Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/60727
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dc.contributor.authorCúrdia, Vascoen_US
dc.contributor.authorWoodford, Michaelen_US
dc.date.accessioned2010-05-07en_US
dc.date.accessioned2012-08-17T14:31:55Z-
dc.date.available2012-08-17T14:31:55Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/60727-
dc.description.abstractWe extend a standard New Keynesian model both to incorporate heterogeneity in spending opportunities along with two sources of (potentially time-varying) credit spreads and to allow a role for the central bank's balance sheet in determining equilibrium. We use the model to investigate the implications of imperfect financial intermediation for familiar monetary policy prescriptions and to consider additional dimensions of central bank policy - variations in the size and composition of the central bank's balance sheet as well as payment of interest on reserves - alongside the traditional question of the proper operating target for an overnight policy rate. We also study the special problems that arise when the zero lower bound for the policy rate is reached. We show that it is possible to provide criteria for the choice of policy along each of these possible dimensions within a single unified framework, and to achieve policy prescriptions that apply equally well regardless of whether financial markets work efficiently or not and regardless of whether the zero bound on nominal interest rates is reached or not.en_US
dc.language.isoengen_US
dc.publisher|aFederal Reserve Bank of New York |cNew York, NYen_US
dc.relation.ispartofseries|aStaff Report, Federal Reserve Bank of New York |x404en_US
dc.subject.jelE40en_US
dc.subject.jelE50en_US
dc.subject.ddc330en_US
dc.subject.keywordUnconventional monetary policyen_US
dc.subject.keywordcredit policyen_US
dc.subject.keywordzero lower bounden_US
dc.subject.keywordcentral bank balance sheeten_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwZentralbanken_US
dc.subject.stwBilanzen_US
dc.subject.stwKreditgeschäften_US
dc.subject.stwVerschuldungsrestriktionen_US
dc.subject.stwTheorieen_US
dc.titleConventional and unconventional monetary policyen_US
dc.typeWorking Paperen_US
dc.identifier.ppn622792369en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US

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