Financial Conditions Targeting

We present evidence that noisy financial flows influence financial conditions and macroeconomic activity. How should monetary policy respond to this noise? We develop a model where it is optimal for the central bank to target and (partially) stabilize financial conditions beyond their direct effect

本研究提供实证证据，表明带有噪声的金融流动（noisy financial flows）会对金融状况（financial conditions）与宏观经济活动产生影响。那么货币政策应如何应对这类噪声？本研究构建了一个理论模型，该模型证明，中央银行将金融状况作为调控目标，并在其直接影响之外对其实施部分稳定，此策略为最优选择。