Macroprudential Rules And Monetary Policy When Financial Frictions Matter PDF Download
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Author | : Jeannine N. Bailliu |
Publisher | : |
Total Pages | : 37 |
Release | : 2012 |
Genre | : Financial crises |
ISBN | : |
Download Macroprudential Rules and Monetary Policy when Financial Frictions Matter Book in PDF, ePub and Kindle
Author | : Pierre-Richard Agenor |
Publisher | : MIT Press |
Total Pages | : 601 |
Release | : 2020-11-10 |
Genre | : Business & Economics |
ISBN | : 0262359421 |
Download Monetary Policy and Macroprudential Regulation with Financial Frictions Book in PDF, ePub and Kindle
An integrated analysis of how financial frictions can be accounted for in macroeconomic models built to study monetary policy and macroprudential regulation. Since the global financial crisis, there has been a renewed effort to emphasize financial frictions in designing closed- and open-economy macroeconomic models for monetary and macroprudential policy analysis. Drawing on the extensive literature of the past decade as well as his own contributions, in this book Pierre-Richard Age&́nor provides a unified set of theoretical and quantitative macroeconomic models with financial frictions to explore issues that have emerged in the wake of the crisis. These include the need to understand better how the financial system amplifies and propagates shocks originating elsewhere in the economy; how it can itself be a source of aggregate fluctuations; the extent to which central banks should account for financial stability considerations in the conduct of monetary policy; whether national central banks and regulators should coordinate their policies to promote macroeconomic and financial stability; and how much countercyclical macroprudential policies should be coordinated at the international level to mitigate financial spillovers across countries.
Author | : Pierre-Richard Agénor |
Publisher | : |
Total Pages | : |
Release | : 2020 |
Genre | : Macroeconomics |
ISBN | : 9780262359436 |
Download Monetary Policy and Macroprudential Regulation with Financial Frictions Book in PDF, ePub and Kindle
"A monograph that accounts for financial frictions in some of the most-used macroeconomic models. An attempt to bring practical reality into macroeconomic theory"--
Author | : Flora Lutz |
Publisher | : International Monetary Fund |
Total Pages | : 53 |
Release | : 2023-03-10 |
Genre | : Business & Economics |
ISBN | : |
Download Optimal Monetary and Macroprudential Policies Under Fire-Sale Externalities Book in PDF, ePub and Kindle
I provide an integrated analysis of monetary and macroprudential policies in a model economy featuring a financial friction and a nominal wage rigidity. In this set-up, the monetary authority faces a trade-off between macroeconomic and financial stability: While expansionary counter-cyclical monetary policy prevents involuntary unemployment, it also amplifies an inefficient reallocation of capital across sectors. The main contribution of the analysis is threefold: First it highlights a novel channel through which monetary policy can impact financial stability. Second, it shows that, by itself, monetary policy can significantly mitigate the wedge between the constrained efficient and the competitive allocation. Third, regardless of the availability of macroprudential tools, stabilizing demand is usually not optimal for monetary policy.
Author | : International Monetary Fund. Monetary and Capital Markets Department |
Publisher | : International Monetary Fund |
Total Pages | : 33 |
Release | : 2011-03-14 |
Genre | : Business & Economics |
ISBN | : 1498339174 |
Download Macroprudential Policy - An Organizing Framework - Background Paper Book in PDF, ePub and Kindle
MCM conducted a survey in December 2010 to take stock of international experiences with financial stability and the evolving macroprudential policy framework. The survey was designed to seek information in three broad areas: the institutional setup for macroprudential policy, the analytical approach to systemic risk monitoring, and the macroprudential policy toolkit. The survey was sent to 63 countries and the European Central Bank (ECB), including all countries in the G-20 and those subject to mandatory Financial Sector Assessment Programs (FSAPs). The target list is designed to cover a broad range of jurisdictions in all regions, but more weight is given to economies that are systemically important (see Annex for details). The response rate is 80 percent. This note provides a summary of the survey’s main findings.
