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.
2009
2008
Monacelli, Tommaso
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11565/845791
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