| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11394 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
| 个性服务 |
| 推荐该条目 |
| 保存到收藏夹 |
| 导出为Endnote文件 |
| 谷歌学术 |
| 谷歌学术中相似的文章 |
| [Tobias Adrian]的文章 |
| [Nellie Liang]的文章 |
| 百度学术 |
| 百度学术中相似的文章 |
| [Tobias Adrian]的文章 |
| [Nellie Liang]的文章 |
| 必应学术 |
| 必应学术中相似的文章 |
| [Tobias Adrian]的文章 |
| [Nellie Liang]的文章 |
| 相关权益政策 |
| 暂无数据 |
| 收藏/分享 |
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
