کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
966157 | 930929 | 2008 | 15 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Do bank-based financial systems reduce macroeconomic volatility by smoothing interest rates?
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
This paper investigates the business cycle implications of limited pass-through from market interest rates to retail interest rates based on a calibrated sticky price model. The main result of the paper is that limited interest rate pass-through reduces output volatility to a modest extent as long as the pass-through is complete at least in the long-run. Larger volatility reductions are obtained if the long-run pass-through is incomplete. However, in this case output volatility is reduced at the cost of higher inflation volatility.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Macroeconomics - Volume 30, Issue 3, September 2008, Pages 1207-1221
Journal: Journal of Macroeconomics - Volume 30, Issue 3, September 2008, Pages 1207-1221
نویسندگان
Johann Scharler,