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Macroprudential Policy in the New Keynesian World

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GERSBACH, Hans, Volker HAHN, Yulin LIU, 2018. Macroprudential Policy in the New Keynesian World. Available under: doi: 10.3929/ethz-b-000285641

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

<rdf:RDF xmlns:dcterms="" xmlns:dc="" xmlns:rdf="" xmlns:bibo="" xmlns:dspace="" xmlns:foaf="" xmlns:void="" xmlns:xsd="" > <rdf:Description rdf:about=""> <dspace:isPartOfCollection rdf:resource=""/> <dcterms:isPartOf rdf:resource=""/> <dcterms:title>Macroprudential Policy in the New Keynesian World</dcterms:title> <dc:date rdf:datatype="">2019-12-02T09:57:04Z</dc:date> <foaf:homepage rdf:resource="http://localhost:8080/jspui"/> <bibo:uri rdf:resource=""/> <dc:creator>Hahn, Volker</dc:creator> <dc:contributor>Gersbach, Hans</dc:contributor> <dc:contributor>Liu, Yulin</dc:contributor> <dc:contributor>Hahn, Volker</dc:contributor> <dc:language>eng</dc:language> <void:sparqlEndpoint rdf:resource="http://localhost/fuseki/dspace/sparql"/> <dcterms:issued>2018</dcterms:issued> <dcterms:abstract xml:lang="eng">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.</dcterms:abstract> <dc:creator>Liu, Yulin</dc:creator> <dc:creator>Gersbach, Hans</dc:creator> <dcterms:available rdf:datatype="">2019-12-02T09:57:04Z</dcterms:available> </rdf:Description> </rdf:RDF>

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