| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9223 |
| DP9223 Optimal Policy for Macro-Financial Stability | |
| Alessandro Rebucci; Gianluca Benigno; Christopher Otrok; Huigang Chen; Eric Young | |
| 发表日期 | 2012-11-18 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | In this paper we study whether policy makers should wait to intervene until a financial crisis strikes or rather act in a preemptive manner. We study this question in a relatively simple dynamic stochastic general equilibrium model in which crises are endogenous events induced by the presence of an occasionally binding borrowing constraint as in Mendoza (2010). First, we show that the same set of taxes that replicates the constrained social planner allocation could be used optimally by a Ramsey planner to achieve the first best unconstrained equilibrium: in both cases without any precautionary intervention. Second, we show that the extent to which policymakers should intervene in a preemptive manner depends critically on the set of policy tools available and what these instruments can achieve when a crisis strikes. For example, in the context of our model, we find that, if the policy tools is constrained so that the first best cannot be achieved and the policy maker has access to only one tax instrument, it is always desirable to intervene before the crisis regardless of the instrument used. If however the policy maker has access to two instruments, it is optimal to act only during crisis times. Third and finally, we propose a computational algorithm to solve Markov-Perfect optimal policy for problems in which the policy function is not differentiable. |
| 主题 | International Macroeconomics |
| 关键词 | Bailouts Capital controls Exchange rate policy Financial crises Financial frictions Macro-financial stability Macro-prudential policies |
| URL | https://cepr.org/publications/dp9223 |
| 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/538057 |
| 推荐引用方式 GB/T 7714 | Alessandro Rebucci,Gianluca Benigno,Christopher Otrok,et al. DP9223 Optimal Policy for Macro-Financial Stability. 2012. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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