Credit Spread and Monetary Policy Yuki Teranishi

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Yuki Teranishi
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Economics Letters
Monetary policy; Financial markets; Government expenditures
To link to full-text access for this article, visit this link: Byline: Yuki Teranishi Abstract: We show that the spread-adjusted Taylor rule including a response to the credit spread is a theoretically optimal monetary policy under heterogeneous loan contracts. However, the optimal response to the credit spread is ambiguous, given the financial market structure. Article History: Received 30 June 2009; Revised 24 August 2011; Accepted 26 August 2011 Article Note: (footnote) [star] We are grateful to an anonymous referee for helpful comments. The views expressed in this paper are those of the authors and do not necessarily reflect the official views of the Bank of Japan.
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