Rethinking stabilization policy

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Chapter 15 in Optimal Monetary Policy under Uncertainty, Second Edition, 2019, pp 331-376 from Edward Elgar Publishing

Abstract: Chapter 15 considers recent extensions of the canonical New Keynesian models. Examples are models that incorporate financial frictions and heterogeneity among economic agents, models that consider unconventional monetary policy tools such as large asset purchases, and models that add additional policy goals such as financial stability. Considerations of financial stability bring us to the ongoing debate about the relative roles in central bank policy of macroprudential and traditional monetary policy objectives. The chapter also examines proposed alternatives to the New Keynesian framework. One example is the Brunnermeier - Sannikov (2013) framework where financial frictions and amplifying mechanisms with subsequent wealth effects assume the central role in the transmission of financial disturbances.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2019
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