The combined effects of monetary and macroprudential policies

被引:0
作者
Shuffield Seyram Asafo
Michal Moszynski
机构
[1] University of Bologna,Department of Medical and Surgical Sciences
[2] Nicolaus Copernicus University in Torun,Faculty of Economics and Management
来源
SN Business & Economics | / 2卷 / 9期
关键词
Panel data models; Instrumental variables; Interest rates; Financial markets and the macroeconomy; Monetary policy; C33; C36; E43; E44; E52;
D O I
10.1007/s43546-022-00303-5
中图分类号
学科分类号
摘要
The headwinds of the financial crisis have threatened the attainment of macroeconomic stability. As result, policymakers were confronted with finding the right policy mix that will ensure price stability, financial stability, and long-run growth. This paper contributes to the discussion by investigating the impact of simultaneous usage of monetary and macro-prudential policies in Central and Eastern Europe using a dynamic panel framework. Findings show that while an expansionary innovation to macro-prudential policy increases the loan-to-value ratio, and accelerates the credit-to-GDP gap, a contractionary shock to monetary policy hiked the policy interest rate, which depresses price inflation and economic activity. In terms of pass-through effects, property prices fell amid macro-prudential expansion and monetary tightening (no wealth effect was found).
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