央行内生反应下的货币政策传导

IF 2.3 3区经济学 Q2 ECONOMICS

Journal of Economic Dynamics & Control Pub Date : 2025-07-24 DOI:10.1016/j.jedc.2025.105146

Lilia Maliar , Christopher Naubert

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引用次数: 0

摘要

在双代理新凯恩斯模型中，我们研究了货币政策创新的传导如何受到中央银行对宏观经济总量的内生反应的影响。我们关注货币政策的立场和经济中储蓄者的比例如何影响传导。研究表明，当间接实际利率效应超过间接收入效应时，创新的间接效应为负。间接实际利率效应的相对大小随着储蓄者比例和央行应对力度的增加而增加，随着创新的广度而减小。

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Monetary policy transmission with endogenous central bank responses in TANK

We study how the transmission of monetary policy innovations is affected by the endogenous response of the central bank to macroeconomic aggregates in a two-agent New Keynesian model. We focus on how the stance of monetary policy and the fraction of savers in the economy affect transmission. We show that the indirect effect of an innovation is negative when the indirect real rate effect exceeds the indirect income effect. The relative magnitude of the indirect real rate effect increases with the share of savers and the strength of the central bank's response and decreases with the horizon of the innovation.

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来源期刊

Journal of Economic Dynamics & Control ECONOMICS-

CiteScore

3.10

自引率

10.50%

发文量

199

期刊介绍： The journal provides an outlet for publication of research concerning all theoretical and empirical aspects of economic dynamics and control as well as the development and use of computational methods in economics and finance. Contributions regarding computational methods may include, but are not restricted to, artificial intelligence, databases, decision support systems, genetic algorithms, modelling languages, neural networks, numerical algorithms for optimization, control and equilibria, parallel computing and qualitative reasoning.