We stu­dy whe­ther a cen­tral bank should devia­te from its objec­ti­ve of pri­ce sta­bi­li­ty to pro­mo­te finan­cial sta­bi­li­ty. We tack­le this ques­ti­on wit­hin a text­book New Keyne­si­an model aug­men­ted with capi­tal accu­mu­la­ti­on and micro-foun­ded endo­ge­nous finan­cial cri­ses. We com­pa­re several inte­rest rate rules, under which the cen­tral bank responds more or less force­ful­ly to infla­ti­on and aggre­ga­te output. …

Quel­le /​ Link: Mone­ta­ry poli­cy and endo­ge­nous finan­cial crises

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