Monetary and Macroprudential Policy Rules in a Model with House Price Booms

Released on by Mr.Pau Rabanal
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  • Monetary and Macroprudential Policy Rules in a Model with House Price Booms Book Detail

  • Author : Mr.Pau Rabanal
  • Release Date : 2009-11-01
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 38
  • ISBN 13 : 1451873980
  • File Size : 23,23 MB
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Monetary and Macroprudential Policy Rules in a Model with House Price Booms by Mr.Pau Rabanal PDF Summary

Book Description: 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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