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Monetary policy in a channel system

Berentsen, Aleksander and Monnet, Cyril. (2008) Monetary policy in a channel system. Journal of monetary economics, Vol. 55. S. 1067-1080.

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Official URL: http://edoc.unibas.ch/dok/A5248798

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Abstract

Channel systems for conducting monetary policy are becoming increasingly popular. Despite its popularity, the consequences of implementing policy with a channel system are not well understood. We develop a general equilibrium framework of a channel system and study the optimal policy. A novel aspect of the channel system is that a central bank can 'tighten' or 'loosen' its policy without changing its policy rate. This policy instrument has so far been overlooked by a large body of the literature on the optimal design of interest-rate rules. (C) 2008 Elsevier B.V. All rights reserved.
Faculties and Departments:06 Faculty of Business and Economics > Departement Wirtschaftswissenschaften > Professuren Wirtschaftswissenschaften > Wirtschaftstheorie (Berentsen)
UniBasel Contributors:Berentsen, Aleksander
Item Type:Article, refereed
Bibsysno:Link to catalogue
Publisher:Elsevier
ISSN:0304-3932
Note:Publication type according to Uni Basel Research Database: Journal article
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Last Modified:14 Sep 2012 06:45
Deposited On:22 Mar 2012 14:03

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