02336cas a2200277 a 4500 AALejournalIMF016494 230101c9999 xx r poo 0 0eng d 5.00 USD 9781513519159 1018-5941 BD-DhAAL BD-DhAAL Zdzienicka, Aleksandra. Effects of Monetary and Macroprudential Policies on Financial Conditions : Evidence from the United States / Aleksandra Zdzienicka, Sally Chen, Federico Diaz Kalan, Stefan Laseen. Washington, D.C. : International Monetary Fund, 2015. 1 online resource (29 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The Global Financial Crisis has reopened discussions on the role of the monetary policy in preserving financial stability. Determining whether monetary policy affects financial variables domestically-especially compared to the effects of macroprudential policies- and across borders, is crucial in this context. This paper looks into these issues using U.S. exogenous monetary policy shocks and macroprudential policy measures. Estimates indicate that monetary policy shocks have significant and persistent effects on financial conditions and can attenuate long-term financial instability. In contrast, the impact of macroprudential policy measures is generally more immediate but shorter-lasting. Also, while an exogenous increase in U.S. monetary policy rates tends to reduce credit and house prices in other countries-with the effects varying with country-specific characteristics-an increase driven by improved U.S. economic conditions tends to have the opposite effect. Finally, we do not find evidence of cross-border spillover effects associated with U.S. macroprudential policies. Mode of access: Internet Chen, Sally. Diaz Kalan, Federico. Laseen, Stefan. IMF Working Papers; Working Paper ; No. 2015/288 Full text available on IMF http://elibrary.imf.org/view/journals/001/2015/288/001.2015.issue-288-en.xml IMF e-Library