Monetary and Macroprudential Policy Rules in a Model with House Price Booms

被引：129

作者：

Kannan, Prakash ^{[1
]}

Rabanal, Pau ^{[1
]}

Scott, Alasdair M. ^{[1
]}

机构：

[1] Int Monetary Fund, Washington, DC 20431 USA

来源：

B E JOURNAL OF MACROECONOMICS | 2012年 / 12卷 / 01期

关键词：

monetary policy; regulatory policy; housing prices; DSGE MODEL; SPREADS;

D O I：

10.1515/1935-1690.2268

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Using a dynamic stochastic general equilibrium (DSGE) model with housing, this paper shows that strong monetary reactions to accelerator mechanisms that push up credit growth and house prices can help macroeconomic stability. In addition, using a macroprudential instrument specifically designed to dampen credit market cycles would also provide stabilization benefits when an economy faces financial sector or housing demand shocks. However, the optimal macroprudential rule under productivity shocks is to not intervene. Therefore, it is crucial to understand the source of house price booms for the design of monetary and macroprudential policy.

引用

页数：44

共 38 条

[1] The effect of conforming loan status on mortgage yield spreads: A loan level analysis [J].