Arbeitspapier
Financial frictions,the Phillips curve and monetary policy
This paper proposes a tractable financial accelerator New Keynesian DSGE modelthat allows for closed-form solutions. In the presence of financial frictions, theNew Keynesian Phillips curve features a flat slope with respect to the output gapand is strongly forward-looking. All shocks cause endogenous cost-push effects inthe Phillips curve, leading to larger inflation responses and a breakdown of divinecoincidence. The central bank's contemporaneous trade-off between output gap andinflation stabilization is aggravated. Optimal monetary policy is strongly forward-looking and geared towards inflation stabilization.
- ISBN
-
978-3-95729-655-9
- Sprache
-
Englisch
- Erschienen in
-
Series: Deutsche Bundesbank Discussion Paper ; No. 47/2019
- Klassifikation
-
Wirtschaft
Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems
Financial Markets and the Macroeconomy
Monetary Policy
Central Banks and Their Policies
- Thema
-
financial frictions
financial accelerator
Phillips curve
optimal monetary policy
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Lieberknecht, Philipp
- Ereignis
-
Veröffentlichung
- (wer)
-
Deutsche Bundesbank
- (wo)
-
Frankfurt a. M.
- (wann)
-
2019
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Lieberknecht, Philipp
- Deutsche Bundesbank
Entstanden
- 2019
Ähnliche Objekte (12)
Time-dependent pricing and New Keynesian Phillips curve
The imperfect-common-knowledge Phillips curve: Calvo versus Rotemberg
Optimal monetary policy in a small open economy with financial frictions
Money in monetary policy design under uncertainty: the Two-Pillar Phillips Curve versus ECB-style cross-checking
The New Keynesian Phillips Curve in Europe: does it fit or does it fail?
The hockey stick Phillips curve and the effective lower bound
The hockey stick Phillips curve and the effective lower bound
The use of real-time information in Phillips curve relationships for the euro area
Unemployment and employment protection in a unionized economy with search frictions
Climate-related disclosures by the Deutsche Bundesbank ... : part of the Eurosystem-wide climate-related disclosures on the non-monetary policy portfolios (NMPPs)
Monetary policy and Bitcoin
Monetary policy and Bitcoin
Time-dependent pricing and New Keynesian Phillips curve
The imperfect-common-knowledge Phillips curve: Calvo versus Rotemberg
Optimal monetary policy in a small open economy with financial frictions
Money in monetary policy design under uncertainty: the Two-Pillar Phillips Curve versus ECB-style cross-checking
The New Keynesian Phillips Curve in Europe: does it fit or does it fail?
The hockey stick Phillips curve and the effective lower bound
The hockey stick Phillips curve and the effective lower bound
The use of real-time information in Phillips curve relationships for the euro area
Unemployment and employment protection in a unionized economy with search frictions
Climate-related disclosures by the Deutsche Bundesbank ... : part of the Eurosystem-wide climate-related disclosures on the non-monetary policy portfolios (NMPPs)
Monetary policy and Bitcoin
Monetary policy and Bitcoin
Time-dependent pricing and New Keynesian Phillips curve
The imperfect-common-knowledge Phillips curve: Calvo versus Rotemberg
Optimal monetary policy in a small open economy with financial frictions
Money in monetary policy design under uncertainty: the Two-Pillar Phillips Curve versus ECB-style cross-checking
The New Keynesian Phillips Curve in Europe: does it fit or does it fail?
The hockey stick Phillips curve and the effective lower bound
The hockey stick Phillips curve and the effective lower bound
The use of real-time information in Phillips curve relationships for the euro area
Unemployment and employment protection in a unionized economy with search frictions
Climate-related disclosures by the Deutsche Bundesbank ... : part of the Eurosystem-wide climate-related disclosures on the non-monetary policy portfolios (NMPPs)
Monetary policy and Bitcoin