Moessner, Richhild (contributor) - 2006
financial frictions over the business cycle. Optimal monetary policy is found to be state-dependent. In each state, optimal ….1 Scenario analysis for permanent and
temporary regime changes 12
3.2 Business cycle variations in financial
frictions 16
4 … �nancial
frictions over the business cycle. Optimal monetary policy is found to
be state-dependent. In each state, optimal …