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ID:39154452
大小:1.02 MB
页数:27页
时间:2019-06-25
《Central Bank Independence and Macro-prudential Regulation》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、WP/12/101CentralBankIndependenceandMacro-prudentialRegulationKenichiUedaandFabiánValencia©2012InternationalMonetaryFundWP/12/101IMFWorkingPaperResearchDepartmentCentralBankIndependenceandMacro-prudentialRegulationPreparedbyKenichiUedaandFabiánValencia1AuthorizedfordistributionbyStijnCl
2、aessensApril2012ThisWorkingPapershouldnotbereportedasrepresentingtheviewsoftheIMF.TheviewsexpressedinthisWorkingPaperarethoseoftheauthor(s)anddonotnecessarilyrepresentthoseoftheIMForIMFpolicy.WorkingPapersdescriberesearchinprogressbytheauthor(s)andarepublishedtoelicitcommentsandtofurth
3、erdebate.AbstractWeconsidertheoptimalityofvariousinstitutionalarrangementsforagenciesthatconductmacro-prudentialregulationandmonetarypolicy.Whenacentralbankisinchargeofpriceandfinancialstability,anewtimeinconsistencyproblemmayarise.Ex-ante,thecentralbankchoosesthesociallyoptimallevelof
4、inflation.Ex-post,however,thecentralbankchoosesinflationabovethesocialoptimumtoreducetherealvalueofprivatedebt.Thisinefficientoutcomeariseswhenmacro-prudentialpoliciescannotbeadjustedasfrequentlyasmonetary.Importantly,thisresultarisesevenwhenthecentralbankispoliticallyindependent.Wethe
5、nconsidertheroleofpoliticalpressuresinthespiritofBarroandGordon(1983).Weshowthatifeitherthemacro-prudentialregulatororthecentralbank(orboth)arenotpoliticallyindependent,separationofpriceandfinancialstabilityobjectivesdoesnotdeliverthesocialoptimum.JELClassificationNumbers:C61,E21,G13Ke
6、ywords:MonetaryPolicy,Macro-prudentialRegulation,CentralBankIndependence,Time-inconsistencyAuthors’E-MailAddresses:kueda@imf.org,fvalencia@imf.org1TheauthorsthankLarryBall,OlivierBlanchard,StijnClaessens,GiovanniDell’Ariccia,andLucLaevenforcommentsanddiscussions.2ContentsPageIIntroduct
7、ion.........................................3IIModelSetup.........................................4IIISocialPlannerBenchmark.................................7IVTimeinconsistencyinadual-mandatecentralbank....................8VSeparationofObjectivesAchievesSocialOptimum................
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