A Model of Credit, Money, Interest, and Prices

This paper integrates a realistic implementation of monetary policy through the banking system into an incomplete-markets economy with wage rigidity. Monetary policy sets policy rates and alters the supply of reserves. These tools grant independent control over credit spreads and an interest target.

本文将通过银行体系实施的符合现实的货币政策，整合至带有工资刚性的不完全市场经济体中。货币政策通过设定政策利率与调整准备金供给来开展操作，上述两类政策工具可赋予政策制定者对信贷利差与利率目标的独立管控权。