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dc.contributor.authorMerola, Rossanaen
dc.date.accessioned2010-02-15-
dc.date.accessioned2010-02-24T15:51:41Z-
dc.date.available2010-02-24T15:51:41Z-
dc.date.issued2010-
dc.identifier.isbn978-3-86558-594-3en
dc.identifier.urihttp://hdl.handle.net/10419/30031-
dc.description.abstractI analyze how the introduction of financial frictions can affect the trade-off between output stabilization and inflation stability and whether, in the presence of financial frictions, the optimal outcome can be realized or approached more closely if monetary policy is allowed to react to aggregate financial variables. Moreover, I explore the issue of whether an inflation targeting cum exchange rate stabilization and a price-level targeting are more suitable rules in minimizing distortions generated by the presence of liabilities defined in foreign currency and in nominal terms. I find that, when the financial accelerator mechanism is working, a price-level targeting rule dominates. One caveat is that the source of the shock plays an important role. Once the financial shock is not operative, the gain from a price-level targeting rule decreases significantly.en
dc.language.isoengen
dc.publisher|aDeutsche Bundesbank |cFrankfurt a. M.en
dc.relation.ispartofseries|aDiscussion Paper Series 1 |x2010,01en
dc.subject.jelE31en
dc.subject.jelE44en
dc.subject.jelE52en
dc.subject.jelE58en
dc.subject.ddc330en
dc.subject.keywordMonetary policyen
dc.subject.keywordTaylor ruleen
dc.subject.keywordfinancial acceleratoren
dc.subject.keywordprice-level targetingen
dc.subject.keywordasset pricesen
dc.subject.stwGeldpolitiken
dc.subject.stwReaktionsfunktionen
dc.subject.stwTaylor-Regelen
dc.subject.stwFinanzmarkten
dc.subject.stwUnvollkommener Markten
dc.subject.stwKleines-offenes-Landen
dc.subject.stwWechselkurspolitiken
dc.subject.stwTheorieen
dc.titleOptimal monetary policy in a small open economy with financial frictions-
dc.typeWorking Paperen
dc.identifier.ppn61856859Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:bubdp1:201001en

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