Policy mandates for macro-prudential and monetary policies in a new Keynesian framework
Author
Abstract
Suggested Citation
Download full text from publisher
References listed on IDEAS
- Bailliu, Jeannine & Meh, Cesaire & Zhang, Yahong, 2015.
"Macroprudential rules and monetary policy when financial frictions matter,"
Economic Modelling, Elsevier, vol. 50(C), pages 148-161.
- Jeannine Bailliu & Césaire Meh & Yahong Zhang, 2012. "Macroprudential Rules and Monetary Policy when Financial Frictions Matter," Staff Working Papers 12-6, Bank of Canada.
- Schmitt-Grohe, Stephanie & Uribe, Martin, 2007.
"Optimal simple and implementable monetary and fiscal rules,"
Journal of Monetary Economics, Elsevier, vol. 54(6), pages 1702-1725, September.
- Schmitt-Grohé, Stephanie & Uribe, Martín, 2004. "Optimal Simple and Implementable Monetary and Fiscal Rules," CEPR Discussion Papers 4334, C.E.P.R. Discussion Papers.
- Stephanie Schmitt-Grohe & Martin Uribe, 2007. "Optimal simple and implementable monetary and fiscal rules," FRB Atlanta Working Paper 2007-24, Federal Reserve Bank of Atlanta.
- Stephanie Schmitt-Grohe & Martin Uribe, 2004. "Optimal Simple and Implementable Monetary and Fiscal Rules," NBER Working Papers 10253, National Bureau of Economic Research, Inc.
- Lambertini, Luisa & Mendicino, Caterina & Teresa Punzi, Maria, 2013.
"Leaning against boom–bust cycles in credit and housing prices,"
Journal of Economic Dynamics and Control, Elsevier, vol. 37(8), pages 1500-1522.
- Caterina Mendicino & Luisa Lambertini & Maria Teresa Punzi, 2011. "Leaning Against Boom-Bust Cycles in Credit and Housing Prices," Working Papers w201108, Banco de Portugal, Economics and Research Department.
- Luisa Lambertini & Caterina Mendicino & Maria Teresa Punzi, 2011. "Leaning Against Boom-Bust Cycles in Credit and Housing Prices," Working Papers 201101, Center for Fiscal Policy, Swiss Federal Institute of Technology Lausanne, revised Mar 2011.
- Luisa Lambertini & Caterina Mendicino & Maria Teresa Punzi, 2011. "Leaning Against Boom-Bust Cycles in Credit and Housing Prices," Working Papers CELEG 1104, Dipartimento di Economia e Finanza, LUISS Guido Carli.
- Moritz Schularick & Alan M. Taylor, 2012.
"Credit Booms Gone Bust: Monetary Policy, Leverage Cycles, and Financial Crises, 1870-2008,"
American Economic Review, American Economic Association, vol. 102(2), pages 1029-1061, April.
- Moritz Schularick & Alan M. Taylor, 2009. "Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870-2008," NBER Working Papers 15512, National Bureau of Economic Research, Inc.
- Schularick, Moritz & Taylor, Alan M., 2009. "Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870-2008," CEPR Discussion Papers 7570, C.E.P.R. Discussion Papers.
- Paolo Gelain & Kevin J. Lansing & Caterina Mendicino, 2013.
"House Prices, Credit Growth, and Excess Volatility: Implications for Monetary and Macroprudential Policy,"
International Journal of Central Banking, International Journal of Central Banking, vol. 9(2), pages 219-276, June.
- Gelain, Paolo & Lansing, Kevin J. & Mendicino, Caterina, 2012. "House Prices, Credit Growth, and Excess Volatility: Implications for Monetary and Macroprudential Policy," Dynare Working Papers 21, CEPREMAP.
- Paolo Gelain & Kevin J. Lansing & Caterina Mendicino, 2012. "House prices, credit growth, and excess volatility: Implications for monetary and macroprudential policy," Working Paper 2012/08, Norges Bank.
- Paolo Gelain & Kevin J. Lansing & Caterina Mendicino, 2012. "House prices, credit growth, and excess volatility: implications for monetary and macroprudential policy," Working Paper Series 2012-11, Federal Reserve Bank of San Francisco.
