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Targeting financial stability: macroprudential or monetary policy?
Gespeichert in:
| Personen und Körperschaften: | , , , |
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| Titel: | Targeting financial stability: macroprudential or monetary policy?/ David Aikman, Julia Giese, Sujit Kapadia, Michael McLeay |
| Format: | E-Book |
| Sprache: | Englisch |
| veröffentlicht: |
Frankfurt am Main, Germany
European Central Bank
[2019]
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| Gesamtaufnahme: |
Europäische Zentralbank: Working paper series ; no 2278 (May 2019)
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| Quelle: | Verbunddaten SWB Lizenzfreie Online-Ressourcen |
| Zusammenfassung: | This paper explores monetary-macroprudential policy interactions in a simple, calibrated New Keynesian model incorporating the possibility of a credit boom precipitating a financial crisis and a loss function reflecting financial stability considerations. Deploying the countercyclical capital buffer (CCyB) improves outcomes significantly relative to when interest rates are the only instrument. The instruments are typically substitutes, with monetary policy loosening when the CCyB tightens. We also examine when the instruments are complements and assess how different shocks, the effective lower bound for monetary policy, market-based finance and a risk-taking channel of monetary policy affect our results. |
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| Umfang: | 1 Online-Ressource (circa 64 Seiten); Illustrationen |
| ISBN: |
9789289935401
9289935405 |
| DOI: | 10.2866/038222 |