Author | : William J. Tayler |
Publisher | : |
Total Pages | : |
Release | : 2016 |
Genre | : |
ISBN | : |
Download Macroprudential Regulation, Credit Spreads and the Role of Monetary Policy Book in PDF, ePub and Kindle
Author | : Nina Biljanovska |
Publisher | : International Monetary Fund |
Total Pages | : 51 |
Release | : 2019-08-30 |
Genre | : Business & Economics |
ISBN | : 1513512668 |
Download Optimal Macroprudential Policy and Asset Price Bubbles Book in PDF, ePub and Kindle
An asset bubble relaxes collateral constraints and increases borrowing by credit-constrained agents. At the same time, as the bubble deflates when constraints start binding, it amplifies downturns. We show analytically and quantitatively that the macroprudential policy should optimally respond to building asset price bubbles non-monotonically depending on the underlying level of indebtedness. If the level of debt is moderate, policy should accommodate the bubble to reduce the incidence of a binding collateral constraint. If debt is elevated, policy should lean against the bubble more aggressively to mitigate the pecuniary externalities from a deflating bubble when constraints bind.
Author | : Mr.Stijn Claessens |
Publisher | : International Monetary Fund |
Total Pages | : 38 |
Release | : 2014-12-11 |
Genre | : Business & Economics |
ISBN | : 1498340938 |
Download An Overview of Macroprudential Policy Tools Book in PDF, ePub and Kindle
Macroprudential policies – caps on loan to value ratios, limits on credit growth and other balance sheets restrictions, (countercyclical) capital and reserve requirements and surcharges, and Pigouvian levies – have become part of the policy paradigm in emerging markets and advanced countries alike. But knowledge is still limited on these tools. Macroprudential policies ought to be motivated by market failures and externalities, but these can be hard to identify. They can also interact with various other policies, such as monetary and microprudential, raising coordination issues. Some countries, especially emerging markets, have used these tools and analyses suggest that some can reduce procyclicality and crisis risks. Yet, much remains to be studied, including tools’ costs ? by adversely affecting resource allocations; how to best adapt tools to country circumstances; and preferred institutional designs, including how to address political economy risks. As such, policy makers should move carefully in adopting tools.
Author | : Martin Feldstein |
Publisher | : University of Chicago Press |
Total Pages | : 500 |
Release | : 2007-12-01 |
Genre | : Business & Economics |
ISBN | : 0226241807 |
Download International Capital Flows Book in PDF, ePub and Kindle
Recent changes in technology, along with the opening up of many regions previously closed to investment, have led to explosive growth in the international movement of capital. Flows from foreign direct investment and debt and equity financing can bring countries substantial gains by augmenting local savings and by improving technology and incentives. Investing companies acquire market access, lower cost inputs, and opportunities for profitable introductions of production methods in the countries where they invest. But, as was underscored recently by the economic and financial crises in several Asian countries, capital flows can also bring risks. Although there is no simple explanation of the currency crisis in Asia, it is clear that fixed exchange rates and chronic deficits increased the likelihood of a breakdown. Similarly, during the 1970s, the United States and other industrial countries loaned OPEC surpluses to borrowers in Latin America. But when the U.S. Federal Reserve raised interest rates to control soaring inflation, the result was a widespread debt moratorium in Latin America as many countries throughout the region struggled to pay the high interest on their foreign loans. International Capital Flows contains recent work by eminent scholars and practitioners on the experience of capital flows to Latin America, Asia, and eastern Europe. These papers discuss the role of banks, equity markets, and foreign direct investment in international capital flows, and the risks that investors and others face with these transactions. By focusing on capital flows' productivity and determinants, and the policy issues they raise, this collection is a valuable resource for economists, policymakers, and financial market participants.
Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 45 |
Release | : 2014-06-11 |
Genre | : Business & Economics |
ISBN | : 1498342620 |
Download Staff Guidance Note on Macroprudential Policy Book in PDF, ePub and Kindle
This note provides guidance to facilitate the staff’s advice on macroprudential policy in Fund surveillance. It elaborates on the principles set out in the “Key Aspects of Macroprudential Policy,” taking into account the work of international standard setters as well as the evolving country experience with macroprudential policy. The main note is accompanied by supplements offering Detailed Guidance on Instruments and Considerations for Low Income Countries