Systemic Risk : A New Trade-off for Monetary Policy? /
We introduce time-varying systemic risk in an otherwise standard New-Keynesian model to study whether a simple leaning-against-the-wind policy can reduce systemic risk and improve welfare. We find that an unexpected increase in policy rates reduces output, inflation, and asset prices without fundame...
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| Další autoři: | , |
| Médium: | Časopis |
| Jazyk: | English |
| Vydáno: |
Washington, D.C. :
International Monetary Fund,
2015.
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| Edice: | IMF Working Papers; Working Paper ;
No. 2015/142 |
| On-line přístup: | Full text available on IMF |