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dc.contributor.authorMarcin, Kolasa
dc.date.accessioned2023-07-20T12:35:13Z
dc.date.available2023-07-20T12:35:13Z
dc.date.issued2016-02
dc.identifier.citationKolasa M., On the limits of macroprudential policy, SGH KAE Working Papers Series, 2016, nr 2016/002, s. 1-32en
dc.identifier.urihttp://hdl.handle.net/20.500.12182/1086
dc.description.abstractThis paper studies how macroprudential policy tools can complement the interest rate-based monetary policy in achieving a selection of dual stabilization objectives. We show analytically in a canonical New Keynesian model with collateral constraints that using the loan-to-value ratio as an additional policy instrument does not resolve the inflation-output volatility tradeoff. Perfect targeting of inflation and either credit or house prices with monetary and macroprudential policy is possible only if the role of credit in the economy is suffciently small. Any of these three dual stabilization objectives can be achieved with the monetary-fiscal policy mix. The identifed limits to the LTV ratio-based policy are related to its predominantly intertemporal effect on decisions made by financially constrained agents.en
dc.language.isoen
dc.rightsDozwolony użytek*
dc.subjectmacroprudential policyen
dc.subjectmonetary policyen
dc.subjectstabilization tradeoffsen
dc.subject.classificationE32en
dc.subject.classificationE58en
dc.subject.classificationE63en
dc.subject.classificationG21en
dc.subject.classificationG28en
dc.titleOn the limits of macroprudential policyen
dc.typeworkingPaperen
dc.description.number2016/002en
dc.description.physical1-32en
dc.description.seriesSGH KAE Working Papers Seriesen
dc.identifier.urlpublisherhttp://wydawnictwo.sgh.waw.plen


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