The Benefits of International Policy Coordination Revisited:
This paper uses two of the IMF's DSGE models to simulate the benefits of international fiscal and macroprudential policy coordination. The key argument is that these two policies are similar in that, unlike monetary policy, they have long-run effects on the level of GDP that need to be traded o...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2013
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 13/262 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | This paper uses two of the IMF's DSGE models to simulate the benefits of international fiscal and macroprudential policy coordination. The key argument is that these two policies are similar in that, unlike monetary policy, they have long-run effects on the level of GDP that need to be traded off with short-run effects on the volatility of GDP. Furthermore, the short-run effects are potentially much larger than those of conventional monetary policy, especially in the presence of nonlinearities such as the zero interest rate floor, minimum capital adequacy regulations, and lending risk that depends in a convex fashion on loan-to-value ratios. As a consequence we find that coordinated fiscal and/or macroprudential policy measures can have much larger stimulus and spillover effects than what has traditionally been found in the literature on conventional monetary policy |
| Beschreibung: | 1 Online-Ressource (53 p) |
| ISBN: | 1484326628 9781484326626 |
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| id | DE-604.BV048341635 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:14Z |
| indexdate | 2024-07-10T09:35:21Z |
| institution | BVB |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Benes, Jaromir Verfasser aut The Benefits of International Policy Coordination Revisited Benes, Jaromir Washington, D.C International Monetary Fund 2013 1 Online-Ressource (53 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 13/262 This paper uses two of the IMF's DSGE models to simulate the benefits of international fiscal and macroprudential policy coordination. The key argument is that these two policies are similar in that, unlike monetary policy, they have long-run effects on the level of GDP that need to be traded off with short-run effects on the volatility of GDP. Furthermore, the short-run effects are potentially much larger than those of conventional monetary policy, especially in the presence of nonlinearities such as the zero interest rate floor, minimum capital adequacy regulations, and lending risk that depends in a convex fashion on loan-to-value ratios. As a consequence we find that coordinated fiscal and/or macroprudential policy measures can have much larger stimulus and spillover effects than what has traditionally been found in the literature on conventional monetary policy Online-Ausg Kumhof, Michael Sonstige oth Laxton, Douglas Sonstige oth Muir, Dirk Sonstige oth Mursula, Susanna Sonstige oth http://elibrary.imf.org/view/IMF001/21001-9781484326626/21001-9781484326626/21001-9781484326626.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Benes, Jaromir The Benefits of International Policy Coordination Revisited |
| title | The Benefits of International Policy Coordination Revisited |
| title_auth | The Benefits of International Policy Coordination Revisited |
| title_exact_search | The Benefits of International Policy Coordination Revisited |
| title_exact_search_txtP | The Benefits of International Policy Coordination Revisited |
| title_full | The Benefits of International Policy Coordination Revisited Benes, Jaromir |
| title_fullStr | The Benefits of International Policy Coordination Revisited Benes, Jaromir |
| title_full_unstemmed | The Benefits of International Policy Coordination Revisited Benes, Jaromir |
| title_short | The Benefits of International Policy Coordination Revisited |
| title_sort | the benefits of international policy coordination revisited |
| url | http://elibrary.imf.org/view/IMF001/21001-9781484326626/21001-9781484326626/21001-9781484326626.xml |
| work_keys_str_mv | AT benesjaromir thebenefitsofinternationalpolicycoordinationrevisited AT kumhofmichael thebenefitsofinternationalpolicycoordinationrevisited AT laxtondouglas thebenefitsofinternationalpolicycoordinationrevisited AT muirdirk thebenefitsofinternationalpolicycoordinationrevisited AT mursulasusanna thebenefitsofinternationalpolicycoordinationrevisited |