MONETARY POLICY WITH INVESTMENT-SAVING IMBALANCES

被引：4

作者：

Tamborini, Roberto ^{[1
]}

机构：

[1] Univ Trent, Dept Econ, I-38100 Trento, Italy

来源：

METROECONOMICA | 2010年 / 61卷 / 03期

关键词：

MACROECONOMICS; FLUCTUATIONS; STABILITY; PRICES; REAL;

D O I：

10.1111/j.1467-999X.2009.04078.x

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Financial instability is the new challenge for monetary policy. Most studies indicate that financial crises follow prolonged unwinding of investment-saving imbalances (ISI). These phenomena are not contemplated by the standard theoretical framework of continuous intertemporal equilibrium. This paper's aim is to take a first step into the analysis of monetary policy in the context of ISI. First, a dynamic model of a flex-price, competitive economy is presented where ISI are allowed to develop. Second, upon introducing different types of Taylor rules, some indications for the conduct of monetary policy emerge, which are at variance with the standard view.

引用

页码：473 / 509

页数：37