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来源类型Working Paper
规范类型报告
DOI10.3386/w22283
来源IDWorking Paper 22283
Does Easing Monetary Policy Increase Financial Instability?
Ambrogio Cesa-Bianchi; Alessandro Rebucci
发表日期2016-05-30
出版年2016
语种英语
摘要This paper develops a model featuring both a macroeconomic and a financial friction that speaks to the interaction between monetary and macro-prudential policy and to the role of U.S. monetary and regulatory policy in the run up to the Great Recession. There are two main results. First, real interest rate rigidities in a monopolistic banking system increase the probability of a financial crisis (relative to the case of flexible interest rate) in response to contractionary shocks to the economy, while they act as automatic macro-prudential stabilizers in response to expansionary shocks. Second, when the interest rate is the only available policy instrument, a monetary authority subject to the same constraints as private agents cannot always achieve a (constrained) efficient allocation and faces a trade-off between macroeconomic and financial stability in response to contractionary shocks. An implication of our analysis is that the weak link in the U.S. policy framework in the run up to the Global Recession was not excessively lax monetary policy after 2002, but rather the absence of an effective second policy instrument aimed at preserving financial stability.
主题Macroeconomics ; Money and Interest Rates ; Monetary Policy ; Fiscal Policy
URLhttps://www.nber.org/papers/w22283
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/579956
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GB/T 7714
Ambrogio Cesa-Bianchi,Alessandro Rebucci. Does Easing Monetary Policy Increase Financial Instability?. 2016.
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