Status
Available
Call number
Collection
Publication
Theosophical (1956), Edition: 1st Edition / 3rd Printing
Description
If monetary policy is to aim also at financial stability, how would it change? To analyze this question, this paper develops a general-form framework. Financial stability objectives are shown to make monetary policy more aggressive: in reaction to negative shocks, cuts are deeper but shorter-lived than otherwise. By keeping cuts brief, monetary policy tightens as soon as bank risk appetite heats up. Within this shorter time span, cuts must then be deeper than otherwise to also achieve standard objectives. Finally, we analyze how robust this result is to the presence of a bank regulatory tool, and provide a parameterized example.
Language
Original publication date
1930
ISBN
1131872029 / 9781131872025
Local notes
RG/GW
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