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The welfare cost of macro-prudential policy in a two-country DSGE model

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  • Hilary Patroba

Abstract

This paper builds a two-country DSGE model with financial frictions and investigates the welfare cost of macro-prudential policy and its impact on financial stability. The two countries in question are the U.S. and South Africa. The results show that macro-prudential policy results in a welfare trade-off between patient and impatient households. The impact of macro-prudential policy tends to bene […]

Suggested Citation

  • Hilary Patroba, 2017. "The welfare cost of macro-prudential policy in a two-country DSGE model," Working Papers 682, Economic Research Southern Africa.
    • Handle: RePEc:rza:wpaper:682
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    More about this item

    Keywords

    advanced economies; Financial Accounting; Financial Stability; Macroeconomic Models; Other Macroeconomic Variables; Social welfare; South Africa;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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