The financial accelerator and monetary policy rules |
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| Authors: | Gü ne? Kamber |
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| Affiliation: | a Reserve Bank of New Zealand, New Zealandb School of Economics and Finance, Victoria University of Wellington, PO Box 600, Wellington 6140, New Zealandc CAMA, Australia |
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| Abstract: | Comparing Bernanke et al.’s (1999) financial accelerator model to a comparable model without an operational financial accelerator mechanism, we find that financial acceleration is reduced when monetary policy reacts to the output gap and when firm-specific volatility rises. |
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| Keywords: | E32 E52 |
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