Macroprudential Policy in the New Keynesian World

Gersbach, Hans; Hahn, Volker; Liu, Yulin

Macroprudential Policy in the New Keynesian World

Dateien

Zu diesem Dokument gibt es keine Dateien.

Datum

2018

Autor:innen

Gersbach, Hans

Hahn, Volker

Liu, Yulin

Schriftenreihe

CER-ETH Economics working paper series

DOI (zitierfähiger Link)

https://doi.org/10.3929/ethz-b-000285641

Sammlungen

Wirtschaftswissenschaften

Publikationstyp

Working Paper/Technical Report

Publikationsstatus

Published

Zusammenfassung

We integrate banks and the coexistence of bank and bond financing into an otherwise standard New Keynesian framework. There are two policy-makers: a central banker, who can decide on short-term nominal interest rates, and a macroprudential policy-maker, who can vary aggregate capital requirements. The two policy instruments can be used to stabilize shocks, to moderate bank credit cycles, and to induce a more efficient allocation of resources across sectors. Moreover, we investigate the optimal combination of simple policy rules for interest rates and capital requirements. The optimal policy rules imply that the central bank should focus exclusively on price stability and the macroprudential policy-maker should react exclusively to changes in loan rate premia.

Fachgebiet (DDC)

330 Wirtschaft

Zitieren

ISO 690

GERSBACH, Hans, Volker HAHN, Yulin LIU, 2018. Macroprudential Policy in the New Keynesian World

BibTex

@techreport{Gersbach2018Macro-47752,
  year={2018},
  doi={10.3929/ethz-b-000285641},
  series={CER-ETH Economics working paper series},
  title={Macroprudential Policy in the New Keynesian World},
  number={18/294},
  author={Gersbach, Hans and Hahn, Volker and Liu, Yulin}
}

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Universitätsbibliographie

Ja