Monetary and Macroprudential Policies
نویسندگان
چکیده
منابع مشابه
Comparative assessment of macroprudential policies
This paper provides a comparative assessment of the e¤ectiveness of macroprudential policies in 12 Asia-Paci c economies, using comprehensive databases of domestic macroprudential policies and capital ow management (CFM) policies. We nd that banking sector CFM polices and bond market CFM policies are effective in slowing down banking inows and bond inows, respectively. We also nd some evid...
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I enjoyed reading this paper. The models are simple and focus on important issues. The approach assumes the existence of externalities and discusses Pareto-improving policies along Pigouvian lines. A basic assumption is that, beyond a certain point, credit expansion carries with it the virus of financial crisis which, however, is not internalized by individual agents. Then, it proceeds to discu...
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Kuttner and Shim take on a very ambitious and worthwhile task, for which they deserve to be congratulated. The questions that they pose, and the answers they seek, are central to the design of macroprudential policy in the post-crisis era. Their paper brings together a very large dataset, spanning more than 50 economies over three decades. And it carefully catalogues all the policy measures tha...
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The primary concern of this paper is understanding how prices and interest rates respond to open-market operations. In a model economy developed by Grossman and Weiss, but with more general utility functions, we establish global existence of equilibrium paths and observe that prices and interest rates rise initially, but thereafter oscillate around a new steady state. Also investigated are opti...
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Basel III is a recently-agreed regulatory standard for bank capital adequacy with focus on the macroprudential dimension of banking regulation, i.e., the system-wide implications of banks’ lending and risk. An important Basel III provision is to reduce procyclicality of present banking regulation and promote countercyclical capital buffers for banks. The Eurace agent-based macroeconomic model a...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2011
ISSN: 1556-5068
DOI: 10.2139/ssrn.1832349