Segnalazione dalla BCE

 (...) the latest issue (No. 118) of the ECB Research Bulletin, entitled “Unlocking efficiency: optimal monetary policy when capital misallocation matters”.

 

Beatriz González (Banco de España), Galo Nuño (Banco de España), Dominik Thaler (Directorate General Research, European Central Bank) and Silvia Albrizio (International Monetary Fund) use a New Keynesian model and granular data on Spanish firms to show that expansionary monetary policy reduces capital misallocation, potentially allowing some firms to contribute significantly to economic productivity. However, in committing to an optimal policy course, central banks are better off sticking to price stability rather than exploiting this channel to influence productivity.

 

The ECB Research Bulletin features a selection of recent work on policy-relevant topics by ECB economists. Published on a monthly basis, the articles in the Research Bulletin are intended for a general audience. The views expressed in each article are those of the authors and do not necessarily represent the views of the European Central Bank and the Eurosystem. (...)