| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16203 |
| DP16203 Monetary Policy Independence and the Strength of the Global Financial Cycle | |
| Christian Friedrich; Pierre Guerin; Danilo Leiva-León | |
| 发表日期 | 2021-05-28 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We propose a new strength measure of the global financial cycle by estimating a regime-switching factor model on cross-border equity flows. We then assess how this measure affects monetary policy independence, defined as central banks' responses to exogenous changes in inflation. We show that central banks tighten their policy rates in response to an unanticipated increase in inflation during times when global financial cycle strength is low, but their responses are muted when financial cycle strength is high. Finally, we show that capital controls, macroprudential policies, and a flexible exchange rate regime can increase monetary policy independence. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Global financial cycle strength Monetary policy independence Capital controls Macroprudential policies |
| URL | https://cepr.org/publications/dp16203 |
| 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/545174 |
| 推荐引用方式 GB/T 7714 | Christian Friedrich,Pierre Guerin,Danilo Leiva-León. DP16203 Monetary Policy Independence and the Strength of the Global Financial Cycle. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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