Financial shocks and the maturity of the monetary policy rate

被引：2
|
作者：
Gerlach-Kristen, Petra [1 ]
Rudolf, Barbara [2 ]
机构：
[1] Bank Int Settlements, CH-4002 Basel, Switzerland
[2] Swiss Natl Bank, CH-8022 Zurich, Switzerland
来源：
ECONOMICS LETTERS | 2010年 / 107卷 / 03期
关键词：
Monetary policy framework; Maturity of the policy interest rate; Financial shocks; Three-month libor;
D O I：
10.1016/j.econlet.2010.02.012
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Monetary policy is typically formulated with a very short-term interest rate, while longer rates matter in the transmission mechanism. We show that financial market shocks impact less on the macroeconomy if policy is set with a longer rate. (C) 2010 Elsevier B.V. All rights reserved.
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页码：333 / 337
页数：5
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