Arbeitspapier
Optimal Central Bank Lending
We analyze optimal monetary policy in a sticky pricemodel where the central bank supplies money outrightvia asset purchases and lends money temporarily againstcollateral. The terms of central bank lending affect ra-tioning of money and impact on macroeconomic aggre-gates. The central bank can set the policy rate and itsinflation target in a way that implements the first bestlong-run allocation, which is impossible if money weresupplied in a lump-sum way (as commonly assumed).Efficient central bank lending further increases gainsfrom macroeconomic stabilization beyond pure interestrate policy. This requires departing from a Treasuries-only regime.
- Sprache
-
Englisch
- Erschienen in
-
Series: Tinbergen Institute Discussion Paper ; No. 10-057/2
- Klassifikation
-
Wirtschaft
Business Fluctuations; Cycles
- Thema
-
Optimal monetary policy
central bank instruments
collateralized lending
liquidity premium
inflation
Geldpolitik
Kreditsicherung
Liquidität
Preisrigidität
Inflationssteuerung
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Schabert, Andreas
- Ereignis
-
Veröffentlichung
- (wer)
-
Tinbergen Institute
- (wo)
-
Amsterdam and Rotterdam
- (wann)
-
2010
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Schabert, Andreas
- Tinbergen Institute
Entstanden
- 2010
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