Financial frictions and policy cooperation: A case with monopolistic banking and staggered loan contracts

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• 作者：Ippei Fujiwara^a ; ^b ; ^{ippei.fujiwara@keio.jp} ; Yuki Teranishi^c ; ^{yukitera@fbc.keio.ac.jp}
• 关键词：Monetary policy in open economies ; Financial frictions ; Linear quadratic problem
• 刊名：Journal of International Economics
• 出版年：2017
• 出版时间：January 2017
• 年：2017
• 卷：104
• 期：Complete
• 页码：19-43
• 全文大小：1677 K
• 卷排序：104

文摘

This paper investigates the implications of simple financial frictions, monopolistic banking together with staggered loan contracts, for monetary policy in open economies. There exist long-run gains from cooperation in addition to these by jointly stabilizing inefficient fluctuations over the business cycle, that are usually found in models with price rigidities.