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|z 9781498314787
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|a 1018-5941
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|a Svensson, Lars.
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|a Cost-Benefit Analysis of Leaning Against the Wind :
|b Are Costs Larger Also with Less Effective Macroprudential Policy? /
|c Lars Svensson.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2016.
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|a 1 online resource (76 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 'Leaning against the wind' (LAW) with a higher monetary policy interest rate may have benefits in terms of lower real debt growth and associated lower probability of a financial crisis but has costs in terms of higher unemployment and lower inflation, importantly including a higher cost of a crisis when the economy is weaker. For existing empirical estimates, costs exceed benefits by a substantial margin, even if monetary policy is nonneutral and permanently affects real debt. Somewhat surprisingly, less effective macroprudential policy and generally a credit boom, with resulting higher probability, severity, or duration of a crisis, increases costs of LAW more than benefits, thus further strengthening the strong case against LAW.
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 2016/003
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2016/003/001.2016.issue-003-en.xml
|z IMF e-Library
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