Tight Money-Tight Credit: Coordination Failure in the Conduct of Monetary and Financial Policies
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Violations of Tinbergen rule and strategic interaction undermine monetary and financial policies in a New Keynesian model with the Bernanke-Gertler accelerator. Welfare costs of risk shocks are large because of efficiency losses and income effects of costly monitoring, but they are larger under a
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美国国家经济研究局创建时间：
2017-02-01
