Tight Money-Tight Credit: Coordination Failure in the Conduct of Monetary and Financial Policies
在新凯恩斯模型中引入伯南克-格特勒加速器，发现违反丁伯根规则和策略互动会破坏稳定政策；风险冲击的福利成本巨大，且简单泰勒规则或加入信贷利差的泰勒规则比单独使用泰勒规则加金融规则更差，纳什均衡虽也是紧缩货币-紧缩信贷但优于前两者。
Violations of Tinbergen’s rule and strategic interaction undermine stabilization policies in a New Keynesian model with the Bernanke-Gertler accelerator. Welfare costs of risk shocks are large because of efficiency losses and income effects of costly monitoring, but they are much larger under a simple Taylor rule (STR) or a Taylor rule augmented with credit spreads (ATR) than with a Taylor rule and a separate financial rule targeting spreads. ATR and STR are tight money-tight credit regimes responding too much (little) to inflation (spreads). The Nash equilibrium of monetary and financial policies is also tight money-tight credit but it dominates ATR and STR.