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Record Nr. |
UNINA9910788223503321 |
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Autore |
Scott Alasdair |
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Titolo |
Monetary and Macroprudential Policy Rules in a Model with House Price Booms / / Alasdair Scott, Pau Rabanal, Prakash Kannan |
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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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1-4623-8905-8 |
1-282-84448-2 |
1-4518-7398-0 |
9786612844485 |
1-4527-6620-7 |
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Descrizione fisica |
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Collana |
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Altri autori (Persone) |
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Soggetti |
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Monetary policy - Econometric models |
Inflation (Finance) |
Assets (Accounting) - Prices |
Macroeconomics |
Inflation |
Money and Monetary Policy |
Real Estate |
Production and Operations Management |
Price Level |
Deflation |
Macroeconomics: Production |
Housing Supply and Markets |
Monetary Policy, Central Banking, and the Supply of Money and Credit: General |
Property & real estate |
Monetary economics |
Output gap |
Housing prices |
Credit |
Asset prices |
Prices |
Production |
Economic theory |
Housing |
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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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Sommario/riassunto |
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We argue that a stronger emphasis on macrofinancial risk could provide stabilization benefits. Simulations results suggest that strong monetary reactions to accelerator mechanisms that push up credit growth and asset prices could help macroeconomic stability. In addition, using a macroprudential instrument designed specifically to dampen credit market cycles would also be useful. But invariant and rigid policy responses raise the risk of policy errors that could lower, not raise, macroeconomic stability. Hence, discretion would be required. |
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