Macroprudential policy and practice / edited by Paul Mizen, Margarita Rubio, Philip Turner.

Format:

Book

Contributor:

Mizen, Paul, editor.

Rubio, Margarita, 1978- editor.

Turner, Philip, 1950- editor.

Cambridge University Press.

Series:

Macroeconomic policy making

Macroeconomic Policy Making

Language:

English

Subjects (All):

Monetary policy.

Banks and banking, Central.

Economic policy.

Physical Description:

1 online resource (330 pages).

polychrome

Place of Publication:

Cambridge, United Kingdom ; New York, NY : Cambridge University Press 2018.

System Details:

text file

Contents:

Cover; Half-title; Series information; Title page; Copyright information; Table of contents; List of Contributors; Introduction; Concluding Remarks; References; 1 The Macroeconomics of Macroprudential Policies; 1.1 Introduction; 1.2 A Regulatory Constraint: Impact on Income and Interest Rates; 1.3 A Regulatory Constraint: Impact on the Exchange Rate; 1.4 The Exchange Rate and Some Recent Policy Dilemmas; 1.5 Macroprudential Policies and the Central Bank's Balance Sheet; 1.6 The Long-Term Interest Rate; Conclusion; References; 2 A Liquidity-Based Approach to Macroprudential Policy

IntroductionLeverage Regulation: An Imperfect Cyclical Tool; Liquidity and Maturity Transformation Drive Leverage; Maturity Transformation, the Financial Cycle and Macroprudential Policy; The Central Bank's Balance Sheet as a Financial Stability Tool; Reserve Requirements and Liquidity Regulation; Further Considerations on Reserve Requirements; Conclusion; References; 3 Financial Intermediation and Monetary and Macroprudential Policies; Introduction; The New-Keynesian Paradigm and the 2008-2009 Global Financial Crisis; The Benchmark New-Keynesian Model; The 2008-2009 Global Financial Crisis

A Critical View on Dynamic Stochastic General Equilibrium ModelsCrises as Opportunities; Some Recent Contributions and Their Limitations; Systemic Risk; Models for Assessing the Role of Monetary and Macroprudential Policies; Monetary and Macroprudential Policies in a Model with Financial Intermediation; The Effects of Financial Shocks and the Role of Monetary Policy; Monetary and Macroprudential Policies; Leaning against the Financial Cycle: Implications for Macroprudential Policy; Implications for Monetary and Macroprudential Policies: A Summary; Concluding Remarks; References

4 The New Art of Central BankingIntroduction; Incorporating Risky Borrowing and Lending; Quantitative Easing; Effectiveness; QE as an Open Market Operation; Macroprudential Instruments; Monetary and Financial Stability; Loss Function; Target and Instruments; Operating MPIs; Monetary Policy and Liquidity; The Interaction of Government Debt, Monetary Policy and Financial Policy; Concluding Remarks; References; 5 The Macroprudential Countercyclical Capital Buffer in Basel III: Implications for Monetary Policy; Introduction; The Macroprudential Element of Basel III; Literature Review; The Model

Monetary PolicyWelfare Evaluation of the CRR; Parameter Values; Welfare Analysis of the CRR for Given Monetary Policy; Welfare Analysis of Optimal Monetary Policy for Different CRR; Optimal Implementation of the Countercyclical Buffer; A Rule for the Countercyclical Capital Buffer; Optimal Policy Parameters; Dynamic; Concluding Remarks; References; 6 On the Use of Monetary and Macroprudential Policies for Small Open Economies; Introduction; The Model; Basic Model Structure; Households; Firms; Entrepreneurs; Financial Intermediaries and Macroprudential Policy; Monetary Policy; Model Dynamics

Notes:

Includes bibliographical references and index.

Electronic reproduction. Cambridge Available via World Wide Web.

Description based on online resource; title from digital title page (viewed on October 18, 2018).

Other Format:

Print version: Macroprudential policy and practice.

ISBN:

9781108331166

1108331165

9781108304429

1108304427

Publisher Number:

40028555290

Access Restriction:

Restricted for use by site license.