Monetary And Macroprudential Policy Coordination Among Multiple Equilibria
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Monetary And Macroprudential Policy Coordination Among Multiple Equilibria
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Author : Mr.Itai Agur
language : en
Publisher: International Monetary Fund
Release Date : 2018-11-02
Monetary And Macroprudential Policy Coordination Among Multiple Equilibria written by Mr.Itai Agur 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 2018-11-02 with Business & Economics categories.
The notion of a tradeoff between output and financial stabilization is based on monetary-macroprudential models with unique equilibria. Using a game theory setup, this paper shows that multiple equilibria lead to qualitatively different results. Monetary and macroprudential authorities have tools that impose externalities on each other's objectives. One of the tools (macroprudential) is coarse, while the other (monetary policy) is unconstrained. We find that this asymmetry always leads to multiple equilibria, and show that under economically relevant conditions the authorities prefer different equilibria. Giving the unconstrained authority a weight on "helping" the constrained authority ("leaning against the wind") now has unexpected effects. The relation between this weight and the difficulty of coordinating is hump-shaped, and therefore a small degree of leaning worsens outcomes on both authorities' objectives.
Monetary Policy In Interdependent Economies
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Author : Ioanna T. Kokores
language : en
Publisher: Springer Nature
Release Date : 2023-10-04
Monetary Policy In Interdependent Economies written by Ioanna T. Kokores and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-10-04 with Business & Economics categories.
This book explores the challenges faced by central banks in the aftermath of the global financial crisis and the events that followed. It further emphasises the asymmetries in the transmission of monetary policy in the Eurozone economies and among major advanced economies. The book also highlights the advances in the monetary policy debate towards an efficient resource allocation. The author argues that the canonical model of macroeconomic stabilization, which assigns the main burden of stabilization to monetary policy, is outdated primarily because of the absence of financial frictions. Further, she highlights the urgency of pushing risky activities outside the perimeters of regulation in face of rapidly evolving financial markets. The book provides an analytical framework in the context of intense globalisation and increased interdependence across economies, irrespective of the recent re-examining of supply-chains and trade relationships, as well as a policy framework thoroughly amended after the global financial crisis and the crises that followed it. Presenting policy proposals, the book discusses how policymakers must try to develop a set of policies that the public will have confidence in and take into account in forming expectations about future inflation and spending. It will be useful to central banking practitioners, monetary and fiscal policymakers, as well as students and scholars in economics and, in particular, financial economics.
Leaning Against The Wind A Cost Benefit Analysis For An Integrated Policy Framework
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Author : Mr.Luis Brandao-Marques
language : en
Publisher: International Monetary Fund
Release Date : 2020-07-07
Leaning Against The Wind A Cost Benefit Analysis For An Integrated Policy Framework written by Mr.Luis Brandao-Marques 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 2020-07-07 with Business & Economics categories.
This paper takes a new approach to assess the costs and benefits of using different policy tools—macroprudential, monetary, foreign exchange interventions, and capital flow management—in response to changes in financial conditions. The approach evaluates net benefits of policies using quadratic loss functions, estimating policy effects on the full distribution of future output growth and inflation with quantile regressions. Tightening macroprudential policy dampens downside risks to growth stemming from loose financial conditions, and is beneficial in net terms. By contrast, tightening monetary policy entails net losses, calling for caution in the use of monetary policy to “lean against the wind.” These findings hold when policies are used in response to easing global financial conditions. Buying foreign-exchange or tightening capital controls has small net benefits.
Shocks And Capital Flows
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Author : Mr. Gaston Gelos
language : en
Publisher: International Monetary Fund
Release Date : 2023-10-27
Shocks And Capital Flows written by Mr. Gaston Gelos 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 2023-10-27 with Business & Economics categories.
The high exposure of open economies to shocks makes them particularly vulnerable to volatile capital flows and advanced economy monetary policy spillovers. How should and do domestic policymakers respond? The traditional answer has been to use flexible exchange rates as a shock absorber. But flexible exchange rates may not offer full insulation when financial markets are imperfect. This book brings together recent empirical studies at the International Monetary Fund (IMF) on the effectiveness of different tools in responding to such shocks. The 18 chapters in this volume provide a rich background to the recently launched Integrated Policy Framework by the IMF. They comprise assessments of countries’ actual use of different tools, as well as in-depth evaluations of their effectiveness and side effects, covering macroprudential policies, monetary policy, foreign-exchange intervention, and capital flow management policies. Many of the studies involve new data and methods to tackle the inherently difficult problems in identifying and comparing the effects of policies under different circumstances. As a result, the volume offers the reader a comprehensive, in-depth coverage of the policy-oriented empirical research that has informed the development of a new way of thinking about open-economy macroeconomics at the IMF.
