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The Macroeconomic Effects of Bank Capital Requirement Tightenings
Sandra Eickmeier
Benedikt Kolb
Esteban Prieto
其他書名
Evidence from a Narrative Approach
出版
Australian National University, Crawford School of Public Policy, Centre for Applied Macroeconomic Analysis
, 2018
URL
http://books.google.com.hk/books?id=kT3CzQEACAAJ&hl=&source=gbs_api
註釋
Bank capital regulations are intended to enhance financial stability in the long run, but may, in the meanwhile, involve costs for the real economy. To examine these costs we propose a narrative index of aggregate tightenings in regulatory US bank capital requirements from 1979 to 2008. Anticipation effects are explicitly taken into account and found to matter. In response to a tightening in capital requirements, banks temporarily reduce business and real estate lending, which temporarily lowers investment, consumption, housing activity and production. A decline in financial and macroeconomic risk helps sustain spending in the medium run. Monetary policy also cushions negative effects of capital requirement tightenings on the economy.
