| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22283 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w22283 |
| 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/579956 |
| 推荐引用方式 GB/T 7714 | Ambrogio Cesa-Bianchi,Alessandro Rebucci. Does Easing Monetary Policy Increase Financial Instability?. 2016. |
| 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 | ||
| w22283.pdf（837KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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