Advanced Decision Making Methods And Applications In System Safety And Reliability Problems
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Author : He Li
language : en
Publisher: Springer Nature
Release Date : 2022-07-09
Advanced Decision Making Methods And Applications In System Safety And Reliability Problems written by He Li and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-07-09 with Technology & Engineering categories.
This book reviews and presents several approaches to advanced decision-making models for safety and risk assessment. Each introduced model provides case studies indicating a high level of efficiency, robustness, and applicability, which allow readers to utilize them in their understudy risk-based assessment applications. The book begins by introducing a novel dynamic DEMATEL for improving safety management systems. It then progresses logically, dedicating a chapter to each approach, including advanced FMEA with probabilistic linguistic preference relations, Bayesian Network approach and interval type-2 fuzzy set, advanced TOPSIS with spherical fuzzy set, and advanced BWM with neutrosophic fuzzy set and evidence theory. This book will be of interest to professionals and researchers working in the field of system safety and reliability and postgraduate and undergraduate students studying applications of decision-making tools and expert systems.
Monetary And Macroprudential Policy Coordination Among Multiple Equlibria
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Author : Itai Agur
language : en
Publisher:
Release Date : 2018
Monetary And Macroprudential Policy Coordination Among Multiple Equlibria written by Itai Agur and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
The notion of a tradeoff between output and financial stabilization is based on monetary-macroprudential models with unique equilibria. Using a game theory setup, this paper shows that multiple equilibria lead to qualitatively different results. Monetary and macroprudential authorities have tools that impose externalities on each other's objectives. One of the tools (macroprudential) is coarse, while the other (monetary policy) is unconstrained. We find that this asymmetry always leads to multiple equilibria, and show that under economically relevant conditions the authorities prefer different equilibria. Giving the unconstrained authority a weight on "helping" the constrained authority ("leaning against the wind") now has unexpected effects. The relation between this weight and the difficulty of coordinating is hump-shaped, and therefore a small degree of leaning worsens outcomes on both authorities' objectives.
Paradigma Baru Kebijakan Moneter Menakar Pelajaran Krisis Keuangan Global
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Author : Munawar Ismail
language : id
Publisher: Pustaka Abadi
Release Date : 2020-01-31
Paradigma Baru Kebijakan Moneter Menakar Pelajaran Krisis Keuangan Global written by Munawar Ismail and has been published by Pustaka Abadi this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-01-31 with Business & Economics categories.
Pengalaman krisis keuangan global yang terjadi pada tahun 2008 memberikan implikasi pada pentingnya pengelolaan kebijakan makroekonomi, terutama perhatian dalam menjaga stabilitas sistem keuangan. Terdapat beberapa pelajaran krisis keuangan global yakni meningkatnya neraca likuiditas serta pembelian aset jangka panjang yang dihadapkan pada risiko tingkat bunga dan fluktuasi harga, pencapaian stabilitas harga dan output yang pada kenyataannya tidak menjamin terjadinya kestabilan sistem keuangan, dan terdapat jalur yang terputus dalam regulasi sistem keuangan. Fenomena krisis keuangan global tahun 2008 yang dideskripsikan sebagai once-in-a-hitcentury credit tsunami bukan hanya berdampak terhadap terjadinya kontraksi perekonomian dunia, namun juga memunculkan beragam pertanyaan mengenai efektivitas kebijakan moneter dalam mencapai stabilisasi inflasi dan output. Namun fenomena krisis keuangan tahun 2008 terjadi pada saat sebelumnya perekonomian dunia berada pada tingkat keberhasilannya dalam menjaga stabilitas harga dan fluktuasi siklus bisnis dalam jangka waktu yang panjang yang dikenal sebagai masa great moderation. Krisis keuangan global juga menunjukkan bahwa terlalu fokusnya bank sentral pada stabilitas harga jangka pendek untuk menjaga stabilitas ekonomi menyebabkan ketidakstabilan karena meningkatnya secara berlebihan kenaikan harga aset, akumulasi utang, ekspansi kredit dan ketidakseimbangan makrofinansial lain yang berisiko terhadap terjadinya krisis. Beberapa studi empiris menunjukkan bahwa kebijakan moneter cukup efektif dalam mencapai optimalisasi dalam stabilitas harga dan output, begitu halnya dengan harga aset. Maka melalui implementasi flexible inflation targeting yang disertai dengan kredibilitas dan komitmen kuat dari bank sentral dapat menciptakan stabilisasi harga dalam jangka panjang. Fenomena ini tak lepas sebagai dampak dari semakin independen dan menguatnya kebijakan moneter di berbagai negara baik negara maju dan emerging countries melalui implementasi kerangka kerja Inflation Targeting Framework (ITF). Semoga buku ini bermanfaat dan memberikan referensi baru bagi implementasi kerangka kerja kebijakan moneter dan makroprudensial terutama dalam merespon dinamika perekonomian global dan memperkuat stabilitas makroekonomi.
