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| 02231nam 2200361zi 4500 |
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| 001 | 9.902838 |
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| 003 | CaOODSP |
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| 005 | 20221107180054 |
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| 006 | m o d f |
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| 007 | cr |n||||||||| |
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| 008 | 210825t20212021oncd ob f|0| 0 eng d |
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| 040 | |aCaOODSP|beng|erda|cCaOODSP |
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| 043 | |an-cn--- |
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| 086 | 1 |aFB3-5/2021-21E-PDF |
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| 100 | 1 |aSchroth, Josef, |eauthor. |
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| 245 | 10|aOptimal monetary and macroprudential policies / |cby Josef Schroth. |
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| 264 | 1|aOttawa, Ontario, Canada : |bBank of Canada = Banque du Canada, |c2021. |
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| 264 | 4|c©2021 |
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| 300 | |a1 online resource (ii, 41 pages) : |bcharts. |
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| 336 | |atext|btxt|2rdacontent |
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| 337 | |acomputer|bc|2rdamedia |
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| 338 | |aonline resource|bcr|2rdacarrier |
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| 490 | 1 |aStaff working paper = |aDocument de travail du personnel, |x1701-9397 ; |v2021-21 |
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| 500 | |a"Last updated: May 7, 2021." |
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| 504 | |aIncludes bibliographical references (pages 38-41). |
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| 520 | |a"This paper studies monetary policy in an economy where banks make risky loans to firms and provide liquidity services in the form of deposits to households. For given bank equity, market discipline implies that banks can take more deposits when assets are safer or more profitable. Banks respond to loan losses by making their balance sheets safer—i.e., they reduce risky lending sharply and accumulate more safe bonds. In contrast, a social planner would respond by making banks temporarily more profitable such that a riskier balance sheet can be maintained. A planner would temporarily reduce the expansiveness of monetary policy to avoid bonds becoming too liquid in support of the liquidity premium banks earn via deposits. Specifically, when bank equity is low, then optimal monetary policy stabilizes output by supporting bank lending rather than employment"--Abstract, page ii. |
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| 650 | 0|aMonetary policy. |
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| 650 | 0|aBank loans. |
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| 650 | 6|aPolitique monétaire. |
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| 650 | 6|aPrêts bancaires. |
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| 710 | 2 |aBank of Canada, |eissuing body. |
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| 830 | #0|aStaff working paper (Bank of Canada)|v2021-21.|w(CaOODSP)9.806221 |
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| 856 | 40|qPDF|s459 KB|uhttps://publications.gc.ca/collections/collection_2021/banque-bank-canada/FB3-5-2021-21-eng.pdf |
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