Countercyclical Macro Prudential Policies in a Supporting Role to Monetary Policy:
This paper explores how prudential regulations can support monetary policy in reducing output fluctuations while maintaining financial stability. It uses a new framework that blends a standard model for monetary policy analysis with a contingent claims model of financial sector vulnerabilities. The...
Saved in:
| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Washington, D.C
International Monetary Fund
2009
|
| Series: | IMF Working Papers
Working Paper No. 09/257 |
| Online Access: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Summary: | This paper explores how prudential regulations can support monetary policy in reducing output fluctuations while maintaining financial stability. It uses a new framework that blends a standard model for monetary policy analysis with a contingent claims model of financial sector vulnerabilities. The results suggest that binding countercyclical prudential regulations can help reduce output fluctuations and lessen the risk of financial instability. More specifically, countercyclical rules such as countercyclical capital adequacy rules, can allow monetary authorities to achieve the same output and inflation objectives but with smaller adjustments in interest rates. The countercyclical rules can help stem swings in asset prices, lean against a financial accelerator process, and thereby help to lower risks of macroeconomic and financial instability. In economies with fixed exchange rates, where countercyclical monetary policy is not possible, prudential regulations can provide a useful mechanism for mitigating a run-up in asset prices and for promoting output stability |
| Physical Description: | 1 Online-Ressource (22 p) |
| ISBN: | 1451874030 9781451874037 |
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| index_date | 2024-07-03T20:13:26Z |
| indexdate | 2024-07-10T09:35:35Z |
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| spelling | N'Diaye, Papa M'B. P. Verfasser aut Countercyclical Macro Prudential Policies in a Supporting Role to Monetary Policy N'Diaye, Papa M'B. P Washington, D.C International Monetary Fund 2009 1 Online-Ressource (22 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 09/257 This paper explores how prudential regulations can support monetary policy in reducing output fluctuations while maintaining financial stability. It uses a new framework that blends a standard model for monetary policy analysis with a contingent claims model of financial sector vulnerabilities. The results suggest that binding countercyclical prudential regulations can help reduce output fluctuations and lessen the risk of financial instability. More specifically, countercyclical rules such as countercyclical capital adequacy rules, can allow monetary authorities to achieve the same output and inflation objectives but with smaller adjustments in interest rates. The countercyclical rules can help stem swings in asset prices, lean against a financial accelerator process, and thereby help to lower risks of macroeconomic and financial instability. In economies with fixed exchange rates, where countercyclical monetary policy is not possible, prudential regulations can provide a useful mechanism for mitigating a run-up in asset prices and for promoting output stability Online-Ausg http://elibrary.imf.org/view/IMF001/10571-9781451874037/10571-9781451874037/10571-9781451874037.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | N'Diaye, Papa M'B. P. Countercyclical Macro Prudential Policies in a Supporting Role to Monetary Policy |
| title | Countercyclical Macro Prudential Policies in a Supporting Role to Monetary Policy |
| title_auth | Countercyclical Macro Prudential Policies in a Supporting Role to Monetary Policy |
| title_exact_search | Countercyclical Macro Prudential Policies in a Supporting Role to Monetary Policy |
| title_exact_search_txtP | Countercyclical Macro Prudential Policies in a Supporting Role to Monetary Policy |
| title_full | Countercyclical Macro Prudential Policies in a Supporting Role to Monetary Policy N'Diaye, Papa M'B. P |
| title_fullStr | Countercyclical Macro Prudential Policies in a Supporting Role to Monetary Policy N'Diaye, Papa M'B. P |
| title_full_unstemmed | Countercyclical Macro Prudential Policies in a Supporting Role to Monetary Policy N'Diaye, Papa M'B. P |
| title_short | Countercyclical Macro Prudential Policies in a Supporting Role to Monetary Policy |
| title_sort | countercyclical macro prudential policies in a supporting role to monetary policy |
| url | http://elibrary.imf.org/view/IMF001/10571-9781451874037/10571-9781451874037/10571-9781451874037.xml |
| work_keys_str_mv | AT ndiayepapambp countercyclicalmacroprudentialpoliciesinasupportingroletomonetarypolicy |