OPTIMAL STABILIZATION POLICY WITH SEARCH EXTERNALITIES

被引：10
|
作者：
Berentsen, Aleksander [1 ,2 ]
Waller, Christopher [2 ,3 ]
机构：
[1] Univ Basel, CH-4002 Basel, Switzerland
[2] Fed Reserve Bank, St Louis, MO USA
[3] Univ Notre Dame, Notre Dame, IN 46556 USA
来源：
MACROECONOMIC DYNAMICS | 2015年 / 19卷 / 03期
关键词：
Monetary Policy; Optimal Stabilization Policy; Search Equilibrium; Microfoundation of Money; MONETARY-POLICY; INFLATION; MODELS; MONEY;
D O I：
10.1017/S1365100513000564
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We study optimal monetary stabilization policy in a DSGE model with microfounded money demand. A search externality creates "congestion," which causes aggregate output to be inefficient. Because of the informational frictions that give rise to money, households are unable to insure themselves perfectly against aggregate shocks. This gives rise to a welfare-improving role for monetary policy that works by adjusting the nominal interest rate in response to these shocks. Optimal policy is determined by choosing a set of state-contingent nominal interest rates to maximize the expected lifetime utility of the agents subject to the constraints of being an equilibrium.
引用
收藏
页码：669 / 700
页数：32
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