Financial instability is the new challenge for monetary policy. Most studies indicate that financial crises follow prolonged unwinding of investment–saving imbalances (ISI). These phenomena are not contemplated by the standard theoretical framework of continuous intertemporal equilibrium. This paper’s aim is to take a first step into the analysis of monetary policy in the context of ISI. First, a dynamic model of a flex-price, competitive economy is presented where ISI are allowed to develop. Second, upon introducing different types of Taylor rules, some indications for the conduct of monetary policy emerge, which are at variance with the standard view.
Monetary Policy with Investiment - Saving Imbalances / Tamborini, Roberto. - In: METROECONOMICA. - ISSN 0026-1386. - STAMPA. - 2010:61(2010), pp. 473-509.
Titolo: | Monetary Policy with Investiment - Saving Imbalances | |
Autori: | Tamborini, Roberto | |
Autori Unitn: | ||
Titolo del periodico: | METROECONOMICA | |
Anno di pubblicazione: | 2010 | |
Numero e parte del fascicolo: | 61 | |
Handle: | http://hdl.handle.net/11572/88453 | |
Citazione: | Monetary Policy with Investiment - Saving Imbalances / Tamborini, Roberto. - In: METROECONOMICA. - ISSN 0026-1386. - STAMPA. - 2010:61(2010), pp. 473-509. | |
Appare nelle tipologie: | 03.1 Articolo su rivista (Journal article) |
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