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|z 9781513545332
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|a Agur, Itai.
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|a Will Macroprudential Policy Counteract Monetary Policy's Effects on Financial Stability? /
|c Itai Agur, Maria Demertzis.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2015.
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|a 1 online resource (23 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 How does monetary policy impact upon macroprudential regulation? This paper models monetary policy's transmission to bank risk taking, and its interaction with a regulator's optimization problem. The regulator uses its macroprudential tool, a leverage ratio, to maintain financial stability, while taking account of the impact on credit provision. A change in the monetary policy rate tilts the regulator's entire trade-off. We show that the regulator allows interest rate changes to partly "pass through" to bank soundness by not neutralizing the risk-taking channel of monetary policy. Thus, monetary policy affects financial stability, even in the presence of macroprudential regulation.
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|a Mode of access: Internet
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|a Demertzis, Maria.
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|a IMF Working Papers; Working Paper ;
|v No. 2015/283
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2015/283/001.2015.issue-283-en.xml
|z IMF e-Library
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