The Effects of Monetary Policy Shocks in Credit and Labor Markets with Search and Matching Frictions

By introducing search and matching frictions in both the labor and the credit markets into a cash in advance New Keynesian DSGE model, we provide a novel explanation of the incomplete pass-through from policy rates to loan rates. We show that this phenomenon is ineradicable if banks possess some power in the bargaining over the loan rate of interest, if the cost of posting job vacancies is positive and if firms and bank sustain costs when searching for lines of credit and when posting credit vacancies, respectively. The presence of credit market frictions moderates the reactions of output and wages to a monetary shock

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Year of publication:	2012
Authors:	Giuli, Francesco
Other Persons:	Ciccarone, Giuseppe (contributor) ; Liberati, Danilo (contributor)
Publisher:	[2012]: [S.l.] : SSRN
Subject:	Geldpolitik \| Monetary policy \| Matching \| Schock \| Shock \| Arbeitsmarkt \| Labour market \| Suchtheorie \| Search theory

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