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首页> 外文期刊>Journal of Financial Economic Policy >Thinking afresh about central bank's interest rate policy
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Thinking afresh about central bank's interest rate policy

机译：重新思考中央银行的利率政策

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Purpose - The purpose of the paper is to improve policy, and also to simplify theory and policy. Design/methodology/approach - Theory is used in a simple and yet powerful way. Stylized facts are used. This paper reconsiders the prevailing macroeconomic policy regime, and proposes an alternative policy regime. Findings - The low interest rate policy of the central bank in a recession is tantamount to imposition of tax on lenders' interest income and a subsidy for borrowers implying an implicit tax-subsidy scheme. This scheme may be replaced by a different and explicit tax-subsidy scheme. This may also be supplemented by lower consumption taxes in a recession. From the viewpoint of stabilization of aggregate demand, the prevailing policy regime and the proposed policy regime can be equivalent. However, from the viewpoint of general macroeconomic and asset price stability, the proposed policy regime is superior, though it has (additional) cost of administration. Social implications - Macroeconomic and financial instability has large social cost. This paper can be useful in this context, as it has suggestions for improved macroeconomic policy. It also has policy implications for developing countries and highly indebted countries. Originality/value - This paper's innovation goes well beyond refinements to prevailing theories and policies. Also, it paves the way for further research.
机译：目的-本文的目的是改进政策，同时简化理论和政策。设计/方法/方法-理论以简单而有效的方式使用。使用风格化的事实。本文重新考虑了现行的宏观经济政策制度，并提出了另一种政策制度。调查结果-在经济衰退期间，中央银行的低利率政策无异于对放贷人的利息收入征税，而对借款人的补贴则意味着隐含的税收补贴计划。可以用其他明确的税收补贴方案代替该方案。经济衰退期间较低的消费税也可以补充这一点。从稳定总需求的角度来看，现行的政策制度和拟议的政策制度可以等同。但是，从总体宏观经济和资产价格稳定性的角度来看，尽管具有（额外的）管理成本，但拟​​议的政策制度还是比较优越的。社会影响-宏观经济和金融不稳定会带来巨大的社会代价。在此背景下，本文可能会很有用，因为它对改进宏观经济政策提出了建议。它对发展中国家和负债累累的国家也有政策影响。原创性/价值-本文的创新远远超出了对现行理论和政策的完善。而且，它为进一步的研究铺平了道路。

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