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|z 9781484302873
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|a 1018-5941
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|a Medina Guzman, Juan Pablo.
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|a Monetary and Macroprudential Policies to Manage Capital Flows /
|c Juan Pablo Medina Guzman, Jorge Roldos.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2014.
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|a 1 online resource (44 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a We study interactions between monetary and macroprudential policies in a model with nominal and financial frictions. The latter derive from a financial sector that provides credit and liquidity services that lead to a financial accelerator-cum-fire-sales amplification mechanism. In response to fluctuations in world interest rates, inflation targeting dominates standard Taylor rules, but leads to increased volatility in credit and asset prices. The use of a countercyclical macroprudential instrument in addition to the policy rate improves welfare and has important implications for the conduct of monetary policy. 'Leaning against the wind' or augmenting a standard Taylor rule with an argument on credit growth may not be an effective policy response.
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|a Mode of access: Internet
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|a Roldos, Jorge.
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|a IMF Working Papers; Working Paper ;
|v No. 2014/030
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2014/030/001.2014.issue-030-en.xml
|z IMF e-Library
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