We reconsider the design of welfare-optimal monetary policy when financing frictions impair the supply of bank credit, and when the objectives set for monetary policy must be simple enough to be implementable and allow for effective accountability. We show that a flexible inflation targeting approach that places weight on stabilising inflation, a measure of resource utilisation, and a financial variable produces welfare benefits that are almost indistinguishable from fully-optimal Ramsey policy. The macro-financial trade-off in our estimated model of the euro area turns out to be modest, implying that the effects of financial frictions can be ameliorated at little cost in terms of inflation. A range of different financial objectives and policy preferences lead to similar conclusions.

当融资摩擦削弱银行信贷的供应，并且为货币政策设定的目标必须足够简单以实现并允许有效问责制时，我们会重新考虑福利最优货币政策的设计。我们表明，灵活的通货膨胀目标制方法将重点放在稳定通货膨胀，衡量资源利用和财务变量上，从而产生的福利与几乎完全最优的拉姆齐政策几乎没有区别。在我们对欧元区的估计模型中，宏观金融权衡取而代之的是适度的，这意味着就通货膨胀而言，可以以很少的成本来减轻金融摩擦的影响。一系列不同的财务目标和政策偏好得出相似的结论。