Title Macroprudential policy and practice / edited by Paul Mizen, Margarita Rubio, Philip Turner

Published Cambridge, United Kingdom ; New York, NY : Cambridge University Press, 2018

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Description 1 online resource (330 pages) Series Macroeconomic Policy Making Macroeconomic policy making. Contents Cover; Half-title; Series information; Title page; Copyright information; Table of contents; List of Contributors; Introduction; Concluding Remarks; References; 1 The Macroeconomics of Macroprudential Policies; 1.1 Introduction; 1.2 A Regulatory Constraint: Impact on Income and Interest Rates; 1.3 A Regulatory Constraint: Impact on the Exchange Rate; 1.4 The Exchange Rate and Some Recent Policy Dilemmas; 1.5 Macroprudential Policies and the Central Bank's Balance Sheet; 1.6 The Long-Term Interest Rate; Conclusion; References; 2 A Liquidity-Based Approach to Macroprudential Policy IntroductionLeverage Regulation: An Imperfect Cyclical Tool; Liquidity and Maturity Transformation Drive Leverage; Maturity Transformation, the Financial Cycle and Macroprudential Policy; The Central Bank's Balance Sheet as a Financial Stability Tool; Reserve Requirements and Liquidity Regulation; Further Considerations on Reserve Requirements; Conclusion; References; 3 Financial Intermediation and Monetary and Macroprudential Policies; Introduction; The New-Keynesian Paradigm and the 2008-2009 Global Financial Crisis; The Benchmark New-Keynesian Model; The 2008-2009 Global Financial Crisis A Critical View on Dynamic Stochastic General Equilibrium ModelsCrises as Opportunities; Some Recent Contributions and Their Limitations; Systemic Risk; Models for Assessing the Role of Monetary and Macroprudential Policies; Monetary and Macroprudential Policies in a Model with Financial Intermediation; The Effects of Financial Shocks and the Role of Monetary Policy; Monetary and Macroprudential Policies; Leaning against the Financial Cycle: Implications for Macroprudential Policy; Implications for Monetary and Macroprudential Policies: A Summary; Concluding Remarks; References 4 The New Art of Central BankingIntroduction; Incorporating Risky Borrowing and Lending; Quantitative Easing; Effectiveness; QE as an Open Market Operation; Macroprudential Instruments; Monetary and Financial Stability; Loss Function; Target and Instruments; Operating MPIs; Monetary Policy and Liquidity; The Interaction of Government Debt, Monetary Policy and Financial Policy; Concluding Remarks; References; 5 The Macroprudential Countercyclical Capital Buffer in Basel III: Implications for Monetary Policy; Introduction; The Macroprudential Element of Basel III; Literature Review; The Model Monetary PolicyWelfare Evaluation of the CRR; Parameter Values; Welfare Analysis of the CRR for Given Monetary Policy; Welfare Analysis of Optimal Monetary Policy for Different CRR; Optimal Implementation of the Countercyclical Buffer; A Rule for the Countercyclical Capital Buffer; Optimal Policy Parameters; Dynamic; Concluding Remarks; References; 6 On the Use of Monetary and Macroprudential Policies for Small Open Economies; Introduction; The Model; Basic Model Structure; Households; Firms; Entrepreneurs; Financial Intermediaries and Macroprudential Policy; Monetary Policy; Model Dynamics Summary Macroprudential policy is perhaps the most important new development in central bank policymaking circles since the global financial crisis, and reliance on such policies has continued to spread. The crisis, which showed the limits of conventional monetary policy as a tool to deal with financial stability, forced a wide-ranging rethink of economic policies, their interactions and their repercussions. It has led to new forms of intervention, of regulation and of supervisory practice. Macroprudential regulation is now one of the most important topics in modern macroeconomics, because it concerns measures put in place to reduce the risks and costs of the instability caused by financial crises. Written by senior figures from the worlds of academia and banking, this volume combines theoretical approaches with hard evidence of the policy's achievements in many countries. It is the first in-depth analysis of macroprudential instruments for policymakers, banks and economists Bibliography Includes bibliographical references and index Notes Online resource; title from digital title page (viewed on October 18, 2018) Subject Monetary policy. Banks and banking, Central. Economic policy. Banks of issue. BUSINESS & ECONOMICS -- Economics -- General. BUSINESS & ECONOMICS -- Reference. Banks of issue Banks and banking, Central Economic policy Monetary policy Form Electronic book Author Mizen, Paul, editor. Rubio, Margarita, 1978- editor. Turner, Philip, 1950- editor. ISBN 9781108331166 1108331165 9781108304429 1108304427

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