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Leaning Against Windy Bank Lending
Mr.Giovanni MelinaStefania Villa
出版International Monetary Fund, 2017-08-07
主題Business & Economics / Money & Monetary PolicyBusiness & Economics / InflationBusiness & Economics / Banks & Banking
ISBN148431445X9781484314456
URLhttp://books.google.com.hk/books?id=4L1ADwAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋Using an estimated dynamic stochastic general equilibrium model with banking, this paper first provides evidence that monetary policy reacted to bank loan growth in the US during the Great Moderation. It then shows that the optimized simple interest-rate rule features no response to the growth of bank credit. However, the welfare loss associated to the empirical responsiveness is small. The sources of business cycle fluctuations are crucial in determining whether a “leaning-against-the-wind” policy is optimal or not. In fact, the predominant role of supply shocks in the model gives rise to a trade-off between inflation and financial stabilization.