资源描述：
《with Financial Intermediation金融中介》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。
1、MonetaryandMacroprudentialPoliciesinanEstimatedModelwithFinancialIntermediationPaoloGelainandPelinIlbasyMarch18,2014AbstractWeestimatetheSmetsandWouters(2007)modelaugmentedwiththeGertlerandKaradi(2011)…nancialintermediationsectoronUSdatabyusingrealand…nancialob-servable
2、s.Giventheframeworkoftheestimatedmodel,weaddressthequestionwhetherandhowstandardmonetarypolicyshouldinteractwithmacroprudentialpolicyinordertosafeguardrealand…nancialstability.Forthispurpose,monetarypolicyisdescribedbya‡exiblein‡ationtargetingregimeusingtheinterestrateas
3、instrument,whilethemacro-prudentialregulatoradoptsatax/subsidyonbankcapitalinacountercyclicalmannerinordertostabilizenominalcreditgrowthandtheoutputgap.Welookatthegainsfromcoordinationbetweenthecentralbankandthemacroprudentialregulatorunderalternativeassumptionsregarding
4、thedegreeofimportanceassignedtooutputgap‡uctuationsinthemacroprudentialmandate.Theresultssuggestthattherecanbeconsiderablegainsfromcoordinationifthemacroprudentialregulatorhasbeenassignedasu¢cientlyhighweightonoutputgapstabilization,i.e.thecommonobjectivewithmonetarypoli
5、cy.If,ontheotherhand,themainfocusofthemacroprudentialmandateisoncreditgrowth,thegainsfromfullcoordinationarenotaligned,andthemacroprudentialpolicymakercanreachbetteroutcomes,whilethecentralbankdoesworse,intheabsenceofcoordination.Therefore,whetherandtowhichextentmonetary
6、policygainsfromcoordinationwiththemacro-prudentialregulatordependsontherelativeweightassignedtooutput‡uctuationsinthemacroprudentialmandate.Ourcounterfactualanalysisfurthercon…rmsthee¤ectivenessofthecountercyclicalmacroprudentialtax/subsidyincontainingtheampli…catione¤ec
7、tstriggeredbya…nancialshock,andsuggeststhathavingamacroprudentialregulatorytoolatworkcouldhavesuccessfullyavoidedthemassivedropincreditsuchastheoneobservedattheonsetoftheGreatRecession.Keywords:Monetarypolicy,…nancialfrictions,macroprudentialpolicy,policycoordina-tion,ca
8、pitaltax/subsidy.JELCodes:E42,E44,E52,E58,E61NorgesBank.paolo.gelain@norges-bank.noyCorrespondingautho
