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Rethinking stabilization policy

In: Optimal Monetary Policy under Uncertainty, Second Edition

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Chapter 15 considers recent extensions of the canonical New Keynesian models. Examples are models that incorporate financial frictions and heterogeneity among economic agents, models that consider unconventional monetary policy tools such as large asset purchases, and models that add additional policy goals such as financial stability. Considerations of financial stability bring us to the ongoing debate about the relative roles in central bank policy of macroprudential and traditional monetary policy objectives. The chapter also examines proposed alternatives to the New Keynesian framework. One example is the Brunnermeier - Sannikov (2013) framework where financial frictions and amplifying mechanisms with subsequent wealth effects assume the central role in the transmission of financial disturbances.

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  • ., 2019. "Rethinking stabilization policy," Chapters, in: Optimal Monetary Policy under Uncertainty, Second Edition, chapter 15, pages 331-376, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:16504_15
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    1. Eseosa Ekhator-Mobayode, Uche & Hanmer, Lucia C. & Rubiano-Matulevich, Eliana & Jimena Arango, Diana, 2022. "The effect of armed conflict on intimate partner violence: Evidence from the Boko Haram insurgency in Nigeria," World Development, Elsevier, vol. 153(C).

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