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Introducing financial stability considerations into Taylor rules in emerging market economies

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  • Blaise Gadanecz
  • Ken Miyajima
  • J�rg Urban

Abstract

We study optimized Taylor rules that incorporate financial stability considerations, which have been little analysed for emerging market economies. Setting the policy interest rate with a greater financial stability consideration reduces monetary policy effectiveness: a greater effort to reduce output volatility in the nontradables sector, where asset bubbles are prone to build, leads to greater inflation volatility.

Suggested Citation

  • Blaise Gadanecz & Ken Miyajima & J�rg Urban, 2015. "Introducing financial stability considerations into Taylor rules in emerging market economies," Applied Economics Letters, Taylor & Francis Journals, vol. 22(16), pages 1320-1324, November.
    • Handle: RePEc:taf:apeclt:v:22:y:2015:i:16:p:1320-1324
    DOI: 10.1080/13504851.2015.1026579
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    Cited by:

    1. Levieuge, G. & Lucotte, Y. & Pradines-Jobet, F., 2019. "Central banks’ preferences and banking sector vulnerability," Journal of Financial Stability, Elsevier, vol. 40(C), pages 110-131.

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