一般注記This paper investigates the performance of monetary policy rules in a credit
economy. In particular, the paper considers whether or not performance depends
upon financial market imperfection. For this purpose, the paper analyzes a credit
economy model incorporating a financial friction into a new Keynesian
macroeconomic model. The answer is yes. First, the central bank should respond to
output rather than to inflation if the financial market is markedly imperfect.
Second, under this market condition, the bank should not adopt policy smoothing.
Third, the bank should not respond to inflation as aggressively under financial and
wealth distribution shocks as under a common supply shock. The results are
exactly the same even if the economy takes account of the stability of nominal
interest rate or if the central bank responds to expected inflation rather than
current inflation. The paper therefore does not support inflation targeting as the
dominant strategy of monetary policy and suggests instead that, in practice, the
Taylor rule might be more appropriate in fragile financial markets.
連携機関・データベース国立情報学研究所 : 学術機関リポジトリデータベース(IRDB)(機関リポジトリ)