Presented to the Faculty of Economics and Social Sciences of the University of Fribourg (Switzerland) in fulfillment of the requirements for the degree of Doctor of Economics and Social Sciences
55
lượt xem 3
download
lượt xem 3
download
Download
Vui lòng tải xuống để xem tài liệu đầy đủ
When there are frictions in setting nominal wages, however, a riseintherealwagerequiresthatinflationbeallowedtodriftdown.Theinflation targeting central bank, seeing this drift down in inflation, cuts the interest rate to keep inflation on target. In our model, this cut in the interest rate triggers a credit boom and makes the economic expansion much bigger than is socially optimal. In a situation like this, a central bank that ‘leans against the wind’ when credit expands sharply would raise welfare by reducing the magnitude of the boom-bust cycle....
Chủ đề:
Bình luận(0) Đăng nhập để gửi bình luận!
CÓ THỂ BẠN MUỐN DOWNLOAD