G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w23658
来源IDWorking 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
URLhttps://www.nber.org/papers/w23658
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/581332
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François Gourio,Anil K. Kashyap,Jae Sim. The Tradeoffs in Leaning Against the Wind. 2017.
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