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Will Macroprudential Policy Counteract Monetary Policy's Effects on Financial Stability?

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by Itai Mr. Agur & Maria Ms. Demertzis
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Will Macroprudential Policy Counteract Monetary Policy's Effects on Financial Stability? by Itai Mr. Agur & Maria Ms. Demertzis

How does monetary policy impact upon macroprudential regulation? This paper models monetary policy's transmission to bank risk taking, and its interaction with a regulator's optimization problem. The regulator uses its macroprudential tool, a leverage ratio, to maintain financial stability, while taking account of the impact on credit provision. A change in the monetary policy rate tilts the regulator's entire trade-off. We show that the regulator allows interest rate changes to partly "pass through" to bank soundness by not neutralizing the risk-taking channel of monetary policy. Thus, monetary policy affects financial stability, even in the presence of macroprudential regulation.

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Ebook Details
Pages: 23
Size: 3.0 MB
Date published:   2015
ISBN: 9781513538808 (DRM-EPUB)
9781513548258 (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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