{"id":"https://openalex.org/W2163333655","doi":null,"title":"Financial inclusion and optimal monetary policy","display_name":"Financial inclusion and optimal monetary policy","publication_year":2014,"publication_date":"2014-12-01","ids":{"openalex":"https://openalex.org/W2163333655","mag":"2163333655"},"language":"en","primary_location":{"id":"mag:2163333655","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID2542220_code1109023.pdf?abstractid=2542220&mirid=1","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},"volume":null,"type":"preprint","indexed_in":[],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID2542220_code1109023.pdf?abstractid=2542220&mirid=1","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5044210888","display_name":"Aaron N. Mehrotra","orcid":"https://orcid.org/0000-0001-8822-6255","observed_orcids":["https://orcid.org/0000-0001-8822-6255"]},"institutions":[{"id":"https://openalex.org/I52989892","display_name":"Bank for International Settlements","ror":"https://ror.org/00d062t77","country_code":"CH","type":"other","lineage":["https://openalex.org/I52989892"]}],"countries":["CH"],"is_corresponding":false,"raw_author_name":"Aaron Mehrotra","raw_affiliation_strings":["Bank for International Settlements (BIS)"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Bank for International Settlements (BIS)","institution_ids":["https://openalex.org/I52989892"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5083514395","display_name":"James Yetman","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I52989892","display_name":"Bank for International Settlements","ror":"https://ror.org/00d062t77","country_code":"CH","type":"other","lineage":["https://openalex.org/I52989892"]}],"countries":["CH"],"is_corresponding":false,"raw_author_name":"James Yetman","raw_affiliation_strings":["Bank for International Settlements (BIS)"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Bank for International Settlements (BIS)","institution_ids":["https://openalex.org/I52989892"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I52989892"],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":false,"cited_by_count":42,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9907000064849854,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9907000064849854,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.003700000001117587,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.00139999995008111,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/financial-inclusion","display_name":"financial inclusion","score":1.0},{"id":"https://openalex.org/keywords/optimal-monetary-policy","display_name":"optimal monetary policy","score":0.9869999885559082},{"id":"https://openalex.org/keywords/consumption-smoothing","display_name":"consumption smoothing","score":0.640999972820282},{"id":"https://openalex.org/keywords/earnings-volatility","display_name":"earnings volatility","score":0.8289999961853027},{"id":"https://openalex.org/keywords/output-volatility","display_name":"output volatility","score":0.7590000033378601},{"id":"https://openalex.org/keywords/inflation-volatility","display_name":"inflation volatility","score":0.9829999804496765},{"id":"https://openalex.org/keywords/central-bank-independence","display_name":"central bank independence","score":0.8799999952316284},{"id":"https://openalex.org/keywords/developing-countries","display_name":"developing countries","score":0.6079999804496765},{"id":"https://openalex.org/keywords/emerging-markets","display_name":"emerging markets","score":0.5820000171661377}],"concepts":[{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.759727954864502},{"id":"https://openalex.org/C91602232","wikidata":"https://www.wikidata.org/wiki/Q756115","display_name":"Volatility (finance)","level":2,"score":0.7021191120147705},{"id":"https://openalex.org/C2779251847","wikidata":"https://www.wikidata.org/wiki/Q60852","display_name":"Financial inclusion","level":3,"score":0.6727586984634399},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6313033103942871},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5540357828140259},{"id":"https://openalex.org/C100243477","wikidata":"https://www.wikidata.org/wiki/Q12002092","display_name":"Welfare","level":2,"score":0.4778951406478882},{"id":"https://openalex.org/C19244329","wikidata":"https://www.wikidata.org/wiki/Q208697","display_name":"Financial market","level":2,"score":0.46729567646980286},{"id":"https://openalex.org/C185824701","wikidata":"https://www.wikidata.org/wiki/Q1193759","display_name":"Inflation targeting","level":3,"score":0.4525810480117798},{"id":"https://openalex.org/C175025494","wikidata":"https://www.wikidata.org/wiki/Q179179","display_name":"Interest rate","level":2,"score":0.4102891683578491},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.30007797479629517},{"id":"https://openalex.org/C139043278","wikidata":"https://www.wikidata.org/wiki/Q837171","display_name":"Financial