Publikation: Modeling Two Macro Policy Instruments : Interest Rates and Aggregate Capital Requirements
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Datum
2011
Autor:innen
Gersbach, Hans
Herausgeber:innen
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Schriftenreihe
CESifo working papers;3598
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Open Access-Veröffentlichung
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Core Facility der Universität Konstanz
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Working Paper/Technical Report
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Zusammenfassung
We present a simple neoclassical model to explore how an aggregate bank-capital requirement can be used as a macroeconomic policy tool and how this additional tool interacts with monetary policy. Aggregate bank-capital requirements should be adjusted when the economy is hit by cost-push shocks but should not respond to demand shocks. Moreover, an optimal institutional structure is characterized as follows: First, monetary policy is delegated to an independent and conservative central banker. Second, setting aggregate bank-capital requirements is separated from monetary policy.
Zusammenfassung in einer weiteren Sprache
Fachgebiet (DDC)
330 Wirtschaft
Schlagwörter
central banks, banking regulation, capital requirements, optimal monetary policy
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GERSBACH, Hans, Volker HAHN, 2011. Modeling Two Macro Policy Instruments : Interest Rates and Aggregate Capital RequirementsBibTex
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year={2011},
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<dcterms:abstract xml:lang="eng">We present a simple neoclassical model to explore how an aggregate bank-capital requirement can be used as a macroeconomic policy tool and how this additional tool interacts with monetary policy. Aggregate bank-capital requirements should be adjusted when the economy is hit by cost-push shocks but should not respond to demand shocks. Moreover, an optimal institutional structure is characterized as follows: First, monetary policy is delegated to an independent and conservative central banker. Second, setting aggregate bank-capital requirements is separated from monetary policy.</dcterms:abstract>
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URL der Originalveröffentl.
Prüfdatum der URL
2019-12-02
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