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ID:40070838
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页数:18页
时间:2019-07-19
《Gertler and Karadi (2011) Unconventional Monetary Policy 》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、JournalofMonetaryEconomics58(2011)17–34ContentslistsavailableatScienceDirectJournalofMonetaryEconomicsjournalhomepage:www.elsevier.com/locate/jmeAmodelofunconventionalmonetarypolicya,a,b,1MarkGertler,PeterKaradiaNewYorkUniversity,UnitedStatesbNationalBankofHungary,
2、HungaryarticleinfoabstractArticlehistory:WedevelopaquantitativemonetaryDSGEmodelwithfinancialintermediariesthatReceived4May2010faceendogenouslydeterminedbalancesheetconstraints.WethenusethemodeltoReceivedinrevisedformevaluatetheeffectsofthecentralbankusingunconventio
3、nalmonetarypolicyto7October2010combatasimulatedfinancialcrisis.WeinterpretunconventionalmonetarypolicyasAccepted8October2010expandingcentralbankcreditintermediationtooffsetadisruptionofprivatefinancialAvailableonline17October2010intermediation.Withinourframeworkthecen
4、tralbankislessefficientthanprivateintermediariesatmakingloansbutithastheadvantageofbeingabletoelasticallyobtainfundsbyissuingrisklessgovernmentdebt.Unlikeprivateintermediaries,itisnotbalancesheetconstrained.Duringacrisis,thebalancesheetconstraintsonprivateintermediar
5、iestighten,raisingthenetbenefitsfromcentralbankintermediation.Thesebenefitsmaybesubstantialevenifthezerolowerboundconstraintonthenominalinterestrateisnotbinding.Intheeventthisconstraintisbinding,though,thesenetbenefitsmaybesignificantlyenhanced.&2010ElsevierB.V.Allright
6、sreserved.1.IntroductionOvermostofthepost-warperiodtheFederalReserveconductedmonetarypolicybymanipulatingtheFederalFundsrateinordertoaffectmarketinterestrates.Itlargelyavoidedlendingdirectlyinprivatecreditmarkets.Aftertheonsetofthesub-primecrisisinAugust2007,thesitu
7、ationchangeddramatically.Toaddressthedeteriorationinbothfinancialandrealactivity,theFeddirectlyinjectedcreditintoprivatemarkets.Itbeganinthefallof2007byexpandingtheeaseatwhichfinancialinstitutionscouldobtaindiscountwindowcreditandbyexchanginggovernmentdebtforhighgrade
8、privatedebt.ThemostdramaticinterventionscamefollowingthecollapseoftheshadowbankingsystemthatfollowedtheLehmanBrothersfailure.Atthistimethe
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