- Vasco Cúrdia & Michael Woodford, 2010.
"Credit Spreads and Monetary Policy,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(s1), pages 3-35, September.
- Vasco Curdia & Michael Woodford, 2010. "Credit Spreads and Monetary Policy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(s1), pages 3-35, September.
- Vasco Cúrdia & Michael Woodford, 2009. "Credit Spreads and Monetary Policy," NBER Working Papers 15289, National Bureau of Economic Research, Inc.
- Vasco Curdia & Michael Woodford, 2009. "Credit spreads and monetary policy," Staff Reports 385, Federal Reserve Bank of New York.
- Calvo, Guillermo A., 1983. "Staggered prices in a utility-maximizing framework," Journal of Monetary Economics, Elsevier, vol. 12(3), pages 383-398, September.
- Boris Hofmann & Bilyana Bogdanova, 2012. "Taylor rules and monetary policy: a global "Great Deviation"?," BIS Quarterly Review, Bank for International Settlements, September.
- Frank Smets & Rafael Wouters, 2007.
"Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach,"
American Economic Review, American Economic Association, vol. 97(3), pages 586-606, June.
- Frank Smets & Raf Wouters, 2007. "Shocks and Frictions in US Business Cycles : a Bayesian DSGE Approach," Working Paper Research 109, National Bank of Belgium.
- Smets, Frank & Wouters, Rafael, 2007. "Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach," CEPR Discussion Papers 6112, C.E.P.R. Discussion Papers.
- Smets, Frank & Wouters, Raf, 2007. "Shocks and frictions in US business cycles: a Bayesian DSGE approach," Working Paper Series 722, European Central Bank.
- Gertler, Mark & Kiyotaki, Nobuhiro & Queralto, Albert, 2012. "Financial crises, bank risk exposure and government financial policy," Journal of Monetary Economics, Elsevier, vol. 59(S), pages 17-34.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Ag�nor, Pierre-Richard & Gambacorta, Leonardo & Kharroubi, Enisse & Lombardo, Giovanni & Pereira da Silva, Luiz A., 2017.
"The International Dimensions of Macroprudential Policies,"
CEPR Discussion Papers
12108, C.E.P.R. Discussion Papers.
- Pierre-Richard Agénor & Enisse Kharroubi & Leonardo Gambacorta & Giovanni Lombardo & Luiz Awazu Pereira da Silva, 2017. "The international dimensions of macroprudential policies," BIS Working Papers 643, Bank for International Settlements.
- Ivens, Annika, 2018. "Optimal fiscal policy under private debt deleveraging," Journal of Economic Dynamics and Control, Elsevier, vol. 97(C), pages 1-18.
- Kitano, Shigeto & Takaku, Kenya, 2020.
"Capital controls, macroprudential regulation, and the bank balance sheet channel,"
Journal of Macroeconomics, Elsevier, vol. 63(C).
- Shigeto Kitano & Kenya Takaku, 2017. "Capital Controls, Macroprudential Regulation,and the Bank Balance Sheet Channel," Discussion Paper Series DP2017-18, Research Institute for Economics & Business Administration, Kobe University, revised Jan 2019.
- Krug, Sebastian, 2018. "The interaction between monetary and macroprudential policy: Should central banks 'lean against the wind' to foster macro-financial stability?," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy (IfW), vol. 12, pages 1-69.
- Pierre-Richard Agénor & Alessandro Flamini, 2016. "Institutional Mandates for Macroeconomic and Financial Stability," Centre for Growth and Business Cycle Research Discussion Paper Series 231, Economics, The Univeristy of Manchester.
- Palek, Jakob & Schwanebeck, Benjamin, 2019.
"Optimal monetary and macroprudential policy in a currency union,"
Journal of International Money and Finance, Elsevier, vol. 93(C), pages 167-186.
