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Optimal Monetary Policy When Asset Markets Are Incomplete
Braun, Richard Anton
97003
Nakajima, Tomoyuki
97004
335
uninsured idiosyncratic shocks
sticky prices
optimal monetary policy
JEL Classification numbers: D52; E32; E52.
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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.
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technical report
日本経済国際共同センター
2009-10
Discussion paper series. CIRJE-F
CIRJE-F-679
AA11450569
eng
http://www.cirje.e.u-tokyo.ac.jp/research/dp/2009/2009cf679ab.html
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