Handbook Of International Economics
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Author : Gita Gopinath
language : en
Publisher: Elsevier
Release Date : 2014-02-22
Handbook Of International Economics written by Gita Gopinath and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-02-22 with Business & Economics categories.
What conclusions can be drawn from recent advances in international trade and international macroeconomics? New datasets, theoretical models, and empirical studies have resulted in fresh questions about the world trade and payment system. These chapters--six on trade and six on international macroeconomics--reveal the richness that researchers have uncovered in recent years. The chapters on foreign trade present, among other subjects, new integrated multisector analytical frameworks, the use of gravity equations for the estimation of trade flows, the role of domestic institutions in shaping comparative advantage, and international trade agreements. On international macroeconomics, chapters explore the relation between exchange rates and other macroeconomic variables; risk sharing, allocation of capital across countries, and current account dynamics; and sovereign debt and financial crises. By addressing new issues while enabling deeper and sharper analyses of old issues, this volume makes a significant contribution to our understanding of the global economy. - Systematically illuminates and interprets recent developments in research on international trade and international macroeconomics - Focuses on newly developing questions and opportunities for future research - Presents multiple perspectives on ways to understand the global economy
The Benefits Of International Policy Coordination Revisited
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Author : Mr.Jaromir Benes
language : en
Publisher: International Monetary Fund
Release Date : 2013-12-23
The Benefits Of International Policy Coordination Revisited 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 2013-12-23 with Business & Economics categories.
This paper uses two of the IMF’s DSGE models to simulate the benefits of international fiscal and macroprudential policy coordination. The key argument is that these two policies are similar in that, unlike monetary policy, they have long-run effects on the level of GDP that need to be traded off with short-run effects on the volatility of GDP. Furthermore, the short-run effects are potentially much larger than those of conventional monetary policy, especially in the presence of nonlinearities such as the zero interest rate floor, minimum capital adequacy regulations, and lending risk that depends in a convex fashion on loan-to-value ratios. As a consequence we find that coordinated fiscal and/or macroprudential policy measures can have much larger stimulus and spillover effects than what has traditionally been found in the literature on conventional monetary policy.
Monetary Policy And Macroprudential Regulation With Financial Frictions
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Author : Pierre-Richard Agenor
language : en
Publisher: MIT Press
Release Date : 2020-11-10
Monetary Policy And Macroprudential Regulation With Financial Frictions written by Pierre-Richard Agenor and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-11-10 with Business & Economics categories.
An integrated analysis of how financial frictions can be accounted for in macroeconomic models built to study monetary policy and macroprudential regulation. Since the global financial crisis, there has been a renewed effort to emphasize financial frictions in designing closed- and open-economy macroeconomic models for monetary and macroprudential policy analysis. Drawing on the extensive literature of the past decade as well as his own contributions, in this book Pierre-Richard Agénor provides a unified set of theoretical and quantitative macroeconomic models with financial frictions to explore issues that have emerged in the wake of the crisis. These include the need to understand better how the financial system amplifies and propagates shocks originating elsewhere in the economy; how it can itself be a source of aggregate fluctuations; the extent to which central banks should account for financial stability considerations in the conduct of monetary policy; whether national central banks and regulators should coordinate their policies to promote macroeconomic and financial stability; and how much countercyclical macroprudential policies should be coordinated at the international level to mitigate financial spillovers across countries. Agénor focuses on upper middle-income countries, which differ from advanced economies in terms of both their structural features (which include a financial sector dominated by banks, weak supervisory capacity, and a high degree of vulnerability to external shocks) and their long-standing policy challenges (such as managing volatile capital flows). Some of the analytical insights and broad policy lessons that can be drawn from the book will be of relevance to advanced economies as well.