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Credit Frictions and Optimal Monetary Policy

Cúrdia, Vasco - 2013

policy panel discussion chaired by Malcolm D. Knight (BIS) were Martin Feldstein (Harvard University), Stanley Fischer (Bank … contains the opening address of William R. White (BIS), the contributions of the policy panel on 'Beyond price stability - the … of Israel), Mark Carney (Bank of Canada) and Jean-Pierre Landau (Banque de France). This Working Paper includes comments …

Persistent link: https://www.econbiz.de/10013095751

Are Low Interest Rates Deflationary? A Paradox of Perfect-Foresight Analysis

Woodford, Michael - 2015

A prolonged period of extremely low nominal interest rates has not resulted in high inflation. This has led to increased interest in the “Neo-Fisherian” proposition according to which low nominal interest rates may themselves cause inflation to be lower. The fact that standard models of the...

Persistent link: https://www.econbiz.de/10013014525

Credit frictions and optimal monetary policy

Cúrdia, Vasco; Woodford, Michael - Bank für Internationalen Zahlungsausgleich <Basel> - 2009

We extend the basic (representative-household) New Keynesian [NK] model ofthe monetary transmission mechanism to allow for a spread between the interestrate available to savers and borrowers, that can vary for either exogenous orendogenous reasons. We nd that the mere existence of a positive...

Persistent link: https://www.econbiz.de/10009138501