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Monetary Policy and Bank Risk-Taking


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  • Giovanni Dell'Ariccia


This paper contributes to the current debate on what role financial stability considerations should play in monetary policy decision and how best to integrate macro-prudential and monetary policy frameworks. The paper broadly supports the view that monetary policy easing induces greater risk-taking by banks but also shows that the relationship between real interest rates and banking risk is more complex. Ultimately, it depends on how much skin in the game banks have. The central message of the paper is broadly complementary to those in the recent MCM board paper “Central Banking Lessons from the Crisis.â€

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Staff Position Notes with number 2010/09.

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Length: 22
Date of creation: 27 Jul 2010
Date of revision:
Handle: RePEc:imf:imfspn:2010/09

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Postal: International Monetary Fund, Washington, DC USA
Phone: (202) 623-7000
Fax: (202) 623-4661
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Keywords: Monetary policy; United States; Macroprudential Policy; Banks; Profits; Asset prices; Interest rates; banking; leverage; risk; bank risk; bank risk taking; bank capital; banking system; inflation; monetary fund; monetary conditions; central bank; bank spreads; bank holding companies; deposit insurance; monetary transmission; monetary economics; bank risk-taking; bank loan; present value; banks ? loan; bank loans; transmission of monetary policy; bank profits; bank liquidity; monetary authority; monetary policy decisions; bank lending; bank assets; banking market; bank portfolios; bank equity; bank loan commitments; aggregate demand; banks assets; banking systems; banking markets; banks ? loans; capital regulation; bank regulation; banking sector; central banking; bank capitalization; expansionary monetary policy; banks ? asset; banking regulation; bank regulators; monetary policy regimes; bank shareholders; contractionary monetary policy; prudential regulation; monetary expansion; monetary policy frameworks; bank charter; banks ? assets; monetary transmission mechanism; bank credit;


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