Countercyclical capital regulation in a small open economy DSGE model
نویسندگان
چکیده
Abstract We examine, conditional on structural shocks, the macroeconomic performance of different countercyclical capital buffer (CCyB) rules in small open economy estimated medium-scale Dynamic Stochastic General Equilibrium (DSGE) model. find that based credit gap create a trade-off between stabilization fluctuations originating housing market and caused by foreign demand shocks. The disappears if regulator responds to house prices instead. It turns out welfare-maximising simple CCyB rule implies responding only not gap. Such also leads significant welfare gains compared no case.
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ژورنال
عنوان ژورنال: Macroeconomic Dynamics
سال: 2022
ISSN: ['1365-1005', '1469-8056']
DOI: https://doi.org/10.1017/s1365100522000190