- Jakob Palek & Benjamin Schwanebeck, 2015. "Optimal Monetary and Macroprudential Policy in a Currency Union," MAGKS Papers on Economics 201522, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
- Schwanebeck, Benjamin & Palek, Jakob, 2016. "Optimal Monetary and Macroprudential Policy in a Currency Union," VfS Annual Conference 2016 (Augsburg): Demographic Change 145520, Verein für Socialpolitik / German Economic Association.
- Pierre-Richard Agénor & Luiz Awazu Pereira da Silva, 2019. "Global Banking, Financial Spillovers, and Macroprudential Policy Coordination," BIS Working Papers 764, Bank for International Settlements.
- Carmela D’Avino, 2020. "Global Banking and Macroprudential Policy: New Evidence on U.S. Banks," Journal of Economic Issues, Taylor & Francis Journals, vol. 54(4), pages 1095-1121, October.
- E. Jondeau & J-G. Sahuc, 2018.
"A General Equilibrium Appraisal of Capital Shortfall,"
Working papers
668, Banque de France.
- Eric Jondeau & Jean-Guillaume Sahuc, 2018. "A General Equilibrium Appraisal of Capital Shortfall," Swiss Finance Institute Research Paper Series 18-12, Swiss Finance Institute, revised Feb 2018.
- Philipp Kirchner & Benjamin Schwanebeck, 2017. "Optimal Unconventional Monetary Policy in the Face of Shadow Banking," MAGKS Papers on Economics 201725, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
- Matteo F. Ghilardi & Shanaka J. Peiris, 2016. "Capital Flows, Financial Intermediation and Macroprudential Policies," Open Economies Review, Springer, vol. 27(4), pages 721-746, September.
- Krug, Sebastian, 2015.
"The interaction between monetary and macroprudential policy: Should central banks "lean against the wind" to foster macrofinancial stability?,"
Economics Working Papers
2015-08, Christian-Albrechts-University of Kiel, Department of Economics.
- Krug, Sebastian, 2017. "The interaction between monetary and macroprudential policy: Should central banks "lean against the wind" to foster macro-financial stability?," Economics Discussion Papers 2017-85, Kiel Institute for the World Economy (IfW).
- Philipp Kirchner & Benjamin Schwanebeck, 2020. "Shadow banking and the design of macroprudential policy in a monetary union," MAGKS Papers on Economics 202024, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Guangling Liu & Thabang Molise, 2020. "The Optimal Monetary and Macroprudential Policies for the South African Economy," South African Journal of Economics, Economic Society of South Africa, vol. 88(3), pages 368-404, September.
- Giovanni Melina & Stefania Villa, 2018.
"Leaning Against Windy Bank Lending,"
Economic Inquiry, Western Economic Association International, vol. 56(1), pages 460-482, January.
- Giovanni Melina & Stefania Villa, 2014. "Leaning Against Windy Bank Lending," BCAM Working Papers 1402, Birkbeck Centre for Applied Macroeconomics.
- Giovanni Melina & Stefania Villa, 2017. "Leaning Against Windy Bank Lending," IMF Working Papers 2017/179, International Monetary Fund.
- Giovanni Melina & Stefania Villa, 2015. "Leaning Against Windy Bank Lending," CESifo Working Paper Series 5317, CESifo.
- Verona, Fabio & Martins, Manuel M.F. & Drumond, Inês, 2017.
"Financial shocks, financial stability, and optimal Taylor rules,"
Journal of Macroeconomics, Elsevier, vol. 54(PB), pages 187-207.
- Verona, Fabio & Martins, Manuel M. F. & Drumond, Inês, 2014. "Financial shocks, financial stability, and optimal Taylor rules," Research Discussion Papers 21/2014, Bank of Finland.
- Tayler, William J. & Zilberman, Roy, 2016.
"Macroprudential regulation, credit spreads and the role of monetary policy,"
Journal of Financial Stability, Elsevier, vol. 26(C), pages 144-158.
- Tayler, William & Zilberman , Roy, 2016. "Macroprudential regulation, credit spreads and the role of monetary policy," Bank of England working papers 599, Bank of England.
