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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Détails bibliographiques
Cote:Libro Electrónico
Auteur principal: Scott, Alasdair
Autres auteurs: Rabanal, Pau, Kannan, Prakash
Format: Électronique eBook
Langue:Inglés
Publié: Washington : International Monetary Fund, 2009.
Collection:IMF Working Papers.
Sujets:
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
Accès en ligne:Texto completo
Description
Résumé: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.
Description matérielle:1 online resource (47 pages)
ISBN:9781452766201
1452766207
1451918127
9781451918120

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