THE MONETARY TRANSMISSION MECHANISM: IS IT RELEVANT FOR POLICY?

被引：3
|
作者：
Adao, Bernardino
Teles, Pedro [1 ,2 ,3 ]
Correia, Isabel [2 ,3 ]
机构：
[1] Fed Reserve Bank Chicago, Chicago, IL USA
[2] Univ Catolica Portuguesa, Lisbon, Portugal
[3] CEPR, London, England
来源：
JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION | 2004年 / 2卷 / 2-3期
关键词：
D O I：
10.1162/154247604323068014
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We study environments with sticky prices, wages, or portfolios where it is feasible and optimal to use monetary policy to replicate the allocation under full flexibility. In these environments the optimal policy does not depend on the scope of the frictions. In this sense, the strength of the monetary transmission mechanism is irrelevant for the conduct of monetary policy. So, asymmetries in the strength of the transmission mechanisms do not impose a cost on a common policy. (JEL: E31, E41, E58, E62)
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页码：310 / 319
页数：10
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