Monetary and Macroprudential Policy Rules in a Model with House Price Booms.

We argue that a stronger emphasis on macrofinancial risk could provide stabilization benefits. Simulations results suggest that strong monetary reactions to accelerator mechanisms that push up credit growth and asset prices could help macroeconomic stability. In addition, using a macroprudential ins...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autor principal: Scott, Alasdair
Otros Autores: Rabanal, Pau, Kannan, Prakash
Formato: Electrónico eBook
Idioma:Inglés
Publicado: Washington : International Monetary Fund, 2009.
Colección:IMF Working Papers.
Temas:
Monetary policy > Econometric models.
Inflation (Finance)
Assets (Accounting) > Prices.
Macroeconomics.
Politique monétaire > Modèles économétriques.
Inflation.
Actif (Comptabilité) > Prix.
Macroéconomie.
Assets (Accounting) > Prices
Macroeconomics
Monetary policy > Econometric models
Acceso en línea:Texto completo
Descripción
Sumario:We argue that a stronger emphasis on macrofinancial risk could provide stabilization benefits. Simulations results suggest that strong monetary reactions to accelerator mechanisms that push up credit growth and asset prices could help macroeconomic stability. In addition, using a macroprudential instrument designed specifically to dampen credit market cycles would also be useful. But invariant and rigid policy responses raise the risk of policy errors that could lower, not raise, macroeconomic stability. Hence, discretion would be required.
Descripción Física:1 online resource (47 pages)
ISBN:9781452766201
1452766207
1451918127
9781451918120

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