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|z 9781475546545
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|a Chen, Jiaqian.
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|a Macroprudential and Monetary Policy Interactions in a DSGE Model for Sweden /
|c Jiaqian Chen, Francesco Columba.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2016.
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|a 1 online resource (58 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 analyse the effects of macroprudential and monetary policies and their interactions using an estimated dynamic stochastic general equilibrium (DSGE) model tailored to Sweden. Households face a ceiling on their loan-to-value ratio and must amortize their mortgages. The government grants mortgage interest payment deductions. Lending rates are affected by mortgage risk weights. We find that demand-side macroprudential measures are more effective in curbing household debt ratios than monetary policy, and they are less costly in terms of foregone consumption. A tighter macroprudential stance is also found to be welfare improving, by promoting lower consumption volatility in response to shocks, especially when using a combination of macroprudential instruments.
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|a Mode of access: Internet
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|a Columba, Francesco.
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|a IMF Working Papers; Working Paper ;
|v No. 2016/074
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2016/074/001.2016.issue-074-en.xml
|z IMF e-Library
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