Monetary and Macroprudential Policy with Multi-Period Loans
نویسندگان
چکیده
منابع مشابه
Discussion of “Monetary Policy, Macroprudential Policy, and Banking Stability: Evidence from the Euro Area”∗
The staggering economic and social costs left behind by the near collapse of the global financial system in the autumn of 2008 have led to much soul searching among economists. What were the factors that contributed to the massive buildup of risks and imbalances in the financial system in the years prior to the 2007–09 financial crisis—many of which went undetected or were poorly understood at ...
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Incorporating financial intermediaries, with their ability to generate shocks and frictions, into macroeconomic models has recently gained substantial attention of the profession. In this commentary I ask whether the models we generated are ripe to provide valuable, quantitative advice to policymakers, especially those interested in implementing and conducting macroprudential policy. I concentr...
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The U.S. financial crisis of 2007–09 has engendered considerable research effort seeking to understand the interaction of the housing sector with the real economy. A primary obstacle to understanding this matter is the absence of a coherent model of the housing market. Justiniano, Primiceri, and Tambalotti (2012) make clear that standard dynamic stochastic general equilibrium models—of the kind...
متن کاملMacroprudential Policy Coordination with International Capital Flows
We theoretically illustrate how macroprudential policy spillovers through international capital flows can lead to uncoordinated policy choices that are tighter than would occur with coordination. We consider a symmetric two-country macro model in which countries have limited ability to issue state-contingent contracts in international markets. Accordingly, output endogenously depends on the rel...
متن کاملDiscussion of “Monetary and Macroprudential Policy in an Estimated DSGE Model of the
The recent crisis has highlighted the need for a “macroprudential policy” ensuring financial stability. One of the key aspects of this forthcoming macroprudential policy is the setting of bank capital requirements conditionally on the state of the economy—what the Basel Committee on Banking Supervision (2010) calls the “countercyclical capital buffer.” This raises the issue of the interactions ...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2014
ISSN: 1556-5068
DOI: 10.2139/ssrn.2602450