Monetary policy, financial uncertainty, and secular stagnation'

Funashima Yoshito

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Monetary policy, financial uncertainty, and secular stagnation'

机译：货币政策，财务不确定性和世俗停滞'

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A monetary policy framework describing how to cope with a financial crisis might alleviate a recession; however, it might also result in subsequent secular stagnation. Based on an empirical New Keynesian model with financial uncertainty, this study investigates how monetary policy can avoid sluggish economic recovery in response to financial shocks. The results show that a protracted sluggish response of an output gap to a financial shock is triggered by inflation targeting, without considering interest rate variations. In such a policy, the uncertainty causes additional sluggish behavior after a sharp reduction in the output gap. In contrast, in a speed limit policy, the output gap recovers rapidly, regardless of the central bank's approach to interest rate variations, and the uncertainty mitigates reductions in the output gap. Finally, the results are robust under several alternative settings.

机译：描述如何应对金融危机的货币政策框架可能减轻衰退;但是，它也可能导致随后的世俗停滞。基于经过财务不确定性的经验新凯恩斯主义模型，本研究调查了货币政策如何避免对金融冲击的经济复苏迟缓。结果表明，在不考虑有利率变异的情况下，通过通胀瞄准输出差距对金融冲击的持续缓慢的缓慢响应。在这种政策中，在输出间隙的急剧降低后，不确定性会导致额外的缓慢行为。相反，在速度限制政策中，输出间隙迅速恢复，无论中央银行对利率变化的方法如何，不确定性减轻输出间隙的不确定性。最后，结果在若干替代设置下是强大的。

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《The North American journal of economics and finance》 |2020年第1期|100863.1-100863.14|共14页
作者
Funashima Yoshito;
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作者单位

Tohoku Gakuin Univ Fac Econ Aoba Ku 1-3-1 Tsuchitoi Sendai Miyagi 9808511 Japan;

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正文语种 eng
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关键词
Monetary policy; Financial uncertainty; Secular stagnation; Inflation targeting; Speed limit policy;

机译：货币政策;财务不确定性;世俗停滞;通货膨胀瞄准;速度限制政策;

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机译：世俗停滞，研发，公共投资和货币政策：全球模式的观点
2. Dependence of the 'Fragile Five' and "Troubled Ten" emerging market financial systems on US monetary policy and monetary policy uncertainty [J] . Chadwick Meltem Gulenay Research in International Business and Finance . 2019,第OCTa期

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4. Industry-Finance Integration, Monetary Policy and Financial Flexibility [C] . Yingxue Cheng International Conference on Economic Management and Model Engineering . 2019

机译：行业金融一体化，货币政策和财务灵活性
5. Essays on monetary policy: The role of monetary policy and its interaction with macroprudential policy in economic and financial stability [D] . Kummer, Adnan 2015

机译：货币政策论文：货币政策的作用及其与宏观审慎政策的相互作用在经济和金融稳定中的作用
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, financial uncertainty, and secular stagnation'

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