货币政策
波动性(金融)
金融包容性
经济
货币经济学
福利
金融市场
通货膨胀目标
自治
膨胀(宇宙学)
财务
金融服务
物理
法学
市场经济
理论物理学
政治学
作者
Aaron Mehrotra,James Yetman
出处
期刊:RePEc: Research Papers in Economics - RePEc
日期:2014-12-01
被引量:4
摘要
Limited access to the formal financial sector is a common feature of the economic environment in many emerging market and developing economies. In this paper, we examine how the level of financial inclusion affects welfare-maximising monetary policy. Our theoretical framework is based on Gali, Lopez-Salido and Valles (2004). In this model, only financially included households are able to borrow and save to smooth consumption in the face of income volatility. We show that optimal monetary policy implies a positive relationship between the share of financially included households and the ratio of output volatility to inflation volatility. We find strong empirical support for the model's predictions using a broad cross-country dataset on financial inclusion. The empirical results are driven primarily by central banks with a high degree of autonomy in their monetary policy decisions, who might be most likely to set monetary policy optimally.
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