"Leaning Against the Wind" and the Timing of Monetary Policy

WP/13/86

Nopic
If monetary policy is to aim also at financial stability, how would it change? To analyze this question, this paper develops a general-form framework. Financial stability objectives are shown to make monetary policy more aggressive: in reaction to negative shocks, cuts are deeper but shorter-lived than otherwise. By keeping cuts brief, monetary... READ MORE...

Publication date: April 2013
ISBN 9781484378380
$18.00

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Publication date: April 2013

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Publication date: April 2013

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