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Output Gap in Presence of Financial Frictions and Monetary Policy Trade-offs

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by Francesco Furlanetto & Paolo Gelain
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Output Gap in Presence of Financial Frictions and Monetary Policy Trade-offs by Francesco Furlanetto & Paolo Gelain

The recent global financial crisis illustrates that financial frictions are a significant source of volatility in the economy. This paper investigates monetary policy stabilization in an environment where financial frictions are a relevant source of macroeconomic fluctuation. We derive a measure of output gap that accounts for frictions in financial market. Furthermore we illustrate that, in the presence of financial frictions, a benevolent central bank faces a substantial trade-off between nominal and real stabilization; optimal monetary policy significantly reduces fluctuations in price and wage inflations but fails to alleviate the output gap volatility. This suggests a role for macroprudential policies.

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Ebook Details
Pages: 44
Size: 2.8 MB
Date published:   2014
ISBN: 9781498331159 (DRM-EPUB)

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Nonfiction > Business & Economics
Nonfiction > Business & Economics > Inflation

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