货币政策与金融稳定

IF 1.9 3区 经济学 Q2 ECONOMICS
Isabel Cairó, Jae Sim
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引用次数: 0

摘要

2008年全球金融危机对通胀目标制对价格稳定的狭隘关注提出了质疑。本文通过分析由于家庭部门过度杠杆而经历内生金融危机的经济体的替代货币政策策略来研究价格稳定与金融稳定之间的关系。我们得出了三个结论。首先,在名义利率没有下限(ZLB)约束的情况下,央行可以通过采取激进的通胀目标制来改善价格稳定和金融稳定。其次,在ZLB约束存在的情况下,激进的通胀目标制可能会破坏价格稳定和金融稳定。第三,当信贷周期由逆周期的家庭部门杠杆推动时,逆风政策可能对价格稳定和金融稳定都有害。在这种环境下,利用信用利差进行学习可能更有效。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Monetary policy and financial stability

The 2008 Global Financial Crisis called into question the narrow focus on price stability of inflation targeting regimes. This paper studies the relationship between price stability and financial stability by analyzing alternative monetary policy strategies for an economy that experiences endogenous financial crises due to excessive household sector leverage. We reach three conclusions. First, a central bank can improve both price stability and financial stability by adopting an aggressive inflation targeting regime, in the absence of the zero lower bound (ZLB) constraint on nominal interest rates. Second, in the presence of the ZLB constraint, an aggressive inflation targeting regime may undermine both price stability and financial stability. Third, a leaning against the wind policy can be detrimental to both price stability and financial stability when the credit cycle is driven by countercyclical household sector leverage. In this environment, leaning with credit spreads can be more effective.

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来源期刊
CiteScore
3.10
自引率
10.50%
发文量
199
期刊介绍: The journal provides an outlet for publication of research concerning all theoretical and empirical aspects of economic dynamics and control as well as the development and use of computational methods in economics and finance. Contributions regarding computational methods may include, but are not restricted to, artificial intelligence, databases, decision support systems, genetic algorithms, modelling languages, neural networks, numerical algorithms for optimization, control and equilibria, parallel computing and qualitative reasoning.
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