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Procyclicality in the financial system: do we need a new macrofinancial stabilisation framework?

  • William R. White
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    The successful pursuit of the objective of low inflation by central banks in recent decades has also delivered low variability of both inflation and output. At the same time, numerous financial and other "imbalances" (defined here as significant and sustained deviations from historical norms) have emerged. Should these imbalances revert to the mean, there could be significant effects on output growth. Although such an adverse outcome remains only a possibility, the question asked in this paper is whether we might still benefit from a new macrofinancial stabilisation framework in which monetary and regulatory policies gave more attention to avoiding the emergence of imbalances in the first place.

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    Paper provided by Bank for International Settlements in its series BIS Working Papers with number 193.

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    Length: 25 pages
    Date of creation: Jan 2006
    Date of revision:
    Handle: RePEc:bis:biswps:193
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    1. Nouriel Roubini & Brad Setser, 2005. "Will the Bretton Woods 2 regime unravel soon? the risk of a hard landing in 2005-2006," Proceedings, Federal Reserve Bank of San Francisco, issue Feb.
    2. Glenn Hoggarth & Ricardo Reis & Victoria Saporta, 2001. "Costs of banking system instability: some empirical evidence," Bank of England working papers 144, Bank of England.
    3. repec:cup:cbooks:9780521641739 is not listed on IDEAS
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