کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5098184 1478681 2016 18 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Optimal monetary policy in a new Keynesian model with animal spirits and financial markets
ترجمه فارسی عنوان
سیاست پولی مطلوب در یک مدل جدید کینزی با روح حیوانات و بازارهای مالی
موضوعات مرتبط
مهندسی و علوم پایه ریاضیات کنترل و بهینه سازی
چکیده انگلیسی
This article presents a macro-finance-interaction model that integrates a NKM with bounded rationality and an agent-based financial market model. We derive four interactive channels between the two sectors where two channels are strictly microfounded. We analyze the impact of the different channels on economic stability and derive optimal (conventional and unconventional) monetary policy rules. We find that coefficients of optimal Taylor rules do not significantly change if financial market stabilization becomes part of the central bank׳s objective function. Additionally, we show that rule-based, backward-looking monetary policy creates huge instabilities if expectations are boundedly rational. Our model is externally validated by showing that it generates fat tailed output growth rates.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 64, March 2016, Pages 148-165
نویسندگان
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