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Cost-Benefit Analysis of Leaning Against the Wind

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by Lars E. O. Mr. Svensson
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Cost-Benefit Analysis of Leaning Against the Wind by Lars E. O. Mr. Svensson

"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.

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Ebook Details
Pages: 76
Size: 2.5 MB
Date published:   2016
ISBN: 9781498336284 (DRM-EPUB)
9781513549606 (DRM-PDF)

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This product is listed in the following categories:

Nonfiction > Business & Economics > Economics
Nonfiction > Business & Economics > International > Economics
Nonfiction > Business & Economics > Economics > Macroeconomics

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