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Award ID contains: 1949107

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  1. ; ; (, European Economic Review)
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  2. ; ; (, Review of Economics and Statistics)
    Abstract This paper develops a New Keynesian model featuring financial intermediation, short- and long-term bonds, credit shocks, and scope for unconventional monetary policy. The log-linearized model reduces to four equations: Phillips and IS curves, as well as policy rules for the short-term interest rate and the central bank's long-bond portfolio (QE). Credit shocks and QE appear in both the IS and Phillips curves. In equilibrium, optimal monetary policy entails adjusting the short-term interest rate to offset natural rate shocks but using QE to offset credit market disruptions. Use of QE significantly mitigates the costs of a binding zero lower bound. 
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  3. ; (, Journal of Monetary Economics)
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  4. ; (, Journal of Monetary Economics)
    null (Ed.)
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