MONETARY POLICY EFFECTS ON FINANCIAL RISK PREMIA

PAUL SOEDERLIND

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MONETARY POLICY EFFECTS ON FINANCIAL RISK PREMIA

机译：货币政策对金融风险溢价的影响

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The effect of monetary policy on financial risk premia is analysed in a simple general equilibrium model with sticky wages and an optimizing central bank. Analytical results show that equity risk premia and term premia are higher under inflation targeting than under output targeting, and that inflation risk premia are higher for policies that strike a balance between output and inflation stability (and achieve a social optimum) than for policies that target only one of them.

机译：货币政策对金融风险溢价的影响是通过具有固定工资和优化的中央银行的简单的一般均衡模型来分析的。分析结果表明，通胀目标下的公平风险溢价和长期溢价比产出目标下的溢价高，并且在产出与通胀稳定之间取得平衡（并实现社会最优）的政策，通胀风险溢价要高于目标。只有其中之一。

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《The Manchester school》 |2008年第6期|690-707|共18页
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PAUL SOEDERLIND;
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3. Fiscal and Monetary Policy Coordination, Macroeconomic Stability, and Sovereign Risk Premia [J] . Bonam Dennis, Lukkezen Jasper Journal of money, credit and banking . 2019,第2a3期

机译：财政和货币政策协调，宏观经济稳定和主权风险溢价
4. Financial Risk from the Impact of Monetary Policy on the Stock Market: VAR Approach [C] . Li Qian, Qin Zheng IEEE international conference on information management and engineering . 2011

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5. Stock market bubbles, time-varying risk premia, and monetary policy: Should the Fed respond to asset price fluctuations? [D] . Ali, Magdy Fattouh. 2003

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6. Non-traditional monetary policy and the future of the financial industries [O] . Willem Thorbecke -1

机译：非传统货币政策和金融行业的未来
7. Financial Development and the Distributional Effects of Monetary Policy Do the distributional consequences of monetary policy depend on the extent of financial development? Should optimal monetary policy vary across countries? In order to answer these questions, we develop a monetary growth production model with heterogeneous agents. In our economy, optimal policy needs to weigh the effects of policy across two groups — capital owners and individuals who hold liquid assets. While banks help limit the exposure to inflation, there are limits because money alleviates the frictions of private information and limited communication. In this environment, we compare two economies that are identical in every aspect except for their level of financial development. In a country with limited financial development, a stock market is absent. In the other, an equity market is active. In either economy, inflation adversely affects capital formation and output. Individuals who hold liquid assets are always adversely affected by inflation, but the attitude of capital owners depends on the level of financial development. In particular, in the presence of a stock market, the impact of inflation on the welfare of capital owners is non-monotonic. Nevertheless, optimal monetary policy is always more conservative at higher levels of financial development. [O] . TINA M. Edgar A. Ghossoub, TINA M. Robert R. Reedy 100

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。

MONETARY POLICY EFFECTS ON FINANCIAL RISK PREMIA

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