Does easing monetary policy increase financial instability? /
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| Author / Creator: | Cesa-Bianchi, Ambrogio, author. |
|---|---|
| Imprint: | [Washington, D.C.] : International Monetary Fund, Research Department, 2015. |
| Description: | 1 online resource (47 pages). |
| Language: | English |
| Series: | IMF working paper ; WP/15/139 IMF working paper ; WP/15/139. |
| Subject: | |
| Format: | E-Resource Book |
| URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/12504510 |
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| 100 | 1 | |a Cesa-Bianchi, Ambrogio, |e author. |0 http://id.loc.gov/authorities/names/no2015013798 | |
| 245 | 1 | 0 | |a Does easing monetary policy increase financial instability? / |c Ambrogio Cesa-Bianchi ; Alessandro Rebucci. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, Research Department, |c 2015. | ||
| 300 | |a 1 online resource (47 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 WP/15/139 | |
| 500 | |a "June 2015." | ||
| 520 | |a "This paper develops a model featuring both a macroeconomic and a financial friction that speaks to the interaction between monetary and macro-prudential policies. There are two main results. First, real interest rate rigidities in a monopolistic banking system have an asymmetric impact on financial stability: they increase the probability of a financial crisis (relative to the case of flexible interest rate) in response to contractionary shocks to the economy, while they act as automatic macro-prudential stabilizers in response to expansionary shocks. Second, when the interest rate is the only available policy instrument, a monetary authority subject to the same constraints as private agents cannot always achieve a (constrained) efficient allocation and faces a trade-off between macroeconomic and financial stability in response to contractionary shocks. An implication of our analysis is that the weak link in the U.S. policy framework in the run up to the Global Recession was not excessively lax monetary policy after 2002, but rather the absence of an effective regulatory framework aimed at preserving financial stability."--Abstract. | ||
| 650 | 0 | |a Monetary policy |z United States |x Econometric models. | |
| 650 | 0 | |a Bank loans |z United States |x Econometric models. | |
| 650 | 0 | |a Global Financial Crisis, 2008-2009. |0 http://id.loc.gov/authorities/subjects/sh2009003683 | |
| 650 | 6 | |a Politique monétaire |z États-Unis |x Modèles économétriques. | |
| 650 | 6 | |a Prêts bancaires |z États-Unis |x Modèles économétriques. | |
| 650 | 6 | |a Crise financière mondiale, 2008-2009. | |
| 650 | 7 | |a Bank loans |x Econometric models. |2 fast |0 (OCoLC)fst00826709 | |
| 650 | 7 | |a Monetary policy |x Econometric models. |2 fast |0 (OCoLC)fst01025234 | |
| 651 | 7 | |a United States. |2 fast |0 (OCoLC)fst01204155 | |
| 647 | 7 | |a Global Financial Crisis |d (2008-2009) |2 fast |0 (OCoLC)fst01755654 | |
| 648 | 7 | |a 2008-2009 |2 fast | |
| 655 | 0 | |a Electronic books. | |
| 700 | 1 | |a Rebucci, Alessandro, |e author. |0 http://id.loc.gov/authorities/names/no2002006529 | |
| 710 | 2 | |a International Monetary Fund. |b Research Department. |0 http://id.loc.gov/authorities/names/n77001219 | |
| 776 | 0 | 8 | |a Print Version: |z 9781513588490 |
| 830 | 0 | |a IMF working paper ; |v WP/15/139. |0 http://id.loc.gov/authorities/names/no89010263 | |
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