- Matthieu Darracq Paries, 2018. "Financial frictions and monetary policy conduct," Erudite Ph.D Dissertations, Erudite, number ph18-01 edited by Ferhat Mihoubi, November.
- Benes, Jaromir & Kumhof, Michael, 2015. "Risky bank lending and countercyclical capital buffers," Journal of Economic Dynamics and Control, Elsevier, vol. 58(C), pages 58-80.
- Gambacorta, Leonardo & Signoretti, Federico M., 2014.
"Should monetary policy lean against the wind?,"
Journal of Economic Dynamics and Control, Elsevier, vol. 43(C), pages 146-174.
- Leonardo Gambacorta & Federico M Signoretti, 2013. "Should monetary policy lean against the wind? - an analysis based on a DSGE model with banking," BIS Working Papers 418, Bank for International Settlements.
- Leonardo Gambacorta & Federico M. Signoretti, 2013. "Should monetary policy lean against the wind? An analysis based on a DSGE model with banking," Temi di discussione (Economic working papers) 921, Bank of Italy, Economic Research and International Relations Area.
- Dominic Quint & Pau Rabanal, 2014.
"Monetary and Macroprudential Policy in an Estimated DSGE Model of the Euro Area,"
International Journal of Central Banking, International Journal of Central Banking, vol. 10(2), pages 169-236, June.
- Dominic Quint & Pau Rabanal, 2013. "Monetary and Macroprudential Policy in an Estimated DSGE Model of the Euro Area," IMF Working Papers 2013/209, International Monetary Fund.
- Quint, Dominic & Rabanal, Pau, 2014. "Monetary and macroprudential policy in an estimated DSGE model of the Euro Area," Discussion Papers 2014/5, Free University Berlin, School of Business & Economics.
- Pau Rabanal & Dominic Quint, 2013. "Monetary and Macroprudential Policy in an Estimated DSGE Model of the Euro Area," 2013 Meeting Papers 604, Society for Economic Dynamics.
- Mendicino, Caterina & Punzi, Maria Teresa, 2014.
"House prices, capital inflows and macroprudential policy,"
Journal of Banking & Finance, Elsevier, vol. 49(C), pages 337-355.
- Mendicino, Caterina & Punzi, Maria Teresa, 2014. "House Prices, Capital Inflows and Macroprudential Policy," FinMaP-Working Papers 10, Collaborative EU Project FinMaP - Financial Distortions and Macroeconomic Performance: Expectations, Constraints and Interaction of Agents.
- Mendicino, Caterina & Punzi, Maria Teresa, 2014. "House Prices, Capital Inflows and Macroprudential Policy," Department of Economics Working Paper Series 180, WU Vienna University of Economics and Business.
- Maria Teresa Punzi & Caterina Mendicino, 2014. "House Prices, Capital Inflows and Macroprudential Policy," Department of Economics Working Papers wuwp180, Vienna University of Economics and Business, Department of Economics.
- Mendicino, Caterina & Nikolov, Kalin & Suarez, Javier & Supera, Dominik, 2020.
"Bank capital in the short and in the long run,"
Journal of Monetary Economics, Elsevier, vol. 115(C), pages 64-79.
- Caterina Mendicino & Kalin Nikolov & Javier Suarez & Dominik Supera, 2018. "Bank Capital in the Short and in the Long Run," Working Papers wp2018_1807, CEMFI.
- Mendicino, Caterina & Nikolov, Kalin & Suarez, Javier & Supera, Dominik, 2018. "Bank Capital in the Short and in the Long Run," CEPR Discussion Papers 13152, C.E.P.R. Discussion Papers.
- Mendicino, Caterina & Nikolov, Kalin & Suarez, Javier & Supera, Dominik, 2019. "Bank capital in the short and in the long run," Working Paper Series 2286, European Central Bank.
- Lewis, Vivien & Roth, Markus, 2018.
"Interest rate rules under financial dominance,"
Journal of Economic Dynamics and Control, Elsevier, vol. 95(C), pages 70-88.
- Vivien Lewis & Markus Roth, 2015. "Interest rate rules under financial dominance," Working Papers of Department of Economics, Leuven 497594, KU Leuven, Faculty of Economics and Business (FEB), Department of Economics, Leuven.
