货币紧缩信贷紧缩:货币金融政策的协调失灵

IF 6.3 1区经济学 Q1 ECONOMICS

American Economic Journal-Macroeconomics Pub Date : 2021-06-29 DOI:10.1257/mac.20180321

Julio A. Carrillo, Enrique G. Mendoza, Victoria Nuguer, Jessica Roldán-Peña

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引用次数: 0

摘要

违反丁伯根规则和战略互动破坏了具有贝南克-格特勒加速器的新凯恩斯模型中的稳定政策。由于效率损失和高成本监测的收入影响，风险冲击的福利成本很大，但在简单泰勒规则(STR)或信用利差增强的泰勒规则(ATR)下，风险冲击的福利成本要比泰勒规则和针对利差的单独金融规则大得多。ATR和STR是紧缩的货币紧缩信贷制度，对通货膨胀(息差)反应过多(太少)。货币和金融政策的纳什均衡也是货币紧缩信贷，但它主导了ATR和STR (JEL E12, E31, E44, E43, E52, E63)。

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Tight Money-Tight Credit: Coordination Failure in the Conduct of Monetary and Financial Policies

Violations of Tinbergen’s rule and strategic interaction undermine stabilization policies in a New Keynesian model with the Bernanke-Gertler accelerator. Welfare costs of risk shocks are large because of efficiency losses and income effects of costly monitoring, but they are much larger under a simple Taylor rule (STR) or a Taylor rule augmented with credit spreads (ATR) than with a Taylor rule and a separate financial rule targeting spreads. ATR and STR are tight money-tight credit regimes responding too much (little) to inflation (spreads). The Nash equilibrium of monetary and financial policies is also tight money-tight credit but it dominates ATR and STR. (JEL E12, E31, E44, E43, E52, E63)

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来源期刊

American Economic Journal-Macroeconomics ECONOMICS-

CiteScore

8.20

自引率

1.70%

发文量

期刊介绍： American Economic Journal: Macroeconomics focuses on studies of aggregate fluctuations and growth, and the role of policy in that context. Such studies often borrow from and interact with research in other fields, such as monetary theory, industrial organization, finance, labor economics, political economy, public finance, international economics, and development economics. To the extent that they make a contribution to macroeconomics, papers in these fields are also welcome.