Showing 1 - 10 of 12
Persistent link: https://www.econbiz.de/10009788859
Persistent link: https://www.econbiz.de/10015102883
Persistent link: https://www.econbiz.de/10009788814
Persistent link: https://www.econbiz.de/10015407180
Persistent link: https://www.econbiz.de/10015407181
Persistent link: https://www.econbiz.de/10012224691
This paper investigates the implications for monetary policy of financial markets that are internationally integrated but have intrinsic frictions. When there is no other distortion than financial market imperfections in the form of staggered international loan contracts, financial stability,...
Persistent link: https://www.econbiz.de/10004978189
After empirically showing imperfect financial integration among the euro countries, i.e., bank loan market heterogeneities in stickinesses of loan interest rates and markups from policy interest rate to loan rates, we build a New Keynesian model where such elements of imperfect financial...
Persistent link: https://www.econbiz.de/10004975770
We investigate a new source of economic stickiness: namely, staggered loan interest rate contracts under monopolistic competition. The paper introduces this mechanism into a standard New Keynesian model. Simulations show that a response to a financial shock is greatly amplified by the staggered...
Persistent link: https://www.econbiz.de/10011186006
This paper introduces financial market frictions into a standard New Keynesian model through search and matching in the credit market. Under such financial mar- ket frictions, a second-order approximation of social welfare includes a term involv- ing credit, in addition to terms for inflation...
Persistent link: https://www.econbiz.de/10010933536