Introducing financial stability considerations into Taylor rules in emerging market economies

被引：2

作者：

Gadanecz, Blaise ^{[1
]}

Miyajima, Ken ^{[1
]}

Urban, Joerg ^{[1
]}

机构：

[1] Bank Int Settlements, Monetary & Econ Dept, CH-4002 Basel, Switzerland

来源：

APPLIED ECONOMICS LETTERS | 2015年 / 22卷 / 16期

关键词：

emerging market economies; financial stability; monetary policy; Taylor rules;

D O I：

10.1080/13504851.2015.1026579

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We study optimized Taylor rules that incorporate financial stability considerations, which have been little analysed for emerging market economies. Setting the policy interest rate with a greater financial stability consideration reduces monetary policy effectiveness: a greater effort to reduce output volatility in the nontradables sector, where asset bubbles are prone to build, leads to greater inflation volatility.

引用

页码：1320 / 1324

页数：5