Unconventional monetary and fiscal policies in interconnected economies: Do policy rules matter?

G.C. Lim; Paul D. McNelis

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Unconventional monetary and fiscal policies in interconnected economies: Do policy rules matter?

机译：相互联系的经济体中的非常规货币和财政政策：政策规则重要吗？

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This paper examines the effects of adopting unconventional policies in a crisis environment characterised by the international transmission of negative financial intermediation and real capital quality shocks. Using a two-country model with financial frictions, we compare adjustments in both countries. We condition one country to adopt a credit easing rule as the monetary regime, regardless of the source of the crisis. We consider results when the other country does nothing, or implements a fiscal (tax-rate) policy rule. Our results show that when both countries experience massive asymmetric shocks, the adoption of optimal policy rules can be used effectively to mitigate negative consequences for both economies. However if the crisis events are due to similar shocks, unconventional monetary policy or fiscal policy can improve conditions in own country, whilst worsening economic conditions in the other country, generating beggar-thy-neighbor growth outcomes.

机译：本文探讨了在以负金融中介的国际传播和实际资本质量冲击为国际特征的危机环境中采取非常规政策的影响。使用带有财务摩擦的两国模型，我们比较了两个国家的调整。我们以一个国家为条件，无论危机的根源如何，都采用信贷放松规则作为货币制度。当另一个国家不采取任何措施或实施财政（税率）政策规则时，我们将考虑结果。我们的结果表明，当两个国家都遭受巨大的不对称冲击时，采用最佳政策规则可以有效地减轻对两个经济体的负面影响。但是，如果危机事件是由于类似的冲击造成的，那么非常规的货币政策或财政政策可以改善本国的状况，同时使另一个国家的经济状况恶化，从而产生以邻为壑的增长结果。

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来源
《Journal of Economic Dynamics and Control》 |2018年第8期|346-363|共18页
作者
G.C. Lim; Paul D. McNelis;
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作者单位

University of Melbourne;

Fordham University;

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原文格式 PDF
正文语种 eng
中图分类
关键词
Quantitative easing; Financial frictions; Unconventional fiscal policy;

机译：量化宽松;金融摩擦;非常规的财政政策;

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机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

Unconventional monetary and fiscal policies in interconnected economies: Do policy rules matter?

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