The Cost Channel of Monetary Policy : Further Evidence for the United States and the Euro Area /
This paper estimates the importance of the cost channel of monetary policy in a New Keynesian model of the business cycle. A model with nominal rigidities is extended by assuming that a fraction of firms need to borrow money to pay their wage bill. Hence, monetary policy tightenings increase effecti...
| Autor principal: | |
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| Format: | Revista |
| Idioma: | English |
| Publicat: |
Washington, D.C. :
International Monetary Fund,
2003.
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| Col·lecció: | IMF Working Papers; Working Paper ;
No. 2003/149 |
| Accés en línia: | Full text available on IMF |