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Monetary and Macroprudential Policy Coordination Among Multiple Equilibria
Agur, Itai - 2018
The notion of a tradeoff between output and financial stabilization is based on monetary-macroprudential models with unique equilibria. Using a game theory setup, this paper shows that multiple equilibria lead to qualitatively different results. Monetary and macroprudential authorities have...
Persistent link: https://www.econbiz.de/10012906881
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Commodity Price Shocks and Imperfectly Credible Macroeconomic Policies in Commodity-Exporting Small Open Economies
Medina Guzman, Juan Pablo - 2014
In this paper, we analyze how lack of credibility and transparency of monetary and fiscal policies undermines the …-country evidence that monetary policy transparency and fiscal credibility reduce the incidence of export price volatility on output …
Persistent link: https://www.econbiz.de/10013057311
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Coordinating monetary and financial regulatory policies
Van der Ghote, Alejandro - 2018
How to conduct macro-prudential regulation? How to coordinate monetary policy and macro-prudential policy? To address …
Persistent link: https://www.econbiz.de/10011856525
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Expectations-driven liquidity traps : implications for monetary and fiscal policy
Nakata, Taisuke; Schmidt, Sebastian - 2019
We study optimal monetary and fiscal policy in a New Keynesian model where occasional declines in agents' confidence can give rise to persistent liquidity trap episodes. Unlike in the case of fundamental-driven liquidity traps, there is no straightforward recipe for mitigating the welfare costs...
Persistent link: https://www.econbiz.de/10012037377
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Designing QE in a fiscally sound monetary union
Bletzinger, Tilman; Thadden, Leopold von - 2018
This paper develops a tractable model of a monetary union with a sound fiscal governance structure and shows how in such environment the design of monetary policy above and at the lower bound constraint on short-term interest rates can be linked to well-known findings from the literature dealing...
Persistent link: https://www.econbiz.de/10011856536
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Dynamic fiscal limits and monetary-fiscal policy interactions
Battistini, Niccolò; Callegari, Giovanni; Zavalloni, Luca - 2019
This paper analyzes the impact of monetary policy on public debt sustainability through the lens of a general equilibrium model with fiscal limits. We find that the mere possibility of a binding ZLB may have detrimental effects on debt sustainability, as a kink in the Laffer curve induces a...
Persistent link: https://www.econbiz.de/10011997483
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Labor Market Dynamics, Informality and Regulations in Latin America
David, Antonio C. - 2020
rigid regulation. This paper shows that these two features are related and together make the speed of adjustment of …
Persistent link: https://www.econbiz.de/10012840609
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The EU Services Directive : Gains from Further Liberalization
Corugedo, Emilio Fernández - 2014
The EU Services Directive was adopted in 2006 to foster competition in services across Europe. However, progress in liberalizing services has fallen short of expectations due to the article 15 of the Directive, which allows countries to maintain pre-existing restrictions if judged necessary to...
Persistent link: https://www.econbiz.de/10013049806
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Rethinking capital regulation : the case for a dividend prudential target
Muñoz, Manuel A. - 2020
existing capital regulation by tackling this issue. Welfare-maximizing DPTs are effective (more than the CCyB) in smoothing the … a Basel III-type of capital regulation through various channels. …
Persistent link: https://www.econbiz.de/10012241228
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Climate transition risk in the banking sector : what can prudential regulation do?
Grill, Michael; Popescu, Alexandra; Rancoita, Elena - 2024
paper, by means of a DSGE model including heterogeneous firms and banks, financial frictions and prudential regulation … increases the volatility of lending and output. We further show that relying on microprudential regulation alone would not be … microprudential regulation, leads to a Pareto improvement. …
Persistent link: https://www.econbiz.de/10014490442