Matches in SemOpenAlex for { <https://semopenalex.org/work/W2150648081> ?p ?o ?g. }
Showing items 1 to 85 of
85
with 100 items per page.
- W2150648081 abstract "We extend the basic (representative-household) New Keynesian [NK] model of the monetary transmission mechanism to allow for a spread between the interest rate available to savers and borrowers, that can vary for either exogenous or endogenous reasons. We find that the mere existence of a positive average spread makes little quantitative difference for the predicted effects of particular policies. Variation in spreads over time is of greater significance, with consequences both for the equilibrium relation between the policy rate and aggregate expenditure and for the relation between real activity and inflation. Nonetheless, we find that the target criterion - a linear relation that should be maintained between the inflation rate and changes in the output gap - that characterizes optimal policy in the basic NK model continues to provide a good approximation to optimal policy, even in the presence of variations in credit spreads. We also consider a spread-adjusted Taylor in which the intercept of the Taylor rule is adjusted in proportion to changes in credit spreads. We show that while such an adjustment can improve upon an unadjusted Taylor rule, the optimal degree of adjustment is less than 100 percent; and even with the correct size of adjustment, such a rule of thumb remains inferior to the targeting rule." @default.
- W2150648081 created "2016-06-24" @default.
- W2150648081 creator A5069281518 @default.
- W2150648081 creator A5072791098 @default.
- W2150648081 date "2009-01-01" @default.
- W2150648081 modified "2023-10-12" @default.
- W2150648081 title "Credit Frictions and Optimal Monetary Policy" @default.
- W2150648081 cites W1518547011 @default.
- W2150648081 cites W1550405231 @default.
- W2150648081 cites W1560350676 @default.
- W2150648081 cites W2000593456 @default.
- W2150648081 cites W2024699330 @default.
- W2150648081 cites W2034978367 @default.
- W2150648081 cites W2065719927 @default.
- W2150648081 cites W2124532652 @default.
- W2150648081 cites W2127782909 @default.
- W2150648081 cites W2140898820 @default.
- W2150648081 cites W2141857487 @default.
- W2150648081 cites W2159506126 @default.
- W2150648081 cites W2603716222 @default.
- W2150648081 cites W3123267749 @default.
- W2150648081 cites W3123970111 @default.
- W2150648081 cites W3124038099 @default.
- W2150648081 cites W3124064065 @default.
- W2150648081 cites W3124560671 @default.
- W2150648081 cites W3124765495 @default.
- W2150648081 cites W3125135614 @default.
- W2150648081 cites W4243213881 @default.
- W2150648081 cites W4247765758 @default.
- W2150648081 doi "https://doi.org/10.2139/ssrn.1440289" @default.
- W2150648081 hasPublicationYear "2009" @default.
- W2150648081 type Work @default.
- W2150648081 sameAs 2150648081 @default.
- W2150648081 citedByCount "201" @default.
- W2150648081 countsByYear W21506480812012 @default.
- W2150648081 countsByYear W21506480812013 @default.
- W2150648081 countsByYear W21506480812014 @default.
- W2150648081 countsByYear W21506480812015 @default.
- W2150648081 countsByYear W21506480812016 @default.
- W2150648081 countsByYear W21506480812017 @default.
- W2150648081 countsByYear W21506480812018 @default.
- W2150648081 countsByYear W21506480812019 @default.
- W2150648081 countsByYear W21506480812020 @default.
- W2150648081 countsByYear W21506480812021 @default.
- W2150648081 countsByYear W21506480812022 @default.
- W2150648081 crossrefType "journal-article" @default.
- W2150648081 hasAuthorship W2150648081A5069281518 @default.
- W2150648081 hasAuthorship W2150648081A5072791098 @default.
- W2150648081 hasBestOaLocation W21506480812 @default.
- W2150648081 hasConcept C126285488 @default.
- W2150648081 hasConcept C162324750 @default.
- W2150648081 hasConcept C185824701 @default.
- W2150648081 hasConcept C556758197 @default.
- W2150648081 hasConcept C73283319 @default.
- W2150648081 hasConcept C88583849 @default.
- W2150648081 hasConceptScore W2150648081C126285488 @default.
- W2150648081 hasConceptScore W2150648081C162324750 @default.
- W2150648081 hasConceptScore W2150648081C185824701 @default.
- W2150648081 hasConceptScore W2150648081C556758197 @default.
- W2150648081 hasConceptScore W2150648081C73283319 @default.
- W2150648081 hasConceptScore W2150648081C88583849 @default.
- W2150648081 hasLocation W21506480811 @default.
- W2150648081 hasLocation W21506480812 @default.
- W2150648081 hasLocation W21506480813 @default.
- W2150648081 hasLocation W21506480814 @default.
- W2150648081 hasLocation W21506480815 @default.
- W2150648081 hasLocation W21506480816 @default.
- W2150648081 hasLocation W21506480817 @default.
- W2150648081 hasLocation W21506480818 @default.
- W2150648081 hasOpenAccess W2150648081 @default.
- W2150648081 hasPrimaryLocation W21506480811 @default.
- W2150648081 hasRelatedWork W1578444767 @default.
- W2150648081 hasRelatedWork W1993507478 @default.
- W2150648081 hasRelatedWork W2034084866 @default.
- W2150648081 hasRelatedWork W2072923401 @default.
- W2150648081 hasRelatedWork W2116575346 @default.
- W2150648081 hasRelatedWork W2906657158 @default.
- W2150648081 hasRelatedWork W3123355254 @default.
- W2150648081 hasRelatedWork W3124994600 @default.
- W2150648081 hasRelatedWork W3140351645 @default.
- W2150648081 hasRelatedWork W2460496837 @default.
- W2150648081 isParatext "false" @default.
- W2150648081 isRetracted "false" @default.
- W2150648081 magId "2150648081" @default.
- W2150648081 workType "article" @default.