登入選單
返回Google圖書搜尋
Monetary and Macroprudential Policies to Manage Capital Flows
Juan Pablo Medina GuzmanMr.Jorge Roldos
出版International Monetary Fund, 2014-02-12
主題Business & Economics / Money & Monetary PolicyBusiness & Economics / Labor / GeneralBusiness & Economics / Banks & Banking
ISBN14843028939781484302897
URLhttp://books.google.com.hk/books?id=EGMcAwAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋We study interactions between monetary and macroprudential policies in a model with nominal and financial frictions. The latter derive from a financial sector that provides credit and liquidity services that lead to a financial accelerator-cum-fire-sales amplification mechanism. In response to fluctuations in world interest rates, inflation targeting dominates standard Taylor rules, but leads to increased volatility in credit and asset prices. The use of a countercyclical macroprudential instrument in addition to the policy rate improves welfare and has important implications for the conduct of monetary policy. “Leaning against the wind” or augmenting a standard Taylor rule with an argument on credit growth may not be an effective policy response.