- Lewis, Vivien & Roth, Markus, 2018. "Interest rate rules under financial dominance," Discussion Papers 29/2018, Deutsche Bundesbank.
- Bailliu, Jeannine & Meh, Cesaire & Zhang, Yahong, 2015.
"Macroprudential rules and monetary policy when financial frictions matter,"
Economic Modelling, Elsevier, vol. 50(C), pages 148-161.
- Jeannine Bailliu & Césaire Meh & Yahong Zhang, 2012. "Macroprudential Rules and Monetary Policy when Financial Frictions Matter," Staff Working Papers 12-6, Bank of Canada.
- Dib, Ali & Mendicino, Caterina & Zhang, Yahong, 2013. "Price-level targeting rules and financial shocks: The case of Canada," Economic Modelling, Elsevier, vol. 30(C), pages 941-953.
- Bekiros, Stelios & Nilavongse, Rachatar & Uddin, Gazi Salah, 2020. "Expectation-driven house prices and debt defaults: The effectiveness of monetary and macroprudential policies," Journal of Financial Stability, Elsevier, vol. 49(C).
- Szabolcs Deák & Paul Levine & Afrasiab Mirza & Joseph Pearlman, 2019.
"Designing Robust Monetary Policy Using Prediction Pools,"
School of Economics Discussion Papers
1219, School of Economics, University of Surrey.
- Deak, S. & Levine, P. & Mirza, A. & Pearlman, J., 2019. "Designing Robust Monetary Policy Using Prediction Pools," Working Papers 19/11, Department of Economics, City University London.
- Jelena Zivanovic, 2019. "What Does Structural Analysis of the External Finance Premium Say About Financial Frictions?," Staff Working Papers 19-38, Bank of Canada.
- Tayler, William & Zilberman, Roy, 2014.
"Macroprudential Regulation and the Role of Monetary Policy,"
Dynare Working Papers
37, CEPREMAP.
- William Tayler & Roy Zilberman, 2014. "Macroprudential regulation and the role of monetary policy," Working Papers 63933064, Lancaster University Management School, Economics Department.
- Tayler, William & Zilberman, Roy, 2014. "Macroprudential Regulation and the Role of Monetary Policy," MPRA Paper 54885, University Library of Munich, Germany.
- Tayler, William & Zilberman, Roy, 2014. "Macroprudential Regulation and the Role of Monetary Policy," EconStor Preprints 95230, ZBW - Leibniz Information Centre for Economics.
- Falter, Alexander, 2019. "Macro to the rescue? An analysis of macroprudential instruments to regulate housing credit," Discussion Papers 25/2019, Deutsche Bundesbank.
- Jan Žácek, 2019.
"Financial Variables in a Policy Rule: Does It Bring Macroeconomic Benefits?,"
Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 69(2), pages 122-148, April.
- Jan Zacek, 2016. "Financial Variables in a Policy Rule: Does It Bring Macroeconomic Benefits?," Working Papers IES 2016/25, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Dec 2016.
- Turdaliev, Nurlan & Zhang, Yahong, 2019.
"Household debt, macroprudential rules, and monetary policy,"
Economic Modelling, Elsevier, vol. 77(C), pages 234-252.
- Nurlan Turdaliev & Yahong Zhang, 2017. "Household Debt, Macroprudential Rules, and Monetary Policy," Working Papers 1704, University of Windsor, Department of Economics, revised May 2017.
More about this item
Keywords
DSGE; financial frictions; macro-prudential policy; monetary policy;All these keywords.
JEL classification:
- E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
- E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
- G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
NEP fields
This paper has been announced in the following NEP Reports:- NEP-BAN-2015-06-05 (Banking)
- NEP-CBA-2015-06-05 (Central Banking)
- NEP-DGE-2015-06-05 (Dynamic General Equilibrium)
- NEP-MON-2015-06-05 (Monetary Economics)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ecb:ecbwps:20151784. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Official Publications). General contact details of provider: https://edirc.repec.org/data/emieude.html .
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.