Monetary And Macroprudential Policy In An Estimated Dsge Model Of The Euro Area
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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.
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.
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.
Effectiveness And Channels Of Macroprudential Instruments
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Author : Mr.Thierry Tressel
language : en
Publisher: International Monetary Fund
Release Date : 2016-01-12
Effectiveness And Channels Of Macroprudential Instruments written by Mr.Thierry Tressel 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 2016-01-12 with Business & Economics categories.
The crisis has highlighted the importance of setting up macro-prudential oversight frameworks, having effective macro-prudential instruments in place to be called upon to mitigate growing financial imbalances as needed. We develop a new approach using the euro area Bank Lending Survey to assess the effectiveness of macro-prudential policies in containing credit growth and house price appreciation in mortgage markets. We find instruments targeting the cost of bank capital most effective in slowing down mortgage credit growth, and that the impact is transmitted mainly through price margins, the same banking channel as monetary policy. Limits on loan-to-value ratios are also effective, especially when monetary policy is excessively loose.
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.
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.
Informality Frictions And Macroprudential Policy
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Author : Moez Ben Hassine
language : en
Publisher: International Monetary Fund
Release Date : 2019-12-27
Informality Frictions And Macroprudential Policy written by Moez Ben Hassine 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 2019-12-27 with Business & Economics categories.
We analyze the effects of macroprudential policies through the lens of an estimated dynamic stochastic general equilibrium (DSGE) model tailored to developing markets. In particular, we explicitly introduce informality in the labor and goods markets within a small open economy embedding financial frictions, nominal and real rigidities, labor search and matching, and an explicit banking sector. We use the estimated version of the model to run welfare analysis under optimized monetary and macroprudential rules. Results show that although informality reduces the efficiency of macroprudential policies following a convex fashion, combining the latter with an inflation targeting objective could be beneficial.
Steady As She Goes Estimating Potential Output During Financial Booms And Busts
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Author : Mr.Helge Berger
language : en
Publisher: International Monetary Fund
Release Date : 2015-11-09
Steady As She Goes Estimating Potential Output During Financial Booms And Busts written by Mr.Helge Berger 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 2015-11-09 with Business & Economics categories.
Potential output—in the sense of the GDP level or path an economy can sustain over the medium term—is a crucial benchmark for policymakers. However, it is difficult to estimate when financial “booms and busts” are driving the real economy. This paper uses a simple multivariate filtering approach to illustrate the role financial variables play in driving potential or sustainable output. The results suggest that it moves more steadily during financial “boom and bust” periods than implied by conventional HP filter estimates, which tend to more closely follow actual GDP. A two-region, multisector New Keynesian DSGE model with financial frictions sheds light on the economic forces that could be behind the results obtained from the filter. This has important implications for policymakers.
Structural Reforms And Economic Growth In Europe
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Author : Nauro F. Campos
language : en
Publisher: Cambridge University Press
Release Date : 2020-04-02
Structural Reforms And Economic Growth In Europe written by Nauro F. Campos and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-04-02 with Business & Economics categories.
In contrast to the USA, Europe has struggled to return to the growth path it was on prior to the financial crisis of 2007-11. Not only has the recovery been slow, it has also been variable with Europe's core countries recovering more quickly than those on the periphery. It is widely believed that the best way to address this slow recovery is through structural reform programmes whereby changes in government policy, regulatory frameworks, investment incentives and labour markets are used to encourage more efficient markets and higher economic growth. This book is the first to provide a critical assessment of these reforms, with a new theoretical framework, new data and new empirical methodologies. It includes several case studies of countries such as Greece, Portugal and France that introduced significant reforms, revealing that such programmes have very divergent, and not always positive, effects on economic growth, employment and income inequality.
Financial Factors
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Author : Mr.Pau Rabanal
language : en
Publisher: International Monetary Fund
Release Date : 2015-07-14
Financial Factors written by Mr.Pau Rabanal 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 2015-07-14 with Business & Economics categories.
We suggest a new approach for analyzing the role of financial variables and shocks in computing the output gap. We estimate a two-region DSGE model for the euro area, with financial frictions at the household level, between 2000-2013. After joining the monetary union, a decline in some countries’ borrowing costs contributed to a credit, housing and real boom and bust cycle. We show that financial frictions amplified economic fluctuations and the measure of the output gap in those countries. On the contrary, in countries such as France and Germany, financial frictions played a minor role in output gap measures. We also present evidence of the trade-offs faced by the European Central Bank when trying to stabilize two regions in a currency union with unsynchronized economic cycles.