On the use of Monetary and Macroprudential Policies for Small Open Economies /
We explore optimal monetary and macroprudential policy rules for a small open economy. Delegating 'lean against the wind' squarely to macroprudential policy provides a more robust policy mix to shock uncertainty-(i) if macroprudential measures exist, there are no significant welfare gains...
| मुख्य लेखक: | |
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| अन्य लेखक: | |
| स्वरूप: | पत्रिका |
| भाषा: | English |
| प्रकाशित: |
Washington, D.C. :
International Monetary Fund,
2014.
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| श्रृंखला: | IMF Working Papers; Working Paper ;
No. 2014/112 |
| ऑनलाइन पहुंच: | Full text available on IMF |
| सारांश: | We explore optimal monetary and macroprudential policy rules for a small open economy. Delegating 'lean against the wind' squarely to macroprudential policy provides a more robust policy mix to shock uncertainty-(i) if macroprudential measures exist, there are no significant welfare gains from monetary policy reacting to credit growth under a financial shock; and (ii) monetary responses to financial markets could generate bigger welfare losses than macroprudential responses under different shocks. The source of outstanding liabilities also plays a role in the choice of policy instrument- macroprudential policies are particularly effective for emerging markets where foreign borrowing is sizeable. |
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| वस्तु वर्णन: | <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required |
| भौतिक वर्णन: | 1 online resource (34 pages) |
| स्वरूप: | Mode of access: Internet |
| आईएसएसएन: | 1018-5941 |
| अभिगमन: | Electronic access restricted to authorized BRAC University faculty, staff and students |