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Record Nr. |
UNINA9910788223003321 |
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Autore |
N'Diaye Papa |
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Titolo |
Countercyclical Macro Prudential Policies in a Supporting Role to Monetary Policy / / Papa N'Diaye |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2009 |
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ISBN |
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1-4623-5878-0 |
9786612844515 |
1-4527-0969-6 |
1-282-84451-2 |
1-4518-7403-0 |
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Descrizione fisica |
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1 online resource (36 p.) |
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Collana |
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Soggetti |
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Monetary policy |
Assets (Accounting) |
Accounting |
Banks and Banking |
Financial Risk Management |
Inflation |
Macroeconomics |
Price Level |
Deflation |
International Financial Markets |
Banks |
Depository Institutions |
Micro Finance Institutions |
Mortgages |
Public Administration |
Public Sector Accounting and Audits |
Finance |
Banking |
Financial reporting, financial statements |
Asset prices |
Asset valuation |
Financial statements |
Prices |
Asset-liability management |
Banks and banking |
Finance, Public |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Description based upon print version of record. |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Overview of the CCA; III. Model Overview; A. Aggregate Demand Equation; B. Inflation; C. Core Inflation-Phillips curve; D. Okun's Law Relationship; E. Labor Income; F. Exchange Rate; G. Monetary Policy Rule; H. Yield Curve and Term Structure; I. Spreads and Balance Sheets; J. Uncertainty; K. Debt Dynamics; L. Financial Regulations; M. Equity; N. The Supply Side; IV. Illustrative Model Simulations; V. Conclusion; References; Footnotes |
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Sommario/riassunto |
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This paper explores how prudential regulations can support monetary policy in reducing output fluctuations while maintaining financial stability. It uses a new framework that blends a standard model for monetary policy analysis with a contingent claims model of financial sector vulnerabilities. The results suggest that binding countercyclical prudential regulations can help reduce output fluctuations and lessen the risk of financial instability. More specifically, countercyclical rules such as countercyclical capital adequacy rules, can allow monetary authorities to achieve the same output and inflation objectives but with smaller adjustments in interest rates. The countercyclical rules can help stem swings in asset prices, lean against a financial accelerator process, and thereby help to lower risks of macroeconomic and financial instability. In economies with fixed exchange rates, where countercyclical monetary policy is not possible, prudential regulations can provide a useful mechanism for mitigating a run-up in asset prices and for promoting output stability. |
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