کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
7366944 1479217 2017 44 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Financial shocks, financial stability, and optimal Taylor rules
ترجمه فارسی عنوان
شوکهای مالی، ثبات مالی و قوانین مطلوب تیلور
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
We assess the performance of optimal Taylor-type interest rate rules, with and without reaction to financial variables, in stabilizing an economy following financial shocks. The analysis is conducted in a DSGE model with loan and bond markets, each featuring financial frictions. This allows for a wide set of financial shocks and transmission mechanisms and can be calibrated to match the bond-to-bank finance ratio featured in the US financial system. Overall, we find that monetary policy that reacts to credit growth, a form of the so-called “leaning against the wind”, improves the ability of the central bank to achieve its mandate in the wake of financial shocks. The specific policy implications depend partly on the origin and the persistence of the financial shock, but overall not on the assignment of a mandate for financial stability in the central bank's objective function.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Macroeconomics - Volume 54, Part B, December 2017, Pages 187-207
نویسندگان
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