LEADER 05165oam 22011774 450 001 9910827453703321 005 20240402044818.0 010 $a1-4623-5878-0 010 $a9786612844515 010 $a1-4527-0969-6 010 $a1-282-84451-2 010 $a1-4518-7403-0 035 $a(CKB)3170000000055388 035 $a(EBL)1605979 035 $a(SSID)ssj0000949341 035 $a(PQKBManifestationID)11597094 035 $a(PQKBTitleCode)TC0000949341 035 $a(PQKBWorkID)10996013 035 $a(PQKB)10556357 035 $a(OCoLC)680613464 035 $a(MiAaPQ)EBC1605979 035 $a(IMF)WPIEE2009257 035 $a(EXLCZ)993170000000055388 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aCountercyclical Macro Prudential Policies in a Supporting Role to Monetary Policy /$fPapa N'Diaye 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (36 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4519-1818-6 320 $aIncludes bibliographical references. 327 $aCover 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 330 3 $aThis paper explores how prudential regulations can support monetary policy in reducing output fluctuations while maintaining financial stability. It uses a new framework that blends a standard model for monetary policy analysis with a contingent claims model of financial sector vulnerabilities. The results suggest that binding countercyclical prudential regulations can help reduce output fluctuations and lessen the risk of financial instability. More specifically, countercyclical rules such as countercyclical capital adequacy rules, can allow monetary authorities to achieve the same output and inflation objectives but with smaller adjustments in interest rates. The countercyclical rules can help stem swings in asset prices, lean against a financial accelerator process, and thereby help to lower risks of macroeconomic and financial instability. In economies with fixed exchange rates, where countercyclical monetary policy is not possible, prudential regulations can provide a useful mechanism for mitigating a run-up in asset prices and for promoting output stability. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/257 606 $aMonetary policy 606 $aAssets (Accounting) 606 $aAccounting$2imf 606 $aBanks and Banking$2imf 606 $aFinancial Risk Management$2imf 606 $aInflation$2imf 606 $aMacroeconomics$2imf 606 $aPrice Level$2imf 606 $aDeflation$2imf 606 $aInternational Financial Markets$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aPublic Administration$2imf 606 $aPublic Sector Accounting and Audits$2imf 606 $aFinance$2imf 606 $aBanking$2imf 606 $aFinancial reporting, financial statements$2imf 606 $aAsset prices$2imf 606 $aAsset valuation$2imf 606 $aFinancial statements$2imf 606 $aPrices$2imf 606 $aAsset-liability management$2imf 606 $aBanks and banking$2imf 606 $aFinance, Public$2imf 607 $aUnited States$2imf 615 0$aMonetary policy. 615 0$aAssets (Accounting) 615 7$aAccounting 615 7$aBanks and Banking 615 7$aFinancial Risk Management 615 7$aInflation 615 7$aMacroeconomics 615 7$aPrice Level 615 7$aDeflation 615 7$aInternational Financial Markets 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aPublic Administration 615 7$aPublic Sector Accounting and Audits 615 7$aFinance 615 7$aBanking 615 7$aFinancial reporting, financial statements 615 7$aAsset prices 615 7$aAsset valuation 615 7$aFinancial statements 615 7$aPrices 615 7$aAsset-liability management 615 7$aBanks and banking 615 7$aFinance, Public 676 $a338.19234 700 $aN'Diaye$b Papa$01624126 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910827453703321 996 $aCountercyclical Macro Prudential Policies in a Supporting Role to Monetary Policy$94079532 997 $aUNINA