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Monetary Policy When the Central Bank Shapes Financial-Market Sentiment

Anil K. Kashyap

出版	National Bureau of Economic Research, 2022
URL	http://books.google.com.hk/books?id=v7OD0AEACAAJ&hl=&source=gbs_api

註釋

Recent research has found that monetary policy works in part by influencing the risk premiums on both traded financial-market securities and intermediated loans. Research has also shown that when risk premiums are compressed, there is an increased likelihood of a reversal that damages the credit-supply mechanism and the real economy. Together these effects create an intertemporal tradeoff for monetary policy, as stimulating the economy today can sow the seeds of a future downturn that might be difficult to offset. We introduce a simple model of this tradeoff and draw out its implications for the conduct of monetary policy.