Economia
European Central Bank
JEL Codes: E58, G28.
Full article (PDF, 38 pages, 307 kb)
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Economia
Estabilidade financeira e política monetária
Financial Stability and Monetary Policy: How Closely Interlinked?
by Frank SmetsEuropean Central Bank
Abstract
The recent financial crisis has again raised the question to what extent price-stability-oriented monetary policy frameworks should take into account financial stability objectives. In this paper I argue that the answer will depend on three questions: (i) how effective is macroprudential policy in maintaining financial stability? (ii) what is the effect of monetary policy on risk taking and financial stability? and (iii) what is the risk of financial dominance, i.e., the risk that financial stability considerations undermine the credibility of the central bank’s price stability mandate? I review the theory and evidence and conclude that while the new macroprudential policy framework should be the main tool for maintaining financial stability, monetary policy authorities should also keep an eye on financial stability. This will allow the central bank to lean against the wind if necessary, while maintaining its primary focus on price stability over the medium term.JEL Codes: E58, G28.
Full article (PDF, 38 pages, 307 kb)
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- Ler Os Outros: Eurozone At Breakpoint
Um post muito interessante no Alphaville: "Cailloux & Co expect the crisis to continue and threaten the entire euro area because policy makers still don’t understand market dynamics. A Greek debt swap might bring temporary relief but investors will...
- Função De Banco Central
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Paul Volcker explica: "...What we know, or should know, from the past is that once inflation becomes anticipated and ingrained — as it eventually would — then the stimulating effects are lost. Once an independent central bank does not simply tolerate...