Optimal monetary policy in a 'sudden stop'

被引：27

作者：

Braggion, Fabio ^{[2
]}

Christiano, Lawrence J. ^{[1
,3
]}

Roldos, Jorge ^{[4
]}

机构：

[1] Northwestern Univ, Dept Econ, Evanston, IL 60208 USA

[2] Tilburg Univ, Tilburg, Netherlands

[3] NBER, Cambridge, MA 02138 USA

[4] Int Monetary Fund, Washington, DC 20431 USA

来源：

JOURNAL OF MONETARY ECONOMICS | 2009年 / 56卷 / 04期

基金：

美国国家科学基金会;

关键词：

Collateral constraint; Friedman rule; Small open economy; LIQUIDITY; CONSTRAINTS; CRISES; MODEL;

D O I：

10.1016/j.jmoneco.2009.03.010

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

In the wake of the 1997-98 financial crises, interest rates in Asia were raised immediately, and then reduced sharply. We describe an environment in which this is the optimal monetary policy. The optimality of the immediate rise in the interest rate is an example of the theory of the second best: although high interest rates introduce an inefficiency wedge into the labor market, they are nevertheless welfare improving because they mitigate distortions due to binding collateral constraints. Over time, as the collateral constraint is less binding, the familiar Friedman forces dominate and interest, rates are optimally set as low as possible. (C) 2009 Published by Elsevier B.V.

引用

页码：582 / 595

页数：14

共 29 条

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