期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2006
出版社：European Central Bank
摘要：This paper studies optimal discretionary monetary policy in the presence of uncertainty about the degree of nancial frictions. Changes in the degree of nancial frictions are modelled as changes in parame- ters of a hybrid New-Keynesian model calibrated for the UK, follow- ing Bean, Larsen and Nikolov (2002). Uncertainty about the degree of nancial frictions is modelled as Markov switching between regimes without and with strong nancial frictions. Optimal monetary pol- icy is determined for di¤erent scenarios of permanent and temporary regime shifts in nancial frictions, as well as for variations in nancial frictions over the business cycle. Optimal monetary policy is found to be state-dependent. In each state, optimal monetary policy depends on the transition probabilities between the di¤erent regimes.
