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Macroprudential regulation and the role of monetary policy

Tayler, William; Zilberman, Roy - 2014

This paper examines the macroprudential roles of bank capital regulation and monetary policy in a Dynamic Stochastic … toolkit. Following credit shocks, countercyclical bank capital regulation is more effective than monetary policy in promoting … financial, price and overall macroeconomic stability. For supply shocks, macroprudential regulation combined with a strong …

Persistent link: https://www.econbiz.de/10010377051

Macroprudential Regulation, Credit Spreads and the Role of Monetary Policy

Tayler, William - 2016

We study the macroprudential roles of bank capital regulation and monetary policy in a borrowing cost channel model …, countercyclical regulation is more effective than monetary policy in promoting price, financial and macroeconomic stability. For … supply shocks, combining macroprudential regulation with a stronger anti-inflationary policy stance is optimal. The findings …

Persistent link: https://www.econbiz.de/10012992815

Should monetary policy lean against the wind in a small-open economy? : revisiting the Tinbergen rule

Peña, Rogelio De la - In: Latin American journal of central banking : LAJCB 2 (2021) 1, pp. 1-24

While conventional monetary policy maintains its role in counteracting inflation, there are doubts that it is sufficient to guard against the risks of financial instability. It has been debated whether monetary policy should lean against the wind, i.e., if central banks should also respond to...

Persistent link: https://www.econbiz.de/10012545868

Credit Conditions, Macroprudential Policy and House Prices

Kelly, Robert J.; McCann, Fergal; O'Toole, Conor - 2021

We provide a micro-empirical link between the large literature on credit and house prices and the burgeoning literature on macroprudential policy. Using loan-level data on Irish mortgages originated between 2003 and 2010, we construct a measure of credit availability which varies at the borrower...

Persistent link: https://www.econbiz.de/10013248858

Should monetary policy lean against the wind in a small-open economy? : revisiting the Tinbergen rule

Peña, Rogelio De la - 2021

The frequencies at which prices and wages are adjusted, interpreted as price and wage flexibility, are key elements in workhorse models used for policy analysis. Yet, there is little evidence regarding the relationship between these two sources of nominal rigidities. Using two large and highly...

Persistent link: https://www.econbiz.de/10012496976

The fiscal footprint of macroprudential policy

Reis, Ricardo - 2020

Monetary policy leaves a fiscal footprint. In some circumstances, relieving the fiscal burden becomes the main goal of policy, and inflation control is subordinate. This article notes that the same is true of macroprudential policy, and it characterizes the size and sign of its fiscal footprint,...

Persistent link: https://www.econbiz.de/10012222608

How do banking groups react to macroprudential policies? : cross-border spillover effects of higher capital buffers on lending, risk-taking and internal markets

Cappelletti, Giuseppe; Marques, Aurea Ponte; Salleo, Carmelo - 2020

We study the impact of macroprudential capital buffers on banking groups' lending and risk-taking decisions, also investigating implications for internal capital markets. For identification, we exploit heterogeneity in buffers applied to other systemically important institutions, using...

Persistent link: https://www.econbiz.de/10012318816

Macroprudential policy in the New Keynesian world

Gersbach, Hans; Hahn, Volker; Liu, Yulin - 2018

We integrate banks and the coexistence of bank and bond financing into an otherwise standard New Keynesian framework. There are two policy-makers: a central banker, who can decide on short-term nominal interest rates, and a macroprudential policy-maker, who can vary aggregate capital...

Persistent link: https://www.econbiz.de/10011894696

Monetary and Macroprudential Policy and Welfare in An Estimated Four-Agent New Keynesian Model

Bratsiotis, George J.; Pathirage, Kasun D - 2023

We examine the social and agent-specific welfare effects of monetary and macroprudential policy in a four-agent estimated macroeconomic model, consisting of ''banked simple house- holds', underbanked simple households', 'firm owners', and 'bank owners'. Optimal capital requirement and loan loss...

Persistent link: https://www.econbiz.de/10014348688

A review of the regulatory impact analysis of risk-based capital and related liquidity rules

Hogan, Thomas L. - In: Journal of risk and financial management : JRFM 14 (2021) 1/24, pp. 1-29

This paper reviews the cost-benefit analysis, or “regulatory impact analysis” (RIA), in US bank regulators’ risk-based capital (RBC) rule proposals. We review the principles of cost-benefit analysis and its application by US bank regulators. We provide a brief background on RBC rules and...

Persistent link: https://www.econbiz.de/10012417012

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