An Historical Perspective on the Quest for Financial Stability and the Monetary Policy Regime (vol 78, pg 335, 2018)

Bordo Michael

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An Historical Perspective on the Quest for Financial Stability and the Monetary Policy Regime (vol 78, pg 335, 2018)

机译：关于追求金融稳定与货币政策制度的历史视角（第78卷，PG 335,2018）

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《The Journal of Economic History》 |2018年第4期|共1页
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Bordo Michael;
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1. An Historical Perspective on the Quest for Financial Stability and the Monetary Policy Regime (vol 78, pg 335, 2018) [J] . Bordo Michael The Journal of Economic History . 2018,第4期

机译：关于追求金融稳定与货币政策制度的历史视角（第78卷，PG 335,2018）
2. An Historical Perspective on the Quest for Financial Stability and the Monetary Policy Regime [J] . Bordo Michael D. The Journal of Economic History . 2018,第2期

机译：关于追求金融稳定与货币政策制度的历史视角
3. AN HISTORICAL PERSPECTIVE ON THE QUEST FOR FINANCIAL STABILITY AND THE MONETARY POLICY REGIME [J] . Michael D. Bordo Working Paper Series . 2017,第24154期

机译：对金融稳定性和货币政策制度的追求的历史视角
4. Monetary and Exchange Rate Policy for Financial Stability and Growth in MENA Countries [C] . Tolga DAGLAROGLU, Baki DEMIREL istanbul conference of economics and finance . 2017

机译：MENA国家的金融稳定性和增长的货币和汇率政策
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。

An Historical Perspective on the Quest for Financial Stability and the Monetary Policy Regime (vol 78, pg 335, 2018)

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