• Economics
  • Published 2014

Post-Crisis Slow Recovery and Monetary Policy

@inproceedings{Ikeda2014PostCrisisSR,
  title={Post-Crisis Slow Recovery and Monetary Policy},
  author={Daisuke Ikeda and Takushi Kurozumi},
  year={2014}
}
In the aftermath of the recent financial crisis and subsequent recession, slow recoveries have been observed and slowdowns in total factor productivity (TFP) growth have been measured in many economies. This paper develops a model that can describe a slow recovery resulting from an adverse financial shock in the presence of an endogenous mechanism of TFP growth, and examines how monetary policy should react to the financial shock in terms of social welfare. It is shown that in the face of the… CONTINUE READING

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