Monetary policy under financial uncertainty
成果类型：
Article
署名作者：
Williams, Noah
署名单位：
University of Wisconsin System; University of Wisconsin Madison
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2012.05.006
发表日期：
2012
页码：
449-465
关键词：
摘要：
Monetary policy may play a substantial role in mitigating the effects of financial crises. In this paper, I suppose that the economy occasionally but infrequently experiences crises, where financial variables affect the broader economy. I analyze optimal monetary policy under such financial uncertainty, where policymakers recognize the possibility of crises. Optimal monetary policy is affected during the crisis and in normal times, as policymakers guard against the possibility of crises. In the estimated model this effect is quite small. Optimal policy does change substantially during a crisis, but uncertainty about crises has relatively little effect. (C) 2012 Elsevier B.V. All rights reserved.
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