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Optimal Monetary Policy When Asset Markets Are Incomplete
http://hdl.handle.net/2261/32453
http://hdl.handle.net/2261/324534fd322ea-4a15-451d-8433-64265036cd3c
Item type | テクニカルレポート / Technical Report(1) | |||||
---|---|---|---|---|---|---|
公開日 | 2013-05-31 | |||||
タイトル | ||||||
タイトル | Optimal Monetary Policy When Asset Markets Are Incomplete | |||||
言語 | ||||||
言語 | eng | |||||
キーワード | ||||||
主題 | uninsured idiosyncratic shocks | |||||
主題Scheme | Other | |||||
キーワード | ||||||
主題 | sticky prices | |||||
主題Scheme | Other | |||||
キーワード | ||||||
主題 | optimal monetary policy | |||||
主題Scheme | Other | |||||
キーワード | ||||||
主題 | JEL Classification numbers: D52; E32; E52. | |||||
主題Scheme | Other | |||||
資源タイプ | ||||||
資源 | http://purl.org/coar/resource_type/c_18gh | |||||
タイプ | technical report | |||||
アクセス権 | ||||||
アクセス権 | metadata only access | |||||
アクセス権URI | http://purl.org/coar/access_right/c_14cb | |||||
著者 |
Braun, Richard Anton
× Braun, Richard Anton× Nakajima, Tomoyuki |
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著者所属 | ||||||
著者所属 | Department of Economics, University of Tokyo | |||||
著者所属 | ||||||
著者所属 | Institute of Economic Research, Kyoto University | |||||
抄録 | ||||||
内容記述タイプ | Abstract | |||||
内容記述 | This paper considers the properties of an optimal monetary policy when households are subject to countercyclical uninsured income shocks. We develop a tractable incompletemarkets model with Calvo price setting. Incomplete markets creates a new distortion and that distortion is large in the sense that the welfare cost of business cycles is large in our model. Nevertheless, the optimal monetary policy is very similar to the optimal policy that emerges in the representative agent framework and calls for nearly complete stabilization of the price-level. | |||||
内容記述 | ||||||
内容記述タイプ | Other | |||||
内容記述 | 本文フィルはリンク先を参照のこと | |||||
書誌情報 |
Discussion paper series. CIRJE-F 巻 CIRJE-F-679, 発行日 2009-10 |
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書誌レコードID | ||||||
収録物識別子タイプ | NCID | |||||
収録物識別子 | AA11450569 | |||||
フォーマット | ||||||
内容記述タイプ | Other | |||||
内容記述 | application/pdf | |||||
日本十進分類法 | ||||||
主題 | 335 | |||||
主題Scheme | NDC | |||||
出版者 | ||||||
出版者 | 日本経済国際共同センター | |||||
出版者別名 | ||||||
Center for International Research on the Japanese Economy | ||||||
関係URI | ||||||
識別子タイプ | URI | |||||
関連識別子 | http://www.cirje.e.u-tokyo.ac.jp/research/dp/2009/2009cf679ab.html |