services","level":2,"score":0.20926889777183533},{"id":"https://openalex.org/C34447519","wikidata":"https://www.wikidata.org/wiki/Q179522","display_name":"Market economy","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"mag:2163333655","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID2542220_code1109023.pdf?abstractid=2542220&mirid=1","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},{"id":"mag:3122723964","doi":null,"is_oa":false,"landing_page_url":"https://EconPapers.repec.org/RePEc:bis:biswps:476","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"RePEc: Research Papers in Economics","raw_type":null},{"id":"pmh:oai:RePEc:bis:biswps:476","doi":null,"is_oa":false,"landing_page_url":"http://www.bis.org/publ/work476.htm","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"}],"best_oa_location":{"id":"mag:2163333655","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID2542220_code1109023.pdf?abstractid=2542220&mirid=1","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/8","display_name":"Decent work and economic growth","score":0.6452000141143799},{"id":"https://metadata.un.org/sdg/1","display_name":"No poverty","score":0.41670000553131104}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":29,"referenced_works":["https://openalex.org/W1545731555","https://openalex.org/W1804644284","https://openalex.org/W1935358403","https://openalex.org/W2010661637","https://openalex.org/W2012229008","https://openalex.org/W2022923850","https://openalex.org/W2035554302","https://openalex.org/W2053726044","https://openalex.org/W2062649741","https://openalex.org/W2083485815","https://openalex.org/W2099136864","https://openalex.org/W2134622247","https://openalex.org/W2142741054","https://openalex.org/W2147555011","https://openalex.org/W2252961738","https://openalex.org/W2499563387","https://openalex.org/W2891562038","https://openalex.org/W3121353703","https://openalex.org/W3122285641","https://openalex.org/W3122896527","https://openalex.org/W3123192902","https://openalex.org/W3123571040","https://openalex.org/W3123803505","https://openalex.org/W3123968775","https://openalex.org/W3124259699","https://openalex.org/W3124409123","https://openalex.org/W3124537406","https://openalex.org/W3124841018","https://openalex.org/W3124942622"],"related_works":["https://openalex.org/W4406706095","https://openalex.org/W6950091703","https://openalex.org/W3020818027","https://openalex.org/W7215894541","https://openalex.org/W2924279076","https://openalex.org/W4409613808","https://openalex.org/W4323344642","https://openalex.org/W7112347699","https://openalex.org/W2912521994","https://openalex.org/W4323342946"],"abstract_inverted_index":{"Limited":[0],"access":[1],"to":[2,57,61,93,138],"the":[3,12,28,65,81,88,102],"formal":[4],"financial":[5,31,111],"sector":[6],"is":[7,40],"a":[8,77,106,123],"common":[9],"feature":[10],"of":[11,30,67,83,90,126],"economic":[13],"environment":[14],"in":[15,64,128],"many":[16],"emerging":[17],"market":[18],"and":[19,45,59,87],"developing":[20],"economies.":[21],"In":[22,48],"this":[23,49],"paper,":[24],"we":[25],"examine":[26],"how":[27],"level":[29],"inclusion":[32],"affects":[33],"welfare-maximising":[34],"monetary":[35,74,130,140],"policy.":[36],"Our":[37],"theoretical":[38],"framework":[39],"based":[41],"on":[42,110],"Gal\u00ed,":[43],"L\u00f3pez-Salido":[44],"Vall\u00e9s":[46],"(2004).":[47],"model,":[50],"only":[51],"financially":[52,84],"included":[53,85],"households":[54,86],"are":[55,116],"able":[56],"borrow":[58],"save":[60],"smooth":[62],"consumption":[63],"face":[66],"income":[68],"volatility.":[69,95],"We":[70,96],"show":[71],"that":[72],"optimal":[73],"policy":[75,131,141],"implies":[76],"positive":[78],"relationship":[79],"between":[80],"share":[82],"ratio":[89],"output":[91],"volatility":[92],"inflation":[94],"find":[97],"strong":[98],"empirical":[99,114],"support":[100],"for":[101],"model's":[103],"predictions":[104],"using":[105],"broad":[107],"cross-country":[108],"dataset":[109],"inclusion.":[112],"The":[113],"results":[115],"driven":[117],"primarily":[118],"by":[119],"central":[120],"banks":[121],"with":[122],"high":[124],"degree":[125],"autonomy":[127],"their":[129],"decisions,":[132],"who":[133],"might":[134],"be":[135],"most":[136],"likely":[137],"set":[139],"optimally.":[142]},"counts_by_year":[{"year":2025,"cited_by_count":4},{"year":2024,"cited_by_count":4},{"year":2023,"cited_by_count":4},{"year":2022,"cited_by_count":6},{"year":2021,"cited_by_count":5},{"year":2020,"cited_by_count":6},{"year":2019,"cited_by_count":6},{"year":2018,"cited_by_count":1},{"year":2017,"cited_by_count":1},{"year":2016,"cited_by_count":4},{"year":2015,"cited_by_count":1}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2016-06-24T00:00:00"}