Will macroprudential policy counteract monetary policy's effects on financial stability?

被引：10

作者：

Agur, Itai ^{[1
]}

Demertzis, Maria ^{[2
]}

机构：

[1] Int Monetary Fund, 700 19th St NW, Washington, DC 20431 USA

[2] Bruegel, Rue Charite 33, B-1210 St Josse Ten Noode, Belgium

来源：

NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE | 2019年 / 48卷

关键词：

Macroprudential; Leverage; Transmission; ESTIMATED DSGE MODEL; RISK-TAKING; BANK RISK; CAPITAL REGULATION; INTEREST-RATES; LIQUIDITY; SUPERVISION; CREDIT; LEVERAGE; REQUIREMENTS;

D O I：

10.1016/j.najef.2019.01.012

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

How does monetary policy impact upon macroprudential regulation? This paper models monetary policy's transmission to bank risk, and its interaction with a regulator's optimization problem. The regulator uses capital regulation to affect financial stability, while taking account of the impact on financial intermediation. 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 bank risk channel of monetary policy. Thus, monetary policy affects financial stability, even in the presence of macroprudential regulation.

引用

页码：65 / 75

页数：11

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