G2TT
来源类型Discussion paper
规范类型论文
来源IDDP11394
DP11394 Monetary Policy, Financial Conditions, and Financial Stability
Tobias Adrian; Nellie Liang
发表日期2016-07-16
出版年2016
语种英语
摘要We review a growing literature that incorporates endogenous risk premiums and risk taking in the conduct of monetary policy. Accommodative policy can create an inter-temporal tradeoff between improving current financial conditions at a cost of increasing future financial vulnerabilities. In the U.S., structural and cyclical macroprudential tools to reduce vulnerabilities at banks are being implemented, but may not be sufficient because activities can migrate and there are limited tools for nonbank intermediaries or for borrowers. While monetary policy itself can influence vulnerabilities, its efficacy as a tool will depend on the costs of tighter policy on activity and inflation. We highlight how adding a risk-taking channel to traditional transmission channels could significantly alter a cost-benefit calculation for using monetary policy, and that considering risks to financial stability—as downside risks to employment--is consistent with the dual mandate.
主题Financial Economics ; Monetary Economics and Fluctuations
关键词Risk taking channel of monetary policy Monetary policy transmission Monetary policy rules Financial stability Financial conditions Macroprudential policy Leaning against the wind
URLhttps://cepr.org/publications/dp11394
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/540208
推荐引用方式
GB/T 7714
Tobias Adrian,Nellie Liang. DP11394 Monetary Policy, Financial Conditions, and Financial Stability. 2016.
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