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Cost-Benefit Analysis of Leaning Against the Wind
Mr.Lars E. O. Svensson
其他書名
Are Costs Larger Also with Less Effective Macroprudential Policy?
出版International Monetary Fund, 2016-01-11
主題Business & Economics / Labor / GeneralBusiness & Economics / Banks & BankingBusiness & Economics / Finance / Financial Risk Management
ISBN14983107379781498310734
URLhttp://books.google.com.hk/books?id=Fw4ZEAAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋“Leaning against the wind” (LAW) with a higher monetary policy interest rate may have benefits in terms of lower real debt growth and associated lower probability of a financial crisis but has costs in terms of higher unemployment and lower inflation, importantly including a higher cost of a crisis when the economy is weaker. For existing empirical estimates, costs exceed benefits by a substantial margin, even if monetary policy is nonneutral and permanently affects real debt. Somewhat surprisingly, less effective macroprudential policy and generally a credit boom, with resulting higher probability, severity, or duration of a crisis, increases costs of LAW more than benefits, thus further strengthening the strong case against LAW.