Time-varying monetary-policy rules and financial stress: Does financial instability matter for monetary policy?
نویسندگان
چکیده
منابع مشابه
Financial globalization and monetary policy
Financial Globalization and Monetary Policy* The process of financial globalization has significantly altered the environment in which national monetary policy authorities operate. What implications does this have for the design of monetary policy? The question can be properly addressed only in the context of a model where monetary policy interacts with financial market efficiency. This paper i...
متن کاملFinancial Consolidation and Monetary Policy
he 1990s were characterized by substantial financial sector consolidation across a large number of industrialized countries. This consolidation included within-industry and within-country consolidation as well as cross-industry (for example, banking and insurance) and cross-border consolidation. In addition to mergers and acquisitions, there was a substantial increase in joint ventures and stra...
متن کاملMonetary Policy under Financial Uncertainty ∗
This paper considers the role of monetary policy in mitigating the effects of financial crises. I suppose that the economy occasionally but infrequently experiences crises, where financial variables directly affect the broader real economy. I analyze the formulation of monetary policy under such financial uncertainty, where policymakers recognize the possibility of financial crises, which leads...
متن کاملFinancial Cycles and Monetary Policy in Iran's Economy
The global financial crisis in 2007 showed that financial variables from different channels could exacerbate business cycle fluctuations. From the perspective of modeling in the economy, the models that assumed financial markets without friction lost their credibility. Accordingly, the correct response of the monetary authorities to the financial cycles has become one of the theoretical and pol...
متن کاملInvestigating the Asymmetric Relationship between Financial Instability, Monetary Policy and Economic Growth in Iran
This study investigated the asymmetric effects of financial instability shocks on economic growth and monetary policy shocks on financial instability in Iran. For this purpose,data 1991:3 to 2017:1 and nonlinear auto-regressive distributed lag (NARDL) approach has been used. For this purpose, three models have been estimated. In the first model, the asymmetric effects of fiscal instability shoc...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Financial Stability
سال: 2013
ISSN: 1572-3089
DOI: 10.1016/j.jfs.2011.10.002