| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13254 |
| 来源ID | Working Paper 13254 |
| Optimal Monetary Policy in a 'Sudden Stop' | |
| Fabio Braggion; Lawrence J. Christiano; Jorge Roldos | |
| 发表日期 | 2007-07-12 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 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 various real frictions wear off and the collateral constraint is less binding, the familiar Friedman forces dominate, and interest rates are optimally set as low as possible. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy |
| URL | https://www.nber.org/papers/w13254 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570924 |
| 推荐引用方式 GB/T 7714 | Fabio Braggion,Lawrence J. Christiano,Jorge Roldos. Optimal Monetary Policy in a 'Sudden Stop'. 2007. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w13254.pdf（588KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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