LEADER 05372oam 22011174 450 001 9910818985803321 005 20240402044810.0 010 $a1-4623-8905-8 010 $a1-282-84448-2 010 $a1-4518-7398-0 010 $a9786612844485 010 $a1-4527-6620-7 035 $a(CKB)3170000000055385 035 $a(SSID)ssj0000942130 035 $a(PQKBManifestationID)11614181 035 $a(PQKBTitleCode)TC0000942130 035 $a(PQKBWorkID)10973693 035 $a(PQKB)10455180 035 $a(OCoLC)680613584 035 $a(IMF)WPIEE2009251 035 $a(MiAaPQ)EBC1605968 035 $a(EXLCZ)993170000000055385 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aMonetary and Macroprudential Policy Rules in a Model with House Price Booms /$fAlasdair Scott, Pau Rabanal, Prakash Kannan 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a36 p. $cill 225 1 $aIMF Working Papers 300 $a"November 2009." 311 $a1-4519-1812-7 327 $aCover 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. 330 3 $aWe argue that a stronger emphasis on macrofinancial risk could provide stabilization benefits. Simulations results suggest that strong monetary reactions to accelerator mechanisms that push up credit growth and asset prices could help macroeconomic stability. In addition, using a macroprudential instrument designed specifically to dampen credit market cycles would also be useful. But invariant and rigid policy responses raise the risk of policy errors that could lower, not raise, macroeconomic stability. Hence, discretion would be required. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/251 606 $aMonetary policy$xEconometric models 606 $aInflation (Finance) 606 $aAssets (Accounting)$xPrices 606 $aMacroeconomics 606 $aInflation$2imf 606 $aMacroeconomics$2imf 606 $aMoney and Monetary Policy$2imf 606 $aReal Estate$2imf 606 $aProduction and Operations Management$2imf 606 $aPrice Level$2imf 606 $aDeflation$2imf 606 $aMacroeconomics: Production$2imf 606 $aHousing Supply and Markets$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aProperty & real estate$2imf 606 $aMonetary economics$2imf 606 $aOutput gap$2imf 606 $aHousing prices$2imf 606 $aCredit$2imf 606 $aAsset prices$2imf 606 $aPrices$2imf 606 $aProduction$2imf 606 $aEconomic theory$2imf 606 $aHousing$2imf 615 0$aMonetary policy$xEconometric models. 615 0$aInflation (Finance) 615 0$aAssets (Accounting)$xPrices. 615 0$aMacroeconomics. 615 7$aInflation 615 7$aMacroeconomics 615 7$aMoney and Monetary Policy 615 7$aReal Estate 615 7$aProduction and Operations Management 615 7$aPrice Level 615 7$aDeflation 615 7$aMacroeconomics: Production 615 7$aHousing Supply and Markets 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aProperty & real estate 615 7$aMonetary economics 615 7$aOutput gap 615 7$aHousing prices 615 7$aCredit 615 7$aAsset prices 615 7$aPrices 615 7$aProduction 615 7$aEconomic theory 615 7$aHousing 676 $a338.2934 700 $aScott$b Alasdair$01643722 701 $aRabanal$b Pau$01627816 701 $aKannan$b Prakash$01606917 712 02$aInternational Monetary Fund.$bResearch Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910818985803321 996 $aMonetary and Macroprudential Policy Rules in a Model with House Price Booms$94120845 997 $aUNINA