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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP13832 |
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 |
URL | https://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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