When To Lean Against The Wind
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When To Lean Against The Wind
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Author : Björn Richter
language : en
Publisher:
Release Date : 2017
When To Lean Against The Wind written by Björn Richter and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with Credit categories.
This paper shows that policy-makers can distinguish between good and bad credit booms with high accuracy and they can do so in real time. Evidence from 17 countries over nearly 150 years of modern financial history shows that credit booms that are accompanied by house price booms and a rising loan-to-deposit-ratio are much more likely to end in a systemic banking crisis. We evaluate the predictive accuracy for different classification models and show that the characteristics of the credit boom contain valuable information for sorting the data into good and bad booms. Importantly, we demonstrate that policy-makers have the ability to spot dangerous credit booms on the basis of data available in real time. We also show that these results are robust across alternative specifications and time-periods.
Leaning Against The Wind And The Timing Of Monetary Policy
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Author : Mr.Itai Agur
language : en
Publisher: International Monetary Fund
Release Date : 2013-04-03
Leaning Against The Wind And The Timing Of Monetary Policy 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 2013-04-03 with Business & Economics categories.
If monetary policy is to aim also at financial stability, how would it change? To analyze this question, this paper develops a general-form framework. Financial stability objectives are shown to make monetary policy more aggressive: in reaction to negative shocks, cuts are deeper but shorter-lived than otherwise. By keeping cuts brief, monetary policy tightens as soon as bank risk appetite heats up. Within this shorter time span, cuts must then be deeper than otherwise to also achieve standard objectives. Finally, we analyze how robust this result is to the presence of a bank regulatory tool, and provide a parameterized example.
Cost Benefit Analysis Of Leaning Against The Wind
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Author : Mr.Lars E. O. Svensson
language : en
Publisher: International Monetary Fund
Release Date : 2016-01-11
Cost Benefit Analysis Of Leaning Against The Wind written by Mr.Lars E. O. Svensson 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 2016-01-11 with Business & Economics categories.
“Leaning against the wind” (LAW) with a higher monetary policy interest rate may have benefits in terms of lower real debt growth and associated lower probability of a financial crisis but has costs in terms of higher unemployment and lower inflation, importantly including a higher cost of a crisis when the economy is weaker. For existing empirical estimates, costs exceed benefits by a substantial margin, even if monetary policy is nonneutral and permanently affects real debt. Somewhat surprisingly, less effective macroprudential policy and generally a credit boom, with resulting higher probability, severity, or duration of a crisis, increases costs of LAW more than benefits, thus further strengthening the strong case against LAW.
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.
Leaning Against The Wind And The Timing Of Monetary Policy
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Author : Mr.Itai Agur
language : en
Publisher: International Monetary Fund
Release Date : 2013-04-03
Leaning Against The Wind And The Timing Of Monetary Policy 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 2013-04-03 with Business & Economics categories.
If monetary policy is to aim also at financial stability, how would it change? To analyze this question, this paper develops a general-form framework. Financial stability objectives are shown to make monetary policy more aggressive: in reaction to negative shocks, cuts are deeper but shorter-lived than otherwise. By keeping cuts brief, monetary policy tightens as soon as bank risk appetite heats up. Within this shorter time span, cuts must then be deeper than otherwise to also achieve standard objectives. Finally, we analyze how robust this result is to the presence of a bank regulatory tool, and provide a parameterized example.
Lean Against The Wind
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Author : James E. McKarns
language : en
Publisher: Saint Pauls/Alba House
Release Date : 1994
Lean Against The Wind written by James E. McKarns and has been published by Saint Pauls/Alba House this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Conduct of life categories.
Insightful anecdotes on the power of positive thinking and the help of prayer.
Cost Benefit Analysis Of Leaning Against The Wind
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Author : Mr.Lars E. O. Svensson
language : en
Publisher: International Monetary Fund
Release Date : 2016-01-11
Cost Benefit Analysis Of Leaning Against The Wind written by Mr.Lars E. O. Svensson 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 2016-01-11 with Business & Economics categories.
“Leaning against the wind” (LAW) with a higher monetary policy interest rate may have benefits in terms of lower real debt growth and associated lower probability of a financial crisis but has costs in terms of higher unemployment and lower inflation, importantly including a higher cost of a crisis when the economy is weaker. For existing empirical estimates, costs exceed benefits by a substantial margin, even if monetary policy is nonneutral and permanently affects real debt. Somewhat surprisingly, less effective macroprudential policy and generally a credit boom, with resulting higher probability, severity, or duration of a crisis, increases costs of LAW more than benefits, thus further strengthening the strong case against LAW.
Policy Instruments To Lean Against The Wind In Latin America
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Author : Mr.G. Terrier
language : en
Publisher: International Monetary Fund
Release Date : 2011-07-01
Policy Instruments To Lean Against The Wind In Latin America written by Mr.G. Terrier 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 2011-07-01 with Business & Economics categories.
This paper reviews policy tools that have been used and/or are available for policy makers in the region to lean against the wind and review relevant country experiences using them. The instruments examined include: (i) capital requirements, dynamic provisioning, and leverage ratios; (ii) liquidity requirements; (iii) debt-to-income ratios; (iv) loan-to-value ratios; (v) reserve requirements on bank liabilities (deposits and nondeposits); (vi) instruments to manage and limit systemic foreign exchange risk; and, finally, (vii) reserve requirements or taxes on capital inflows. Although the instruments analyzed are mainly microprudential in nature, appropriately calibrated over the financial cycle they may serve for macroprudential purposes.
Should Monetary Policy Lean Against The Wind
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Author : Leonardo Gambacorta
language : en
Publisher:
Release Date : 2013
Should Monetary Policy Lean Against The Wind written by Leonardo Gambacorta and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Bank loans categories.
A Quantitative Case For Leaning Against The Wind
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Author : Andrew Filardo
language : en
Publisher:
Release Date : 2016
A Quantitative Case For Leaning Against The Wind written by Andrew Filardo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.