The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.
External Constraints on Monetary Policy and the Financial Accelerator
Abstract
We develop a small open economy macroeconomic model where financial conditions influence aggregate behavior. Our goal is to explore the connection between the exchange rate regime and financial distress. We first show that a calibrated version of the model captures well the behavior of the Korean economy during its financial crisis period of 1997–98. In particular, the model accounts for the sharp increase in lending rates and the large drop in output, employment, investment, and measured productivity. The financial market frictions play an important role, further, explaining roughly half the decline in overall economic activity. We then perform some counterfactual exercises to illustrate how the fixed exchange rate regime likely exacerbated the crisis by tying the hands of monetary policy.
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Cites
Discretion versus policy rules in practice
Taylor, J. B. (1993) · Carnegie-Rochester Conference Series on Public Policy · doi:10.1016/0167-2231(93)90009-l · Cited by 9,065
Agency Costs, Net Worth, And Business Fluctuations
Bernanke, B., Gertler, M., Bernanke, B., & Gertler, M. (1988) · Unknown · doi:10.22004/ag.econ.292693 · Cited by 4,386
Self-citationOptimal contracts and competitive markets with costly state verification
Townsend, R. M. (1979) · Journal of Economic Theory · doi:10.1016/0022-0531(79)90031-0 · Cited by 3,204
Cited by
Balance Sheets and Exchange Rate Policy
Céspedes, L. F., Chang, R., & Velasco, A. (2004) · American Economic Review · doi:10.1257/0002828042002589 · Cited by 758
Financial Factors in Economic Fluctuations
Christiano, L. J., Motto, R., & Rostagno, M. (2010) · SSRN Electronic Journal · doi:10.2139/ssrn.1600166 · Cited by 687
Metadata
- Authors
- GERTLER, M., GILCHRIST, S., & NATALUCCI, F. M.
- Venue
- Journal of Money, Credit and Banking
- Publisher
- Wiley
- Published
- 2007-03
- Volume
- 39
- Issue
- 2-3
- Pages
- 295-330
- ISSN
- 0022-2879 (ISSN-L)
- 1538-4616
- OpenAlex
- W3124064065
- Cited by
- 548
- References
- 3
- FWCI
- 56.68
- Type
- journal article
- Language
- en
- Open access
- closed
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- GERTLER, M., GILCHRIST, S., & NATALUCCI, F. M. (2007). External Constraints on Monetary Policy and the Financial Accelerator. Journal of Money, Credit and Banking. https://doi.org/10.1111/j.0022-2879.2007.00027.x
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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