Hidden Bibliographic Details
| Other authors / contributors: | Roldós, Jorge E., 1958- author.
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| ISBN: | 1306513480
9781306513487
9781484302873
1484302877
9781484303542
1484303547
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| Notes: | At head of title: IMF Institute for Capacity Development.
Includes bibliographical references.
Online resource; title from digital title page (IMF.org web site, viewed March 28, 2014).
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| Summary: | "We study interactions between monetary and macroprudential policies in a model with nominal and financial frictions. The latter derive from a financial sector that provides credit and liquidity services that lead to a financial accelerator-cum-fire-sales amplification mechanism. In response to fluctuations in world interest rates, inflation targeting dominates standard Taylor rules, but leads to increased volatility in credit and asset prices. The use of a countercyclical macroprudential instrument in addition to the policy rate improves welfare and has important implications for the conduct of monetary policy. "Leaning against the wind" or augmenting a standard Taylor rule with an argument on credit growth may not be an effective policy response"--Abstract
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