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|z 9781498305327
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|a 1018-5941
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|a Furlanetto, Francesco.
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|a Output Gap in Presence of Financial Frictions and Monetary Policy Trade-offs /
|c Francesco Furlanetto, Paolo Gelain, Marzie Taheri Sanjani.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2014.
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|a 1 online resource (44 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a The recent global financial crisis illustrates that financial frictions are a significant source of volatility in the economy. This paper investigates monetary policy stabilization in an environment where financial frictions are a relevant source of macroeconomic fluctuation. We derive a measure of output gap that accounts for frictions in financial market. Furthermore we illustrate that, in the presence of financial frictions, a benevolent central bank faces a substantial trade-off between nominal and real stabilization; optimal monetary policy significantly reduces fluctuations in price and wage inflations but fails to alleviate the output gap volatility. This suggests a role for macroprudential policies.
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|a Mode of access: Internet
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|a Gelain, Paolo.
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|a Taheri Sanjani, Marzie.
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|a IMF Working Papers; Working Paper ;
|v No. 2014/128
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2014/128/001.2014.issue-128-en.xml
|z IMF e-Library
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