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Monetary policy, macroprudential policy, and financial stability
Gespeichert in:
| Personen und Körperschaften: | , |
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| Titel: | Monetary policy, macroprudential policy, and financial stability/ David Martinez-Miera, Rafael Repullo |
| 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 2297 (July 2019)
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| Quelle: | Verbunddaten SWB Lizenzfreie Online-Ressourcen |
| Zusammenfassung: | This paper reexamines from a theoretical perspective the role of monetary and macroprudential policies in addressing the build-up of risks in the financial system. We construct a stylized general equilibrium model in which the key friction comes from a moral hazard problem in firms' financing that banks' equity capital serves to ameliorate. Tight monetary policy is introduced by open market sales of government debt, and tight macroprudential policy by an increase in capital requirements. We show that both policies are useful, but macroprudential policy is more e¤ective in fostering financial stability and leads to higher social welfare. |
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| Umfang: | 1 Online-Ressource (circa 42 Seiten); Illustrationen |
| ISBN: |
9789289935593
9289935596 |
| DOI: | 10.2866/880388 |