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240607 ||| eng |
| 020 |
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|a 9781513561066
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| 100 |
1 |
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|a Adrian, Tobias
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| 245 |
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0 |
|a Monetary and Macroprudential Policy with Endogenous Risk
|c Tobias Adrian, Fernando Duarte, Nellie Liang, Pawel Zabczyk
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2020
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| 300 |
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|a 55 pages
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| 653 |
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|a Economic & financial crises & disasters
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| 653 |
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|a Financial crises
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| 653 |
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|a Financial Institutions and Services: Government Policy and Regulation
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| 653 |
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|a Informal sector; Economics
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| 653 |
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|a Economic sectors
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| 653 |
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|a Economics of specific sectors
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| 653 |
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|a Cycles
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| 653 |
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|a Currency crises
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| 653 |
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|a Financial Markets and the Macroeconomy
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| 653 |
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|a International Economics
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Business Fluctuations
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| 653 |
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|a Business and Economics
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| 653 |
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|a Monetary Policy
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| 700 |
1 |
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|a Duarte, Fernando
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| 700 |
1 |
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|a Liang, Nellie
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| 700 |
1 |
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|a Zabczyk, Pawel
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
0 |
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|a IMF Working Papers
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| 028 |
5 |
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|a 10.5089/9781513561066.001
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| 856 |
4 |
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|u https://elibrary.imf.org/view/journals/001/2020/236/001.2020.issue-236-en.xml?cid=49885-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
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|a 330
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| 520 |
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|a We extend the New Keynesian (NK) model to include endogenous risk. Lower interest rates not only shift consumption intertemporally but also conditional output risk via their impact on risk-taking, giving rise to a vulnerability channel of monetary policy. The model fits the conditional output gap distribution and can account for medium-term increases in downside risks when financial conditions are loose. The policy prescriptions are very different from those in the standard NK model: monetary policy that focuses purely on inflation and output-gap stabilization can lead to instability. Macroprudential measures can mitigate the intertemporal risk-return tradeoff created by the vulnerability channel
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