| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15693 |
| 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 |
| URL | https://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。 | |||||
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