Macroprudential And Monetary Policy Interactions In A Dsge Model For Sweden
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Macroprudential And Monetary Policy Interactions In A Dsge Model For Sweden
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Author : Mr.Jiaqian Chen
language : en
Publisher: International Monetary Fund
Release Date : 2016-03-23
Macroprudential And Monetary Policy Interactions In A Dsge Model For Sweden written by Mr.Jiaqian Chen and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-03-23 with Business & Economics categories.
We analyse the effects of macroprudential and monetary policies and their interactions using an estimated dynamic stochastic general equilibrium (DSGE) model tailored to Sweden. Households face a ceiling on their loan-to-value ratio and must amortize their mortgages. The government grants mortgage interest payment deductions. Lending rates are affected by mortgage risk weights. We find that demand-side macroprudential measures are more effective in curbing household debt ratios than monetary policy, and they are less costly in terms of foregone consumption. A tighter macroprudential stance is also found to be welfare improving, by promoting lower consumption volatility in response to shocks, especially when using a combination of macroprudential instruments.
Monetary And Macroprudential Policy In An Estimated Dsge Model Of The Euro Area
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Author : Mr.Dominic Quint
language : en
Publisher: International Monetary Fund
Release Date : 2013-10-14
Monetary And Macroprudential Policy In An Estimated Dsge Model Of The Euro Area written by Mr.Dominic Quint and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-14 with Business & Economics categories.
In this paper, we study the optimal mix of monetary and macroprudential policies in an estimated two-country model of the euro area. The model includes real, nominal and financial frictions, and hence both monetary and macroprudential policy can play a role. We find that the introduction of a macroprudential rule would help in reducing macroeconomic volatility, improve welfare, and partially substitute for the lack of national monetary policies. Macroprudential policy would always increase the welfare of savers, but their effects on borrowers depend on the shock that hits the economy. In particular, macroprudential policy may entail welfare costs for borrowers under technology shocks, by increasing the countercyclical behavior of lending spreads.
The Interaction Of Monetary And Macroprudential Policies Background Paper
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2012-12-27
The Interaction Of Monetary And Macroprudential Policies Background Paper written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-27 with Business & Economics categories.
This paper provides background material to support the Board paper on the interaction of monetary and macroprudential policies. It analyzes the scope for and evidence on interactions between monetary and macroprudential policies. It first reviews a recent conceptual literature on interactive effects that arise when both macroprudential and monetary policy are employed. It goes on to explore the “side effects” of monetary policy on financial stability and their implications for macroprudential policy. It finally addresses the strength of possible effects of macroprudential policies on output and price stability, and draws out implications for the conduct of monetary policy.
Key Aspects Of Macroprudential Policy Background Paper
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Author : International Monetary Fund. Fiscal Affairs Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2013-10-06
Key Aspects Of Macroprudential Policy Background Paper written by International Monetary Fund. Fiscal Affairs Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-06 with Business & Economics categories.
The countercyclical capital buffer (CCB) was proposed by the Basel committee to increase the resilience of the banking sector to negative shocks. The interactions between banking sector losses and the real economy highlight the importance of building a capital buffer in periods when systemic risks are rising. Basel III introduces a framework for a time-varying capital buffer on top of the minimum capital requirement and another time-invariant buffer (the conservation buffer). The CCB aims to make banks more resilient against imbalances in credit markets and thereby enhance medium-term prospects of the economy—in good times when system-wide risks are growing, the regulators could impose the CCB which would help the banks to withstand losses in bad times.
An Overview Of Macroprudential Policy Tools
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Author : Mr.Stijn Claessens
language : en
Publisher: International Monetary Fund
Release Date : 2014-12-11
An Overview Of Macroprudential Policy Tools written by Mr.Stijn Claessens and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-12-11 with Business & Economics categories.
Macroprudential policies – caps on loan to value ratios, limits on credit growth and other balance sheets restrictions, (countercyclical) capital and reserve requirements and surcharges, and Pigouvian levies – have become part of the policy paradigm in emerging markets and advanced countries alike. But knowledge is still limited on these tools. Macroprudential policies ought to be motivated by market failures and externalities, but these can be hard to identify. They can also interact with various other policies, such as monetary and microprudential, raising coordination issues. Some countries, especially emerging markets, have used these tools and analyses suggest that some can reduce procyclicality and crisis risks. Yet, much remains to be studied, including tools’ costs ? by adversely affecting resource allocations; how to best adapt tools to country circumstances; and preferred institutional designs, including how to address political economy risks. As such, policy makers should move carefully in adopting tools.
