| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13530 |
| DP13530 Monetary Policy, Macroprudential Policy, and Financial Stability | |
| David Martinez-Miera; Rafael Repullo | |
| 发表日期 | 2019-02-14 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | 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 effective in terms of financial stability and leads to higher social welfare. |
| 主题 | Financial Economics ; Monetary Economics and Fluctuations |
| 关键词 | Bank monitoring Intermediation margin monetary policy Macroprudential policy Capital requirements Financial stability |
| URL | https://cepr.org/publications/dp13530 |
| 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/542346 |
| 推荐引用方式 GB/T 7714 | David Martinez-Miera,Rafael Repullo. DP13530 Monetary Policy, Macroprudential Policy, and Financial Stability. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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