Monetary and macroprudential policy in an estimated DSGE model of the euro area /
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| Author / Creator: | Quint, Dominic, author. |
|---|---|
| Imprint: | Washington, D.C. : International Monetary Fund, Institute for Capacity Development, 2013. |
| Description: | 1 online resource (60 pages) |
| Language: | English |
| Series: | IMF working paper ; WP13/209 IMF working paper ; WP13/209. |
| Subject: | |
| Format: | E-Resource Book |
| URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/12502154 |
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| 100 | 1 | |a Quint, Dominic, |e author. |0 http://id.loc.gov/authorities/names/no2013143258 | |
| 245 | 1 | 0 | |a Monetary and macroprudential policy in an estimated DSGE model of the euro area / |c Dominic Quint, Pau Rabanal. |
| 260 | |a Washington, D.C. : |b International Monetary Fund, Institute for Capacity Development, |c 2013. | ||
| 300 | |a 1 online resource (60 pages) | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
| 490 | 1 | |a IMF working paper ; |v WP13/209 | |
| 500 | |a "October 2013." | ||
| 520 | |a "In this paper, the authors study the optimal mix of monetary and macroprudential policies in an estimated two-country model of the euro area. The model includes real, nominal and financial frictions, and hence both monetary and macroprudential policy can play a role. They find that the introduction of a macroprudential rule would help in reducing macroeconomic volatility, improve welfare, and partially substitute for the lack of national monetary policies. Macroprudential policy would always increase the welfare of savers, but their effects on borrowers depend on the shock that hits the economy. In particular, macroprudential policy may entail welfare costs for borrowers under technology shocks, by increasing the countercyclical behavior of lending spreads."--Summary. | ||
| 504 | |a Includes bibliographical references. | ||
| 505 | 0 | |a Cover; Contents; I. Introduction; II. The Model; A. Credit Markets; A.1 Domestic intermediaries; A.2 International intermediaries; B. Households; B.1 Savers; B.2 Borrowers; C. Firms, Technology and Nominal Rigidities; C.1 Final goods producers; C.2 Intermediate goods producers; D. Closing the Model; D.1 Market clearing conditions; D.2 Monetary policy and interest rates; III. Parameter Estimates; A. Data; B. Calibrated Parameters; C. Prior and Posterior Distributions; Text Table; 1. Calibrated Parameters; 2. Priors and Posteriors; D. Model Fit and Variance Decomposition. | |
| 505 | 8 | |a 3. Posterior Second Moments in the Data and in the ModelE. Model Comparison: A Brief Discussion; 4. Correlation Matrix; IV. Policy Experiments; A. Optimal Monetary Policy; A.1 Estimated Taylor rule; A.2 Extending the Taylor rule with financial variables; 5. Optimal Taylor Rule Coefficients; B. Macroprudential Regulation; B.1 Regulation at the EMU-level; 6. Optimal Monetary and Macroprudential Policy at the EMU Level; B.2 Regulation at the national level; 7. Optimal Monetary and Macroprudential Policy, Conditional on Shocks; V. Conclusions; References; Appendix; Figures. | |
| 505 | 8 | |a 1a. Impulse Response to a Housing Demand Shock in the Periphery1b. Impulse Response to a Housing Demand Shock in the Periphery; 2a. Impulse Response to a Risk Shock in the Periphery; 2b. Impulse Response to a Risk Shock in the Periphery; 3a. Impulse Response to a Permanent Technology Shock in the EMU; 3b. Impulse Response to a Permanent Technology Shock in the EMU; 4. Best Responses when Macro-Prudential Policies Maximize Domestic Welfare. | |
| 546 | |a English. | ||
| 650 | 0 | |a Monetary policy |z European Union countries |x Econometric models. | |
| 650 | 0 | |a Monetary unions |z European Union countries. | |
| 650 | 0 | |a Credit |z European Union countries |x Econometric models. | |
| 650 | 6 | |a Politique monétaire |z Pays de l'Union européenne |x Modèles économétriques. | |
| 650 | 6 | |a Unions monétaires |z Pays de l'Union européenne. | |
| 650 | 6 | |a Crédit |z Pays de l'Union européenne |x Modèles économétriques. | |
| 650 | 7 | |a Credit |x Econometric models. |2 fast |0 (OCoLC)fst00882527 | |
| 650 | 7 | |a Monetary policy |x Econometric models. |2 fast |0 (OCoLC)fst01025234 | |
| 650 | 7 | |a Monetary unions. |2 fast |0 (OCoLC)fst01025259 | |
| 651 | 7 | |a European Union countries. |2 fast |0 (OCoLC)fst01269470 | |
| 655 | 4 | |a Electronic books. | |
| 700 | 1 | |a Rabanal, Pau, |e author. |0 http://id.loc.gov/authorities/names/no2003090735 | |
| 710 | 2 | |a International Monetary Fund. |b Institute for Capacity Development, |e issuing body. |0 http://id.loc.gov/authorities/names/no2012075144 | |
| 830 | 0 | |a IMF working paper ; |v WP13/209. |0 http://id.loc.gov/authorities/names/no89010263 | |
| 856 | 4 | 0 | |u http://elibrary.imf.org/view/journals/001/2013/209/001.2013.issue-209-en.xml |y INTERNATIONAL MONETARY FUND |
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