Data and Code for: Interactions and Coordination between Monetary and Macro-Prudential Policies
Principal Investigator(s): View help for Principal Investigator(s) Alejandro Van der Ghote, European Central Bank
Version: View help for Version V1
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application/pdf | 36 KB | 04/23/2020 10:00:PM |
Project Citation:
Van der Ghote, Alejandro. Data and Code for: Interactions and Coordination between Monetary and Macro-Prudential Policies. Nashville, TN: American Economic Association [publisher], 2020. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2020-12-18. https://doi.org/10.3886/E118645V1
Project Description
Summary:
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Abstract: I study monetary and macro-prudential 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. Macro-prudential 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, non coordinated policy interventions, but improvement is moderate.
Scope of Project
Subject Terms:
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Monetary Policy;
Macro-prudential Policy;
Policy Interactions
JEL Classification:
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E44 Financial Markets and the Macroeconomy
E52 Monetary Policy
E61 Policy Objectives; Policy Designs and Consistency; Policy Coordination
E44 Financial Markets and the Macroeconomy
E52 Monetary Policy
E61 Policy Objectives; Policy Designs and Consistency; Policy Coordination
Data Type(s):
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program source code
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