Kumar, Manmohan S.; Wang, Haobin - 2017
monetary policy tool, id est, the short-term policy rate. We show that changes in policy rates and balance sheet adjustments in … different types of spillovers with a single monetary policy tool. In that context, we use the model to show how EMs might use … additional tools-capital controls and/or macro-prudential policy-to complement their monetary policy and financial stability …