Title of article
A modelinwhichmonetarypolicyisaboutmoney
Author/Authors
AlexeiDeviatov، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2008
Pages
6
From page
283
To page
288
Abstract
Optimal monetarypolicyisstudiedinamodelwith(i)heterogeneityinthedegreeto
which differentpeoplearemonitored(havepubliclyknownhistories);(ii)idiosyncratic
shocks thatgiverisetoheterogeneityinearningandspendingrealizations;and
(iii) central-bankinterventionina‘‘market’’inclaimsorcreditinwhichtheparticipants
are thosewhoareheavilymonitored.Aspecialcaseofthemodelhaseveryoneperfectly
monitored. Inthatcase,thereisnoroleformoneyandnoroleforcentral-bank
intervention. Intheexampledisplayedwithimperfectmonitoring,optimalintervention
is notsimple
Keywords
Monetary policySearchCentral-bank intervention
Journal title
Journal of Monetary Economics
Serial Year
2008
Journal title
Journal of Monetary Economics
Record number
846292
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