NKMSNew Kent Middle School ( New Kent, VA)
NKMSNorthern Kentucky Medical Society
NKMSNatural Knowledge Management System
NKMSNavy Key Management System
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References in periodicals archive ?
In this article, however, we study implications of lending relationships for the analysis of the monetary policy, focusing particularly on the impact of endogenous markup on interest rate setting, Taylor Rules, and the indeterminacy properties of the augmented NKM.
Their model incorporates the financial accelerator into a standard NKM. They find that credit frictions imply different natural rate dynamics and different monetary policy responses.
We conclude that active policymaking under lending relationships and endogenous banking spreads significantly alters stability conditions as compared to basic three equation NKM. While interest rate smoothing is important for stability purposes, there is a much less clear-cut case for targeting output gap.
We present a simple NKM that incorporates a basic and relevant feature of financial intermediation, namely, lending relationships.