G2TT
来源类型Discussion paper
规范类型论文
来源IDDP15693
DP15693 Leaning Against the Wind: An Empirical Cost-Benefit Analysis
Luis Brandao-Marques; Machiko Narita; Erlend Nier
发表日期2021-01-21
出版年2021
语种英语
摘要This paper takes a new approach to assess the benefits of using different policy tools—macroprudential and monetary policies, foreign exchange interventions, and capital controls—in response to changes in financial conditions. Starting from quantile regressions, we evaluate policies across the full distribution of future output growth and inflation using loss functions. Tightening macroprudential policy dampens downside risks to growth from loose financial conditions, and is beneficial in net terms. By contrast, tightening monetary policy entails net losses. These findings also hold when reacting to easing global financial conditions, while buying foreign exchange or tightening capital controls yields only small net benefits.
主题International Macroeconomics and Finance
关键词monetary policy Macroprudential policy Fx intervention Capital controls Cost-benefit analysis
URLhttps://cepr.org/publications/dp15693
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/544700
推荐引用方式
GB/T 7714
Luis Brandao-Marques,Machiko Narita,Erlend Nier. DP15693 Leaning Against the Wind: An Empirical Cost-Benefit Analysis. 2021.
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
[Luis Brandao-Marques]的文章
[Machiko Narita]的文章
[Erlend Nier]的文章
百度学术
百度学术中相似的文章
[Luis Brandao-Marques]的文章
[Machiko Narita]的文章
[Erlend Nier]的文章
必应学术
必应学术中相似的文章
[Luis Brandao-Marques]的文章
[Machiko Narita]的文章
[Erlend Nier]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。