Monetary and Macroprudential Policies in a Leveraged Economy

• 成果类型: Article
• 署名作者: Leduc, Sylvain; Natal, Jean-Marc
• 署名单位: Bank of Canada; International Monetary Fund
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/ecoj.12452
• 发表日期: 2018
• 页码: 797-826
• 关键词: asset prices; business fluctuations; AGENCY COSTS; rules; welfare; shocks; banks; MODEL

摘要

We examine the optimal monetary policy in the presence of endogenous feedback loops between asset prices and economic activity when macroprudential policies can also be pursued. Absent macroprudential policies, the optimal monetary policy leans against asset prices and can be closely approximated, using a speed-limit rule that responds to the growth of financial variables. An endogenous feedback loop is crucial for this result: price stability is otherwise quasi-optimal. Similarly, a simple macroprudential rule that links reserve requirements to credit growth dampens the endogenous feedback loop and leads to near price stability. State-contingent taxes on lending are shown to be welfare-improving.