| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7944 |
| DP7944 Central Banks and the Financial System | |
| Francesco Giavazzi; Alberto Giovannini | |
| 发表日期 | 2010-08-01 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | Financial systems are inherently fragile because of the very function which makes them valuable: liquidity transformation. Thus regulatory reforms, as urgent and desirable as they are, will definitely strengthen the financial system and decrease the risk of liquidity crises, but they will never eliminate it. This leaves monetary policy with a very important task. In a framework that recognizes the interactions between monetary policy and liquidity transformation 'optimal' monetary policy would consist of a modified Taylor rule in which the real rate reflects the possibility of liquidity crises and recognizes the possibility that liquidity transformation gets subsidized. Failure to recognize this point risks leading the economy into a low interest rate trap: low interest rates induce too much risk taking and increase the probability of crises. These crises, in turn, require low interest rates to maintain the financial system alive. Raising rates becomes extremely difficult in a severely weakened financial system, so monetary authorities remain stuck in a low interest rates trap. This seems a reasonable description of the situation we have experienced throughout the past decade |
| 主题 | International Macroeconomics |
| 关键词 | Financial markets Monetray policy |
| URL | https://cepr.org/publications/dp7944 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536780 |
| 推荐引用方式 GB/T 7714 | Francesco Giavazzi,Alberto Giovannini. DP7944 Central Banks and the Financial System. 2010. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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