Incomplete credit markets and monetary policy
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DOI: 10.1016/j.jedc.2019.03.005
Abstract: We study monetary policy when private credit markets are incomplete. The macroeconomy we study has a large private credit market, in which participant households use non-state contingent nominal contracts (NSCNC). A second, small group of… read more here.
Keywords: monetary policy; private credit; rule; credit markets ... See more keywords