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Optimal Monetary Policy in a Credit Economy
http://hdl.handle.net/10112/2643
http://hdl.handle.net/10112/2643d1ed775d-8aef-4c65-9969-587e47b1bdcf
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
KU-1100WP-20050600-01.pdf (406.2 kB)
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| Item type | テクニカルレポート / Technical Report(1) | |||||
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| 公開日 | 2010-12-03 | |||||
| タイトル | ||||||
| タイトル | Optimal Monetary Policy in a Credit Economy | |||||
| 言語 | en | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| 資源タイプ | ||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_18gh | |||||
| 資源タイプ | technical report | |||||
| 著者 |
中川, 竜一
× 中川, 竜一 |
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| 概要 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | This paper investigates the performance of monetary policy rules in a credit economy. In particular, the paper considers whether or not performance depends upon financial market imperfection. For this purpose, the paper analyzes a credit economy model incorporating a financial friction into a new Keynesian macroeconomic model. The answer is yes. First, the central bank should respond to output rather than to inflation if the financial market is markedly imperfect. Second, under this market condition, the bank should not adopt policy smoothing. Third, the bank should not respond to inflation as aggressively under financial and wealth distribution shocks as under a common supply shock. The results are exactly the same even if the economy takes account of the stability of nominal interest rate or if the central bank responds to expected inflation rather than current inflation. The paper therefore does not support inflation targeting as the dominant strategy of monetary policy and suggests instead that, in practice, the Taylor rule might be more appropriate in fragile financial markets. |
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| 書誌情報 |
en : Working Paper Series 巻 F-19, p. 1-30, 発行日 2005-06 |
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| 著者版フラグ | ||||||
| 出版タイプ | VoR | |||||
| 出版タイプResource | http://purl.org/coar/version/c_970fb48d4fbd8a85 | |||||
| 出版者 | ||||||
| 出版者 | Economic Society of Kansai University | |||||
| 言語 | en | |||||
| 出版者（他言語） | ||||||
| ja | ||||||
| 関西大学経済学会 | ||||||
