{"created":"2023-06-20T15:03:27.768794+00:00","id":1547,"links":{},"metadata":{"_buckets":{"deposit":"242be89a-e0d0-4f47-b86b-dea4096274b0"},"_deposit":{"created_by":16,"id":"1547","owners":[16],"pid":{"revision_id":0,"type":"depid","value":"1547"},"status":"published"},"_oai":{"id":"oai:grips.repo.nii.ac.jp:00001547","sets":["1:78"]},"author_link":["8384","8386","8387","8385","8380","8381","8382","8383"],"item_12_description_18":{"attribute_name":"フォーマット","attribute_value_mlt":[{"subitem_description":"application/pdf","subitem_description_type":"Other"}]},"item_12_description_22":{"attribute_name":"著者情報","attribute_value_mlt":[{"subitem_description":"https://www.grips.ac.jp/list/jp/facultyinfo/fujimoto-junichi/","subitem_description_type":"Other"}]},"item_12_description_6":{"attribute_name":"抄録","attribute_value_mlt":[{"subitem_description":"To reveal a policy mandate for financial stability, we introduce a frictional credit market with a search and matching process into a standard New Keynesian model with nominal rigidities in the goods market, and then investigate optimal policy under financial frictions. We show that a second-order approximation of social welfare includes terms for credit, in addition to terms for inflation and consumption, so that any optimal policy must hold responsibility for financial and price stabilities. We highlight this issue by considering several tools for monetary and macroprudential policy. We find that optimal monetary policy requires keeping the credit market countercyclical against the real economy. Also, optimal macroprudential policy, which poses constraints on supply and demand sides of credit, reduces excessive variations in lending and contributes to both financial and price stabilities.","subitem_description_type":"Abstract"}]},"item_12_description_7":{"attribute_name":"内容記述","attribute_value_mlt":[{"subitem_description":"JEL Classification Codes: E44, E52, E61","subitem_description_type":"Other"},{"subitem_description":"Previously circulated under the title “Welfare Analysis of Policy Measures for Financial Stability,”\nMarch 2013.","subitem_description_type":"Other"},{"subitem_description":"Fujimoto gratefully acknowledges financial support from JSPS KAKENHI No. 26780114.","subitem_description_type":"Other"},{"subitem_description":"Teranishi gratefully acknowledges financial support from JSPS KAKENHI No. 26780153.","subitem_description_type":"Other"},{"subitem_description":"Seimeikai Foundation Research Grant","subitem_description_type":"Other"},{"subitem_description":"Murata Science Foundation Research Grant","subitem_description_type":"Other"}]},"item_12_full_name_3":{"attribute_name":"著者別名","attribute_value_mlt":[{"nameIdentifiers":[{"nameIdentifier":"8384","nameIdentifierScheme":"WEKO"}],"names":[{"name":"藤本, 淳一","nameLang":"ja"}]},{"nameIdentifiers":[{"nameIdentifier":"8386","nameIdentifierScheme":"WEKO"}],"names":[{"name":"宗像, 晃","nameLang":"ja"}]},{"nameIdentifiers":[{"nameIdentifier":"8387","nameIdentifierScheme":"WEKO"}],"names":[{"name":"中村, 康治","nameLang":"ja"}]},{"nameIdentifiers":[{"nameIdentifier":"8385","nameIdentifierScheme":"WEKO"}],"names":[{"name":"寺西, 勇生","nameLang":"ja"}]}]},"item_12_identifier_registration":{"attribute_name":"ID登録","attribute_value_mlt":[{"subitem_identifier_reg_text":"10.24545/00001542","subitem_identifier_reg_type":"JaLC"}]},"item_12_publisher_12":{"attribute_name":"出版者","attribute_value_mlt":[{"subitem_publisher":"GRIPS