Will macroprudential policy counteract monetary policy's effects on financial stability?

被引：10

作者：

Agur, Itai ^{[1
]}

Demertzis, Maria ^{[2
]}

机构：

[1] Int Monetary Fund, 700 19th St NW, Washington, DC 20431 USA

[2] Bruegel, Rue Charite 33, B-1210 St Josse Ten Noode, Belgium

来源：

NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE | 2019年 / 48卷

关键词：

Macroprudential; Leverage; Transmission; ESTIMATED DSGE MODEL; RISK-TAKING; BANK RISK; CAPITAL REGULATION; INTEREST-RATES; LIQUIDITY; SUPERVISION; CREDIT; LEVERAGE; REQUIREMENTS;

D O I：

10.1016/j.najef.2019.01.012

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

How does monetary policy impact upon macroprudential regulation? This paper models monetary policy's transmission to bank risk, and its interaction with a regulator's optimization problem. The regulator uses capital regulation to affect financial stability, while taking account of the impact on financial intermediation. A change in the monetary policy rate tilts the regulator's entire trade-off. We show that the regulator allows interest rate changes to partly "pass through" to bank soundness by not neutralizing the bank risk channel of monetary policy. Thus, monetary policy affects financial stability, even in the presence of macroprudential regulation.

引用

页码：65 / 75

页数：11

共 50 条

[21] Monetary policy and macroprudential policy: Different and separate?
Svensson, Lars E. O.
CANADIAN JOURNAL OF ECONOMICS-REVUE CANADIENNE D ECONOMIQUE, 2018, 51 (03): : 802 - 827
[22] Macroprudential Policy in a Monetary Union
Salim Dehmej
Leonardo Gambacorta
Comparative Economic Studies, 2019, 61 : 195 - 212
[23] Macroprudential Policy in a Monetary Union
Dehmej, Salim
Gambacorta, Leonardo
COMPARATIVE ECONOMIC STUDIES, 2019, 61 (02) : 195 - 212
[24] Monetary Policy, Financial Conditions, and Financial Stability
Adrian, Tobias
Liang, Nellie
INTERNATIONAL JOURNAL OF CENTRAL BANKING, 2018, 14 (01): : 73 - 131
[25] Macroprudential policy and financial system stability: an aggregate study
Jbir, Hamdi
Oros, Cornel
Popescu, Alexandra
EMPIRICAL ECONOMICS, 2024, 66 (05) : 1941 - 1973
[26] Importance of Macroprudential Policy Implementation for Safeguarding Financial Stability
Vucinic, Milena
JOURNAL OF CENTRAL BANKING THEORY AND PRACTICE, 2016, 5 (03) : 79 - 98
[27] Macroprudential policy and financial system stability: an aggregate study
Hamdi Jbir
Cornel Oros
Alexandra Popescu
Empirical Economics, 2024, 66 : 1941 - 1973
[28] Monetary Policy as Financial Stability Regulation
Stein, Jeremy C.
QUARTERLY JOURNAL OF ECONOMICS, 2012, 127 (01): : 57 - 95
[29] Financial Stability Considerations and Monetary Policy
Kashyap, Anil K.
Siegert, Caspar
INTERNATIONAL JOURNAL OF CENTRAL BANKING, 2020, 16 (01): : 231 - 266
[30] Integrating Financial Stability into Monetary Policy
Poloz S.S.
Business Economics, 2015, 50 (4) : 200 - 205

← 1 2 3 4 5 →