| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25977 |
| 来源ID | Working Paper 25977 |
| Prudential Monetary Policy | |
| Ricardo J. Caballero; Alp Simsek | |
| 发表日期 | 2019-06-24 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Should monetary policymakers raise interest rates during a boom to rein in financial excesses? We theoretically investigate this question using an aggregate demand model with asset price booms and financial speculation. In our model, monetary policy affects financial stability through its impact on asset prices. Our main result shows that, when macroprudential policy is imperfect, there are conditions under which small doses of prudential monetary policy (PMP) can provide financial stability benefits that are equivalent to tightening leverage limits. PMP reduces asset prices during the boom, which softens the asset price crash when the economy transitions into a recession. This mitigates the recession because higher asset prices support leveraged, high-valuation investors’ balance sheets. The policy is most effective when the recession is more likely and leverage limits are neither too tight nor too slack. With shadow banks, whether PMP “gets in all the cracks” or not depends on the constraints faced by shadow banks. |
| 主题 | Macroeconomics ; Macroeconomic Models ; Consumption and Investment ; Business Cycles ; Money and Interest Rates ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w25977 |
| 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/583651 |
| 推荐引用方式 GB/T 7714 | Ricardo J. Caballero,Alp Simsek. Prudential Monetary Policy. 2019. |
| 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 | ||
| w25977.pdf（1206KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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