G2TT
来源类型Discussion paper
规范类型论文
来源IDDP13832
DP13832 Prudential Monetary Policy
Ricardo Caballero; Alp Simsek
发表日期2019-06-28
出版年2019
语种英语
摘要Should monetary policymakers raise interest rates during a boom to rein in financial excesses? We theoretically investigate this question using an aggregate demand model with asset price booms and financial speculation. In our model, monetary policy affects financial stability through its impact on asset prices. Our main result shows that, when macroprudential policy is imperfect, there are conditions under which small doses of prudential monetary policy (PMP) can provide financial stability benefits that are equivalent to tightening leverage limits. PMP reduces asset prices during the boom, which softens the asset price crash when the economy transitions into a recession. This mitigates the recession because higher asset prices support leveraged, high-valuation investors' balance sheets. The policy is most effective when the recession is more likely and leverage limits are neither too tight nor too slack. With shadow banks, whether PMP "gets in all the cracks" or not depends on the constraints faced by shadow banks.
主题Financial Economics ; Monetary Economics and Fluctuations
关键词Speculation Leverage Aggregate demand Business cycle Effective lower bound monetary policy Regulation Macroprudential policies Leaning against the wind Shadow banks
URLhttps://cepr.org/publications/dp13832-1
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/542707
推荐引用方式
GB/T 7714
Ricardo Caballero,Alp Simsek. DP13832 Prudential Monetary Policy. 2019.
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