文章基本信息

标题：LEANING AGAINST WINDY BANK LENDING
本地全文：下载
作者：Giovanni Melina ; Stefania Villa
期刊名称：Economic Inquiry
印刷版ISSN：0095-2583
出版年度：2018
卷号：56
期号：1
页码：460-482
DOI：10.1111/ecin.12491
语种：English
出版社：Western Economic Association International
摘要：Using an estimated dynamic stochastic general equilibrium model with banking, this paper first provides evidence that monetary policy reacted to bank loan growth in the United States during the Great Moderation. It then shows that the optimized simple interest‐rate rule features no response to the growth of bank credit. However, the welfare loss associated to the empirical responsiveness is small. The sources of business cycle fluctuations are crucial in determining whether a “leaning‐against‐the‐wind” policy is optimal or not. In fact, the predominant role of supply shocks in the model gives rise to a trade‐off between inflation and financial stabilization. (JEL E32, E44, E52)