The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
Credit Spreads and Monetary Policy
Open accessAbstract
We consider the desirability of modifying a standard Taylor rule for interest rate policy to incorporate adjustments for measures of financial conditions. We consider the consequences of such adjustments for the way policy would respond to a variety of disturbances, using the dynamic stochastic general equilibrium model with credit frictions developed in Cúrdia and Woodford (2009a). According to our model, an adjustment for variations in credit spreads can improve upon the standard Taylor rule, but the optimal size of adjustment depends on the source of the variation in credit spreads. A response to the quantity of credit is less likely to be helpful.
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Citations
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
Inside the black box: the credit channel of monetary policy transmission
Bernanke, B. S., & Gertler, M. (1995) · Journal of Economic Perspectives · doi:10.1257/jep.9.4.27 · Cited by 4,211
Cited by
Financial Factors in Economic Fluctuations
Christiano, L. J., Motto, R., & Rostagno, M. (2010) · SSRN Electronic Journal · doi:10.2139/ssrn.1600166 · Cited by 687
International Channels of Transmission of Monetary Policy and the Mundellian Trilemma
Rey, H. (2016) · IMF Economic Review · doi:10.1057/imfer.2016.4 · Cited by 478
The Macroeconomic Effects of Large‐scale Asset Purchase Programmes
Chen, H., Cúrdia, V., & Ferrero, A. (2012) · The Economic Journal · doi:10.1111/j.1468-0297.2012.02549.x · Cited by 455
Self-citationThe Pass-Through of Sovereign Risk
Bocola, L. (2016) · Journal of Political Economy · doi:10.1086/686734 · Cited by 386
The Countercyclical Benefits of Regulatory Costs
Mechanick, A., & Weber, J. (2024) · SSRN Electronic Journal · doi:10.2139/ssrn.4899713
Metadata
- Authors
- CÚRDIA, V., & WOODFORD, M.
- Venue
- Journal of Money, Credit and Banking
- Publisher
- Wiley
- Published
- 2010-08-18
- Volume
- 42
- Issue
- s1
- Pages
- 3-35
- ISSN
- 0022-2879 (ISSN-L)
- 1538-4616
- OpenAlex
- W3125012183
- Cited by
- 761
- References
- 2
- FWCI
- 134.17
- Type
- journal article
- Language
- en
- Open access
- bronze
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
