Capital regulation and monetary policy with fragile banks
成果类型：
Article
署名作者：
Angeloni, Ignazio; Faia, Ester
署名单位：
Goethe University Frankfurt
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2013.01.003
发表日期：
2013
页码：
311-324
关键词：
摘要：
Optimizing banks subject to runs are introduced in a macro model to study the transmission of monetary policy and its interplay with bank capital regulation when banks are risky. A monetary expansion and a positive productivity shock increase bank leverage and risk. Risk-based capital requirements amplify the cycle and are welfare detrimental. Within a class of simple policy rules, the best combination includes mildly anticyclical capital ratios (as in Basel III) and a response of monetary policy to asset prices or bank leverage. (C) 2013 Elsevier B.V. All rights reserved.
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