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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w23658 |
来源ID | Working Paper 23658 |
The Tradeoffs in Leaning Against the Wind | |
François Gourio; Anil K. Kashyap; Jae Sim | |
发表日期 | 2017-08-07 |
出版年 | 2017 |
语种 | 英语 |
摘要 | Credit booms sometimes lead to financial crises which are accompanied with severe and persistent economic slumps. Does this imply that monetary policy should “lean against the wind” and counteract excess credit growth, even at the cost of higher output and inflation volatility? We study this issue quantitatively in a standard small New Keynesian dynamic stochastic general equilibrium model which includes a risk of financial crisis that depends on “excess credit”. We compare monetary policy rules that respond to the output gap with rules that respond to excess credit. We find that leaning against the wind may be attractive, depending on several factors, including (1) the severity of financial crises; (2) the sensitivity of crisis probability to excess credit; (3) the volatility of excess credit; (4) the level of risk aversion. |
主题 | Macroeconomics ; Monetary Policy ; Financial Economics ; Financial Institutions |
URL | https://www.nber.org/papers/w23658 |
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/581332 |
推荐引用方式 GB/T 7714 | François Gourio,Anil K. Kashyap,Jae Sim. The Tradeoffs in Leaning Against the Wind. 2017. |
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 | ||
w23658.pdf(521KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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