Monetary policy in a channel system

• 成果类型: Article
• 署名作者: Berentsen, Aleksander; Monnet, Cyril
• 署名单位: University of Basel; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2008.07.002
• 发表日期: 2008
• 页码: 1067-1080
• 关键词: Monetary policy; Interest rates; search

摘要

Channel systems for conducting monetary policy are becoming increasingly popular. Despite its popularity, the consequences of implementing policy with a channel system are not well understood. We develop a general equilibrium framework of a channel system and study the optimal policy. A novel aspect of the channel system is that a central bank can tighten or loosen its policy without changing its policy rate. This policy instrument has so far been overlooked by a large body of the literature on the optimal design of interest-rate rules. (C) 2008 Elsevier B.V. All rights reserved.