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• W2130384676 abstract "In the aftermath of the recent …nancial crisis and subsequent recession, slow recoveries have been observed and slowdowns in total factor productivity (TFP) growth have been measured in many economies. This paper develops a model that can describe a slow recovery resulting from an adverse …nancial shock in the presence of an endogenous mechanism of TFP growth, and examines how monetary policy should react to the …nancial shock in terms of social welfare. It is shown that in the face of the …nancial shocks, a welfare-maximizing monetary policy rule features a strong response to output, and the welfare gain from output stabilization is much more substantial than in the model where TFP growth is exogenously given. Moreover, compared with the welfare-maximizing rule, a strict in‡ation or price-level targeting rule induces a sizable welfare loss because it has no response to output, whereas a nominal GDP growth or level targeting rule performs well, although it causes high interest-rate volatility. In the presence of the endogenous TFP growth mechanism, it is crucial to take into account a welfare loss from a permanent decline in consumption caused by a slowdown in TFP growth." @default.
• W2130384676 created "2016-06-24" @default.
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• W2130384676 date "2014-12-01" @default.
• W2130384676 modified "2023-09-23" @default.
• W2130384676 title "Post-Crisis Slow Recovery and Monetary Policy" @default.
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