| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11830 |
| 来源ID | Working Paper 11830 |
| Do Capital Adequacy Requirements Matter for Monetary Policy? | |
| Stephen G. Cecchetti; Lianfi Li | |
| 发表日期 | 2005-12-05 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | Central bankers and financial supervisors often have different goals. While monetary policymakers want to ensure that there are always sufficient lending activities to maintain high and stable economic growth, supervisors work to limit banks. lending capacities in order to prevent excessive risk-taking. To avoid working at cross-purposes, central bankers need to adopt a policy strategy that accounts for the impact of capital adequacy requirements. In this paper we derive an optimal monetary policy that reinforces prudential capital requirements at the same time that it stabilizes aggregate economic activity. We go on to show that policymakers at the Federal Reserve adjust interest rate policy in a way that would neutralize the procyclical impact of bank capital requirements. By contrast, central bankers in Germany and Japan clearly do not act as the theory suggests they should. |
| 主题 | Macroeconomics ; Monetary Policy ; Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w11830 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/569481 |
| 推荐引用方式 GB/T 7714 | Stephen G. Cecchetti,Lianfi Li. Do Capital Adequacy Requirements Matter for Monetary Policy?. 2005. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w11830.pdf（359KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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