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- W4300634564 abstract "We study optimal monetary policy in an economy where the debt overhang of firms leads to underinvestment and underproduction. The magnitude of this debt-induced distortion varies over the business cycle, rising significantly during recessions. When debt is contracted in nominal terms, this distortion gives rise to a balance sheet channel for monetary policy. In the presence of real and financial shocks, the monetary authority faces a trade-off between inflation and output gap stabilization. The optimal monetary policy rule prescribes that the anticipated component of inflation should be set equal to a target level, while the unanticipated component should rise in response to adverse shocks, smoothing the debt overhang distortion and the output gap." @default.
- W4300634564 created "2022-10-03" @default.
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- W4300634564 date "2012-12-27" @default.
- W4300634564 modified "2023-09-28" @default.
- W4300634564 title "Leverage, Investment, and Optimal Monetary Policy" @default.
- W4300634564 doi "https://doi.org/10.26509/wp-201238" @default.
- W4300634564 hasPublicationYear "2012" @default.
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