Financial Crises In Dsge Models
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Author : Mr.Jaromir Benes
language : en
Publisher: International Monetary Fund
Release Date : 2014-04-04
Financial Crises In Dsge Models written by Mr.Jaromir Benes and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-04-04 with Business & Economics categories.
This paper presents the theoretical structure of MAPMOD, a new IMF model designed to study vulnerabilities associated with excessive credit expansions, and to support macroprudential policy analysis. In MAPMOD, bank loans create purchasing power that facilitates adjustments in the real economy. But excessively large and risky loans can impair balance sheets and sow the seeds of a financial crisis. Banks respond to losses through higher spreads and rapid credit cutbacks, with adverse effects for the real economy. These features allow the model to capture the basic facts of financial cycles. A companion paper studies the simulation properties of MAPMOD.
The Importance Of New Technologies And Entrepreneurship In Business Development In The Context Of Economic Diversity In Developing Countries
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Author : Bahaaeddin Alareeni
language : en
Publisher: Springer Nature
Release Date : 2021-03-12
The Importance Of New Technologies And Entrepreneurship In Business Development In The Context Of Economic Diversity In Developing Countries written by Bahaaeddin Alareeni and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-03-12 with Technology & Engineering categories.
This book introduces the students, researchers and practitioners into the subject and enabling technologies and applications pertaining to of technology, entrepreneurship and business development through research articles, case studies etc. It is primarily intended for academic purposes for learners of computer Science, management, accounting and information systems disciplines, economics,- entrepreneurship. Publishing chapters in the book is new innovative idea to spread the book in the Middle East and Arab countries and make the book achieve more sales. As many students in all levels, graduates and undergraduates in addition to research, professionals are not able to get sufficient resources because of the language concern.
Sweden
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2017-10-05
Sweden written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-10-05 with Business & Economics categories.
This Technical Note discusses the findings and recommendations made in the Financial Sector Assessment Program for Sweden in the areas of the systemic risk oversight framework and management. To promote accountability, the law should clarify the allocation of macroprudential powers between the government and the Finansinspektionen (Financial Supervisory Authority, FI) and grant the FI a clear legal mandate for macroprudential policy, with full operational independence. The Financial Stability Council, or a similar body—excluding the Ministry of Finance—should have the legal authority to issue recommendations, preferably with a “comply or explain” approach. The law should also ensure that the Sveriges Riksbank’s expertise in financial stability analysis finds a clear institutional role in the oversight of systemic risk.
The Costs Of Macroprudential Deleveraging In A Liquidity Trap
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Author : Mr.Jiaqian Chen
language : en
Publisher: International Monetary Fund
Release Date : 2020-06-12
The Costs Of Macroprudential Deleveraging In A Liquidity Trap written by Mr.Jiaqian Chen and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-06-12 with Business & Economics categories.
We examine the effects of various borrower-based macroprudential tools in a New Keynesian environment where both real and nominal interest rates are low. Our model features long-term debt, housing transaction costs and a zero-lower bound constraint on policy rates. We find that the long-term costs, in terms of forgone consumption, of all the macroprudential tools we consider are moderate. Even so, the short-term costs differ dramatically between alternative tools. Specifically, a loan-to-value tightening is more than twice as contractionary compared to loan-to-income tightening when debt is high and monetary policy cannot accommodate.
Norway
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Author : International Monetary Fund. European Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2016-07-05
Norway written by International Monetary Fund. European Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-07-05 with Business & Economics categories.
This paper discusses the oil economy, outlook, and risk for Norway. Growth has continued to slow in the mainland economy. At the start of this year, oil prices had dropped by roughly 60 percent from their peak in June 2014 to less than US$40 a barrel. The labor market is feeling the sting of the oil price crash. The krone has weakened substantially along with the decline in oil prices. However, a modest recovery should take root next year. Mainland economy growth should be about 1 percent this year and pick up to close to 13⁄4 percent in 2017.