Credit Frictions and Optimal Monetary Policy

被引：79
|
作者：
Curdia, Vasco [1 ]
Woodford, Michael [2 ]
机构：
[1] Fed Reserve Bank San Francisco, 101 Market St,MS 1130, San Francisco, CA 94105 USA
[2] Columbia Univ, New York, NY 10027 USA
来源：
JOURNAL OF MONETARY ECONOMICS | 2016年 / 84卷
关键词：
Credit spreads; Policy rules; Target criterion; Flexible inflation targeting; Quadratic loss function; SOVEREIGN RISK; INTEREST-RATES; EURO AREA; SHOCKS; FLUCTUATIONS; LIQUIDITY; FRAMEWORK; BANKING;
D O I：
10.1016/j.jmoneco.2016.10.003
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
The basic (representative-household) New Keynesian model of the monetary transmission mechanism is extended to allow for a spread between the interest rate available to savers and borrowers, and investigate the consequences of a variable credit spread for the effects of a variety of shocks, and for optimal policy responses to those shocks. A simple target criterion continues to provide a good approximation to optimal policy. Such a "flexible inflation target" can be implemented by a central-bank reaction function that is similar to a forward-looking Taylor rule, but adjusted for changes in current and expected future credit spreads. (C) 2016 Elsevier B.V. All rights reserved.
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页码：30 / 65
页数：36
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