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OPTIMAL MONETARY POLICY AND IMPERFECT FINANCIAL MARKETS: A CASE FOR NEGATIVE NOMINAL INTEREST RATES?

This article studies optimal monetary policy in a model with credit frictions and money demand. We show that augmenting a standard New Keynesian model with money demand and financial frictions generates a mechanism that, in equilibrium, gives rise to optimal negative nominal interest rates. In addit...

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Publicado en:Economic Inquiry Vol. 54; no. 1; pp. 215 - 229
Autores principales: Abo‐Zaid, Salem, Garín, Julio
Formato: Artículo
Publicado: Wiley-Blackwell Jan2016
Materias:
Keynesian economics
Monetary policy
Credit management
Interest rates
Capital market
Acceso en línea:Ver este registro en EBSCOhost