A model in which monetary policy is about money

• 成果类型: Article
• 署名作者: Deviatov, Alexei; Wallace, Neil
• 署名单位: Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; New Economic School
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2009.02.003
• 发表日期: 2009
• 页码: 283-288
• 关键词: Monetary policy; search; Central-bank intervention

摘要

Optimal monetary policy is Studied in a model with (i) heterogeneity in the degree to which different people are monitored (have publicly known histories); (ii) idiosyncratic shocks that give rise to heterogeneity in earning and spending realizations; and (iii) central-bank intervention in a market in claims or credit in which the participants are those who are heavily monitored. A special case of the model has everyone perfectly monitored. In that case, there is no role for money and no role for central-bank intervention. In the example displayed with imperfect monitoring, optimal intervention is not simple. (C) 2009 Elsevier B.V. All rights reserved.