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Title:Analysis of monetary policy and financial stability: a new paradigm PDF Logo
Authors:Goodhart, Charles A. E.
Osorio, Carolina
Tsomocos, Dimitrios P.
Issue Date:2009
Series/Report no.:CESifo working paper 2885
Abstract:This paper introduces agent heterogeneity, liquidity, and endogenous default to a DSGE framework. Our model allows for a comprehensive assessment of regulatory and monetary policy, as well as welfare analysis in the different sectors of the economy. Due to liquidity and endogenous default, the transmission mechanism of shocks is well defined, and their short to medium run effects on financial stability are properly captured.
Subjects:general equilibrium
financial fragility
monetary policy
regulation
JEL:D50
E43
E44
E50
G01
G20
Document Type:Working Paper
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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