Optimal Central Bank Lending---中央银行的最佳信贷研究报告

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Optimal Central Bank Lending
We analyze optimal monetary policy in a sticky price
model where the central bank supplies money outright
via asset purchases and lends money temporarily against
collateral. The terms of central bank lending a¤ect ra-
tioning of money and impact on macroeconomic aggre-
gates. The central bank can set the policy rate and its
in‡ation target in a way that implements the …rst best
long-run allocation, which is impossible if money were
supplied in a lump-sum way (as commonly assumed).
E¢ cient central bank lending further increases gains
from macroeconomic stabilization beyond pure interest
rate policy. This requires departing from a "Treasuries-
only" regime.

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