Monetary policy tradeoffs between financial stability and price stability / by Malik Shukayev and Alexander Ueberfeldt. : FB3-5/2016-49E-PDF
"We analyze the impact of interest rate policy on financial stability in an environment where banks can experience runs on their short-term liabilities, forcing them to sell assets at fire-sale prices. Price adjustment frictions and a state-dependent risk of financial crisis create the possibility of a policy tradeoff between price stability and financial stability. Focusing on Taylor rules with monetary policy possibly reacting to banks’ short-term liabilities, we find that the optimized policy uses the extra tool to support investment at the expense of higher inflation and output volatility"--Abstract.
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publications.gc.ca/pub?id=9.828455&sl=1
| Ministère/Organisme | Bank of Canada. |
|---|---|
| Titre | Monetary policy tradeoffs between financial stability and price stability / by Malik Shukayev and Alexander Ueberfeldt. |
| Titre de la série | Staff Working Paper, 1701-9397 ; 2016-49 |
| Type de publication | Série - Voir l'enregistrement principal |
| Langue | [Anglais] |
| Format | Électronique |
| Document électronique | |
| Note(s) | "November 2016." Includes bibliographical references. Abstract in French. |
| Information sur la publication | [Ottawa] : Bank of Canada, c2016. |
| Auteur / Contributeur | Shukayev, Malik. Ueberfeldt, Alexander. |
| Description | ii, 44 p. : graphs. |
| Numéro de catalogue |
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| Descripteurs | Interest rates Banks Monetary policy Financial analysis |
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