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...
| Hovedforfatter: | |
|---|---|
| Andre forfattere: | , |
| Format: | Tidsskrift |
| Sprog: | English |
| Udgivet: |
Washington, D.C. :
International Monetary Fund,
2015.
|
| Serier: | IMF Working Papers; Working Paper ;
No. 2015/142 |
| Online adgang: | Full text available on IMF |