Policy Research Center ","subitem_publisher_language":"en"}]},"item_12_relation_16":{"attribute_name":"関連サイト","attribute_value_mlt":[{"subitem_relation_name":[{"subitem_relation_name_text":"https://ideas.repec.org/p/ngi/dpaper/16-30.html"}],"subitem_relation_type":"isIdenticalTo","subitem_relation_type_id":{"subitem_relation_type_id_text":"https://ideas.repec.org/p/ngi/dpaper/16-30.html","subitem_relation_type_select":"URI"}}]},"item_12_text_10":{"attribute_name":"発行年","attribute_value_mlt":[{"subitem_text_value":"2017-02"}]},"item_12_text_5":{"attribute_name":"著者所属","attribute_value_mlt":[{"subitem_text_value":"政策研究大学院大学 / National Graduate Institute for Policy Studies"},{"subitem_text_value":"日本銀行 / Bank of Japan"},{"subitem_text_value":"日本銀行 / Bank of Japan"},{"subitem_text_value":"慶応義塾大学 / Keio University"}]},"item_12_version_type_19":{"attribute_name":"著者版フラグ","attribute_value_mlt":[{"subitem_version_resource":"http://purl.org/coar/version/c_ab4af688f83e57aa","subitem_version_type":"AM"}]},"item_1693541285410":{"attribute_name":"書誌情報","attribute_value_mlt":[{"bibliographicIssueDates":{"bibliographicIssueDate":"2017-02-22","bibliographicIssueDateType":"Issued"},"bibliographicVolumeNumber":"DP16-30","bibliographic_titles":[{"bibliographic_title":"GRIPS Discussion Papers","bibliographic_titleLang":"en"}]}]},"item_creator":{"attribute_name":"著者","attribute_type":"creator","attribute_value_mlt":[{"creatorNames":[{"creatorName":"FUJIMOTO, Junichi","creatorNameLang":"en"}],"nameIdentifiers":[{}]},{"creatorNames":[{"creatorName":"MUNAKATA, Ko","creatorNameLang":"en"}],"nameIdentifiers":[{}]},{"creatorNames":[{"creatorName":"NAKAMURA, Koji","creatorNameLang":"en"}],"nameIdentifiers":[{}]},{"creatorNames":[{"creatorName":"TERANISHI, Yuki","creatorNameLang":"en"}],"nameIdentifiers":[{}]}]},"item_files":{"attribute_name":"ファイル情報","attribute_type":"file","attribute_value_mlt":[{"accessrole":"open_access","filename":"DP16-30.pdf","filesize":[{"value":"482.0 kB"}],"format":"application/pdf","licensetype":"license_note","mimetype":"application/pdf","url":{"label":"DP16-30.pdf","url":"https://grips.repo.nii.ac.jp/record/1547/files/DP16-30.pdf"},"version_id":"8c6347df-17ff-4877-b33d-919826b40ea4"}]},"item_keyword":{"attribute_name":"キーワード","attribute_value_mlt":[{"subitem_subject":"optimal policy","subitem_subject_scheme":"Other"},{"subitem_subject":"financial market friction","subitem_subject_scheme":"Other"},{"subitem_subject":"search and matching","subitem_subject_scheme":"Other"}]},"item_language":{"attribute_name":"言語","attribute_value_mlt":[{"subitem_language":"eng"}]},"item_resource_type":{"attribute_name":"資源タイプ","attribute_value_mlt":[{"resourcetype":"technical report"}]},"item_title":"Optimal Policy Analysis in a New Keynesian Economy with Credit Market Search","item_titles":{"attribute_name":"タイトル","attribute_value_mlt":[{"subitem_title":"Optimal Policy Analysis in a New Keynesian Economy with Credit Market Search","subitem_title_language":"en"}]},"item_type_id":"12","owner":"16","path":["78"],"pubdate":{"attribute_name":"PubDate","attribute_value":"2017-02-22"},"publish_date":"2017-02-22","publish_status":"0","recid":"1547","relation_version_is_last":true,"title":["Optimal Policy Analysis in a New Keynesian Economy with Credit Market Search"],"weko_creator_id":"16","weko_shared_id":-1},"updated":"2023-11-20T08:44:46.132792+00:00"}