Analysis of the transmission of monetary policy shocks in the presence of durable goods and borrowing constraints. Extends baseline New Keynesian model to include imperfections in credit markets. Finds that only model with borrowing constraints can reconcile with empirical evidence on the sectoral effects of monetary shocks.
New Keynesian models, durable goods, and collateral constraints
Monacelli, Tommaso
2009
Abstract
Analysis of the transmission of monetary policy shocks in the presence of durable goods and borrowing constraints. Extends baseline New Keynesian model to include imperfections in credit markets. Finds that only model with borrowing constraints can reconcile with empirical evidence on the sectoral effects of monetary shocks.
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