut have the opposite effects? We answer these questions in a general class of open economy models, where a financial crisis is modelled as a time when collateral constraints...
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holds, then (51) holds for for ≥ and ∈ ( ()]. However (51) does not hold for 0 if (52) holds. If 0 and (52) holds then (51) holds for ∈ ( ()] If (52) does not hold, then from (51) an equilibrium of this type cannot exist for 0 If ≤ 0 and (52) does not hold, then (51) holds for ∈ ( ()] Proof of Propositions 1(ii), 2(ii), and 3(ii). In an equ...
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It is both a pleasure and a privilege to participate in the closing panel of this conference honoring Ben Friedman. Ben taught me monetary policy and central banking, and his teaching had a major influence on my decision to spend most of my career as a central banker. My intellectual debt to Ben, as a scholar and a friend, is so great that I do not think I will ever be able to repay him. So muc...
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ژورنال
عنوان ژورنال: Journal of Economic Dynamics and Control
سال: 2014
ISSN: 0165-1889
DOI: 10.1016/j.jedc.2014.09.016