05372oam 22011174 450 991081898580332120240402044810.01-4623-8905-81-282-84448-21-4518-7398-097866128444851-4527-6620-7(CKB)3170000000055385(SSID)ssj0000942130(PQKBManifestationID)11614181(PQKBTitleCode)TC0000942130(PQKBWorkID)10973693(PQKB)10455180(OCoLC)680613584(MiAaPQ)EBC1605968(IMF)WPIEE2009251(EXLCZ)99317000000005538520020129d2009 uf 0engurcn|||||||||txtccrMonetary and Macroprudential Policy Rules in a Model with House Price Booms /Alasdair Scott, Pau Rabanal, Prakash Kannan1st ed.Washington, D.C. :International Monetary Fund,2009.36 p. illIMF Working Papers"November 2009."1-4519-1812-7 Cover Page -- Title Page -- Copyright Page -- Contents -- I. Introduction -- II. A Model for Analyzing House Price Booms -- A. Households -- A.1 Savers -- A.2 Borrowers -- B. Financial Intermediaries -- C. Producers -- C.1 Final goods producers -- C.2 Intermediate goods producers -- D. Closing the Model: Market Clearing Conditions -- III. Policy Regimes -- IV. Calibration -- 1. Parameter Values -- V. Simulation Results -- A. The Performance of Policy Rules in Reaction to Financial Shocks -- 1. Effect of a Financial Shock -- 2. Parameters of Policy Rules in Reaction to Financial Shocks -- 3. Performance of Policy Rules in Reaction to Financial Shocks -- B. The Performance of Policy Rules in Reaction to Productivity Shocks -- 2. Effect of a Productivity Shock -- 4. Parameters of Policy Rules in Reaction to Productivity Shocks -- 5. Performance of Policy Rules in Reaction to Productivity Shocks -- C. Policy Rules with Multiple Shocks -- 3. Optimal Weight on Nominal Credit in the Macroprudential Rule -- VI. Robustness of the Results -- 6. Sensitivity of Parameters of Policy Rules Optimized to Financial Shocks to Changes in Key Parameters -- 7. Sensitivity of Parameters of Policy Rules Optimized to Productivity Shocks to Changes in Key Parameters Figures -- VII. Conclusions -- Appendix: Linearized Conditions -- References -- Footnotes.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.IMF Working Papers; Working Paper ;No. 2009/251Monetary policyEconometric modelsInflation (Finance)Assets (Accounting)PricesMacroeconomicsInflationimfMacroeconomicsimfMoney and Monetary PolicyimfReal EstateimfProduction and Operations ManagementimfPrice LevelimfDeflationimfMacroeconomics: ProductionimfHousing Supply and MarketsimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfProperty & real estateimfMonetary economicsimfOutput gapimfHousing pricesimfCreditimfAsset pricesimfPricesimfProductionimfEconomic theoryimfHousingimfMonetary policyEconometric models.Inflation (Finance)Assets (Accounting)Prices.Macroeconomics.InflationMacroeconomicsMoney and Monetary PolicyReal EstateProduction and Operations ManagementPrice LevelDeflationMacroeconomics: ProductionHousing Supply and MarketsMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralProperty & real estateMonetary economicsOutput gapHousing pricesCreditAsset pricesPricesProductionEconomic theoryHousing338.2934Scott Alasdair1643722Rabanal Pau1627816Kannan Prakash1606917International Monetary Fund.Research Dept.DcWaIMFBOOK9910818985803321Monetary and Macroprudential Policy Rules in a Model with House Price Booms4120845UNINA