کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5100920 1479080 2017 25 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Financial frictions and policy cooperation: A case with monopolistic banking and staggered loan contracts
ترجمه فارسی عنوان
اصطلاحات مالی و همکاری های سیاست: یک مورد با بانکداری انحصاری و قراردادهای وام متفرقه
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
Do financial frictions call for cross-border policy cooperation? This paper investigates the implications of financial frictions in the form of staggered loan contracts supplied by monopolistic banks, for monetary policy. Using the linear quadratic (LQ) framework, we show that policy cooperation yields long-run gains in addition to gains from stabilizing inefficient fluctuations over the business cycle, as usually found in models with price rigidities. The Ramsey optimal steady states differ between cooperation and noncooperation. Such gains from cooperation arise irrespective of capital account liberalization.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Economics - Volume 104, January 2017, Pages 19-43
نویسندگان
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