The monetary transmission mechanism: is it relevant for policy?

Bernardino Adao; Isabel Correia; Pedro Teles

doi:10.1162/154247604323068014

The monetary transmission mechanism: is it relevant for policy?

Bernardino Adao^*
, Isabel Correia
, Pedro Teles

^*Autor correspondente para este trabalho

Resultado de pesquisa › revisão de pares

3 Citações (Scopus)

Resumo

We study environments with sticky prices, wages, or portfolios where it is feasible and optimal to use monetary policy to replicate the allocation under full flexibility. In these environments the optimal policy does not depend on the scope of the frictions. In this sense, the strength of the monetary transmission mechanism is irrelevant for the conduct of monetary policy. So, asymmetries in the strength of the transmission mechanisms do not impose a cost on a common policy.

Idioma original	English
Páginas (de-até)	310-319
Número de páginas	10
Revista	Journal of the European Economic Association
Volume	2
Número de emissão	2-3
DOIs	https://doi.org/10.1162/154247604323068014
Estado da publicação	Publicado - 2004

ODS da ONU

Este resultado contribui para o(s) seguinte(s) Objetivo(s) de Desenvolvimento Sustentável

ODS 17 Parcerias para os objetivos

Acesso ao documento

10.1162/154247604323068014

Outros arquivos e links

https://www.scopus.com/pages/publications/38949194065

Citação

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title = "The monetary transmission mechanism: is it relevant for policy?",

abstract = "We study environments with sticky prices, wages, or portfolios where it is feasible and optimal to use monetary policy to replicate the allocation under full flexibility. In these environments the optimal policy does not depend on the scope of the frictions. In this sense, the strength of the monetary transmission mechanism is irrelevant for the conduct of monetary policy. So, asymmetries in the strength of the transmission mechanisms do not impose a cost on a common policy.",

author = "Bernardino Adao and Isabel Correia and Pedro Teles",

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doi = "10.1162/154247604323068014",

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T1 - The monetary transmission mechanism

T2 - is it relevant for policy?

AU - Adao, Bernardino

AU - Correia, Isabel

AU - Teles, Pedro

PY - 2004

Y1 - 2004

N2 - We study environments with sticky prices, wages, or portfolios where it is feasible and optimal to use monetary policy to replicate the allocation under full flexibility. In these environments the optimal policy does not depend on the scope of the frictions. In this sense, the strength of the monetary transmission mechanism is irrelevant for the conduct of monetary policy. So, asymmetries in the strength of the transmission mechanisms do not impose a cost on a common policy.

AB - We study environments with sticky prices, wages, or portfolios where it is feasible and optimal to use monetary policy to replicate the allocation under full flexibility. In these environments the optimal policy does not depend on the scope of the frictions. In this sense, the strength of the monetary transmission mechanism is irrelevant for the conduct of monetary policy. So, asymmetries in the strength of the transmission mechanisms do not impose a cost on a common policy.

UR - https://www.scopus.com/pages/publications/38949194065

U2 - 10.1162/154247604323068014

DO - 10.1162/154247604323068014

M3 - Article

AN - SCOPUS:38949194065

SN - 1542-4774

VL - 2

SP - 310

EP - 319

JO - Journal of the European Economic Association

JF - Journal of the European Economic Association

IS - 2-3

ER -

The monetary transmission mechanism: is it relevant for policy?

Resumo

ODS da ONU

Acesso ao documento

Outros arquivos e links

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Citação