| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w30038 |
| 来源ID | Working Paper 30038 |
| Liquidity Traps, Prudential Policies, and International Spillovers | |
| Javier Bianchi; Louphou Coulibaly | |
| 发表日期 | 2022-05-16 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | This paper studies the transmission channels of monetary and macroprudential policies in an open economy framework and evaluates the normative implications for international spillovers and global welfare. An analytical decomposition uncovers the prominent role of expenditure switching for monetary policy, while macroprudential policy operates primarily through intertemporal substitution. We show that the risk of a liquidity trap generates a monetary policy tradeoff between stabilizing current output and containing capital inflows to lower the likelihood of a future recession, but leaning against the wind is not necessarily optimal. Finally, contrary to emerging policy concerns, capital controls can enhance global stability. |
| 主题 | Macroeconomics ; Consumption and Investment ; Money and Interest Rates ; Monetary Policy ; Fiscal Policy ; International Economics ; International Finance |
| URL | https://www.nber.org/papers/w30038 |
| 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/587712 |
| 推荐引用方式 GB/T 7714 | Javier Bianchi,Louphou Coulibaly. Liquidity Traps, Prudential Policies, and International Spillovers. 2022. |
| 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 | ||
| w30038.pdf（569KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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