Loan Commitments and Optimal Monetary Policy
分析企业更多依赖浮动利率贷款承诺如何影响最优货币政策，使用IS-LM模型整合信贷与商品市场，发现标准IS-LM范式中的分离假设不再成立。
This paper analyzes how increased reliance on floating rate loan commitments by firms affects the optimal interest-rate-conditioned monetary policy. The analysis uses a stylized Poole-type IS-LM structure that explicitly integrates the interaction between credit and goods markets. By endogenizing the choice between traditional loans and floating-rate commitments, the model can analyze interaction between central bank monetary policy decisions and the choice of loan contract types. A key implication is that, when this joint decision problem is taken into account, the separation between the monetary and goods sectors assumed in the standard IS-LM paradigm breaks down. Copyright 1990 by Ohio State University Press.