Abstract After the financial market meltdown and the Great Recession of the years 2007–9, the financial market-macro link has become an important issue in monetary policy modeling. We develop a dynamic model that contains a nonlinear Phillips curve, a dynamic output equation, and a nonlinear credit flow equation – capturing the importance of credit cycles, risk premia, and credit spreads. Our Nonlinear Quadratic Model (NLQ) model has three dynamic state equations and a quadratic objective function. It can be used to evaluate the response of central banks to the Great Recession in moving from conventional to unconventional monetary policy. We solve the model with a new numerical procedure using estimated parameters for the euro area. We conduct simulations to explore the (de)stabilizing effects of the nonlinearities in the model. We demonstrate that credit flows, risk premia, and credit spreads play an important role as an amplification mechanism and in affecting the transmission of monetary policy. We thereby highlight the importance of the natural rate of interest as an anchor for a central bank target and the weight it places on the credit flows for the effectiveness of unconventional monetary policy. Our model is similar in structure compared to larger scale macro-econometric models which many central banks employ.

中文翻译：

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非线性二次模型中的非常规货币政策

摘要 在金融市场崩溃和 2007-9 年的大衰退之后，金融市场与宏观的联系成为货币政策建模中的一个重要问题。我们开发了一个包含非线性菲利普斯曲线、动态输出方程和非线性信用流量方程的动态模型——捕捉信用周期、风险溢价和信用利差的重要性。我们的非线性二次模型 (NLQ) 模型具有三个动态状态方程和一个二次目标函数。它可用于评估中央银行在从常规货币政策转向非常规货币政策的过程中对大衰退的反应。我们使用欧元区的估计参数通过新的数值程序求解模型。我们进行模拟以探索模型中非线性的（去）稳定效应。我们证明了信用流量、风险溢价和信用利差作为放大机制和影响货币政策传导的重要作用。因此，我们强调了自然利率作为中央银行目标锚点的重要性，以及它对非常规货币政策有效性的信贷流动的重视。与许多中央银行采用的更大规模的宏观经济计量模型相比，我们的模型在结构上相似。因此，我们强调了自然利率作为中央银行目标锚点的重要性，以及它对非常规货币政策有效性的信贷流动的重视。与许多中央银行采用的更大规模的宏观经济计量模型相比，我们的模型在结构上相似。因此，我们强调了自然利率作为央行目标锚定点的重要性，以及它对非常规货币政策有效性的信贷流动的重视。与许多中央银行采用的更大规模的宏观经济计量模型相比，我们的模型在结构上相似。