Output Gap in Presence of Financial Frictions and Monetary Policy Trade-offs

Output Gap in Presence of Financial Frictions and Monetary Policy Trade-offs
The recent global financial crisis illustrates that financial frictions are a significant source of volatility in the economy. This paper investigates monetary policy stabilization in an environment where financial frictions are a relevant source of macroeconomic fluctuation. We derive a measure of output gap that accounts for frictions in... READ MORE...

Publication date: July 2014
ISBN 9781498305327
$18.00

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