Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/208312 
Erscheinungsjahr: 
2019
Schriftenreihe/Nr.: 
ECB Working Paper No. 2278
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
This paper explores monetary-macroprudential policy interactions in a simple, calibrated New Keynesian model incorporating the possibility of a credit boom precipitating a financial crisis and a loss function reflecting financial stability considerations. Deploying the countercyclical capital buffer (CCyB) improves outcomes significantly relative to when interest rates are the only instrument. The instruments are typically substitutes, with monetary policy loosening when the CCyB tightens. We also examine when the instruments are complements and assess how different shocks, the effective lower bound for monetary policy, market-based finance and a risk-taking channel of monetary policy affect our results.
Schlagwörter: 
macroprudential policy
monetary policy
financial stability
countercyclical capital buffer
financial crises
credit boom
JEL: 
E52
E58
G01
G28
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-3540-1
Dokumentart: 
Working Paper

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