Interactions and Coordination between Monetary and Macroprudential Policies

• 成果类型: Article
• 署名作者: Van der Ghote, Alejandro
• 署名单位: European Central Bank
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20190139
• 发表日期: 2021
• 页码: 1-34
• 关键词: Financial intermediation

摘要

I study monetary and macroprudential policy intervention in a general equilibrium economy with recurrent boom-bust cycles. Recurrence causes forward-looking variables to also react to policy intervention during phases in which the intervention is inactive. Macroprudential policies that contain systemic risk in financial markets during booms, therefore, relax market-based funding constraints during busts, which helps mitigate the severity and shorten the duration of economic meltdowns. Contractionary monetary interventions during booms also have (latent) beneficial effects during busts. Coordination between the two policy instruments improves social welfare over standard, noncoordinated policy interventions, but improvement is moderate.