Macroprudential policy, incomplete information and inequality :: the case of low-income and Developing Countries /
In this paper, we use a DSGE model to study the passive and time-varying implementation of macroprudential policy when policymakers have noisy and lagged data, as commonly observed in lowincome and developing countries (LIDCs). The model features an economy with two agents; households and entreprene...
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| Hauptverfasser: | , |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, District of Columbia] :
International Monetary Fund,
2017.
|
| Schriftenreihe: | IMF working paper ;
WP/17/59. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | In this paper, we use a DSGE model to study the passive and time-varying implementation of macroprudential policy when policymakers have noisy and lagged data, as commonly observed in lowincome and developing countries (LIDCs). The model features an economy with two agents; households and entrepreneurs. Entrepreneurs are the borrowers in this economy and need capital as collateral to obtain loans. The macroprudential regulator uses the collateral requirement as the policy instrument. In this set-up, we compare policy performances of permanently increasing the collateral requirement (passive policy) versus a time-varying (active) policy which responds to credit developments. Results show that with perfect and timely information, an active approach is welfare superior, since it is more effective in providing financial stability with no long-run output cost. If the policymaker is not able to observe the economic conditions perfectly or observe with a lag, a cautious (less aggressive) policy or even a passive approach may be preferred. However, the latter comes at the expense of increasing inequality and a long-run output cost. The results therefore point to the need for a more careful consideration toward the passive policy, which is usually advocated for LIDCs. |
| Beschreibung: | 1 online resource (36 pages) : illustrations (some color), tables, graphs. |
| ISBN: | 1475588089 9781475588088 |
| ISSN: | 1018-5941 |
Internformat
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| 520 | 3 | |a In this paper, we use a DSGE model to study the passive and time-varying implementation of macroprudential policy when policymakers have noisy and lagged data, as commonly observed in lowincome and developing countries (LIDCs). The model features an economy with two agents; households and entrepreneurs. Entrepreneurs are the borrowers in this economy and need capital as collateral to obtain loans. The macroprudential regulator uses the collateral requirement as the policy instrument. In this set-up, we compare policy performances of permanently increasing the collateral requirement (passive policy) versus a time-varying (active) policy which responds to credit developments. Results show that with perfect and timely information, an active approach is welfare superior, since it is more effective in providing financial stability with no long-run output cost. If the policymaker is not able to observe the economic conditions perfectly or observe with a lag, a cautious (less aggressive) policy or even a passive approach may be preferred. However, the latter comes at the expense of increasing inequality and a long-run output cost. The results therefore point to the need for a more careful consideration toward the passive policy, which is usually advocated for LIDCs. | |
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| illustrated | Illustrated |
| indexdate | 2024-11-27T13:27:49Z |
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| isbn | 1475588089 9781475588088 |
| issn | 1018-5941 |
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| spelling | Rubio, Margarita, author. Macroprudential policy, incomplete information and inequality : the case of low-income and Developing Countries / by Margarita Rubio and D. Filiz Unsal. [Washington, District of Columbia] : International Monetary Fund, 2017. ©2017 1 online resource (36 pages) : illustrations (some color), tables, graphs. text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF Working Paper ; WP/17/59 In this paper, we use a DSGE model to study the passive and time-varying implementation of macroprudential policy when policymakers have noisy and lagged data, as commonly observed in lowincome and developing countries (LIDCs). The model features an economy with two agents; households and entrepreneurs. Entrepreneurs are the borrowers in this economy and need capital as collateral to obtain loans. The macroprudential regulator uses the collateral requirement as the policy instrument. In this set-up, we compare policy performances of permanently increasing the collateral requirement (passive policy) versus a time-varying (active) policy which responds to credit developments. Results show that with perfect and timely information, an active approach is welfare superior, since it is more effective in providing financial stability with no long-run output cost. If the policymaker is not able to observe the economic conditions perfectly or observe with a lag, a cautious (less aggressive) policy or even a passive approach may be preferred. However, the latter comes at the expense of increasing inequality and a long-run output cost. The results therefore point to the need for a more careful consideration toward the passive policy, which is usually advocated for LIDCs. Online resource; title from PDF title page (IMF, viewed Apr. 8, 2019). Credit. http://id.loc.gov/authorities/subjects/sh85033856 Crédit. credit. aat BUSINESS & ECONOMICS / Finance bisacsh Credit fast Unsal, D. Filiz, author. http://id.loc.gov/authorities/names/no2010005428 has work: Macroprudential policy, incomplete information and inequality (Text) https://id.oclc.org/worldcat/entity/E39PCGw3XfkPpfq7jYFhBVjq6X https://id.oclc.org/worldcat/ontology/hasWork Print version: Rubio, Margarita Macroprudential Policy, Incomplete Information and Inequality: The case of Low-Income and Developing Countries Washington, D.C. : International Monetary Fund,2017 9781475588057 IMF working paper ; WP/17/59. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBA FWS_PDA_EBA https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1496816 Volltext |
| spellingShingle | Rubio, Margarita Unsal, D. Filiz Macroprudential policy, incomplete information and inequality : the case of low-income and Developing Countries / IMF working paper ; Credit. http://id.loc.gov/authorities/subjects/sh85033856 Crédit. credit. aat BUSINESS & ECONOMICS / Finance bisacsh Credit fast |
| subject_GND | http://id.loc.gov/authorities/subjects/sh85033856 |
| title | Macroprudential policy, incomplete information and inequality : the case of low-income and Developing Countries / |
| title_auth | Macroprudential policy, incomplete information and inequality : the case of low-income and Developing Countries / |
| title_exact_search | Macroprudential policy, incomplete information and inequality : the case of low-income and Developing Countries / |
| title_full | Macroprudential policy, incomplete information and inequality : the case of low-income and Developing Countries / by Margarita Rubio and D. Filiz Unsal. |
| title_fullStr | Macroprudential policy, incomplete information and inequality : the case of low-income and Developing Countries / by Margarita Rubio and D. Filiz Unsal. |
| title_full_unstemmed | Macroprudential policy, incomplete information and inequality : the case of low-income and Developing Countries / by Margarita Rubio and D. Filiz Unsal. |
| title_short | Macroprudential policy, incomplete information and inequality : |
| title_sort | macroprudential policy incomplete information and inequality the case of low income and developing countries |
| title_sub | the case of low-income and Developing Countries / |
| topic | Credit. http://id.loc.gov/authorities/subjects/sh85033856 Crédit. credit. aat BUSINESS & ECONOMICS / Finance bisacsh Credit fast |
| topic_facet | Credit. Crédit. credit. BUSINESS & ECONOMICS / Finance Credit |
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