WEKO3
アイテム
Optimal Macroprudential Policy
http://hdl.handle.net/2261/56102
http://hdl.handle.net/2261/561022a59c5cd-86ee-430b-8cbd-fcb350f73cdc
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
wp048.pdf (285.7 kB)
|
|
| Item type | テクニカルレポート / Technical Report(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2015-05-11 | |||||
| タイトル | ||||||
| タイトル | Optimal Macroprudential Policy | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | JEL Classification: E44; E52; E61 | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | optimal macroprudential policy | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | optimal monetary policy | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | financial market friction | |||||
| 資源タイプ | ||||||
| 資源 | http://purl.org/coar/resource_type/c_18gh | |||||
| タイプ | technical report | |||||
| 著者 |
Fujimoto, Junichi
× Fujimoto, Junichi× Munakata, Ko× Nakamura, Koji× Teranishi, Yuki |
|||||
| 著者所属 | ||||||
| 著者所属 | National Graduate Institute for Policy Studies | |||||
| 著者所属 | ||||||
| 著者所属 | Bank of Japan | |||||
| 著者所属 | ||||||
| 著者所属 | Keio University and CAMA, ANU | |||||
| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | This paper introduces financial market frictions into a standard New Keynesian model through search and matching in the credit market. Under such financial market frictions, a second-order approximation of social welfare includes a term involving credit, in addition to terms for inflation and consumption. As a consequence, the optimal monetary and macroprudential policies must contribute to both financial and price stability. This result holds for various approximated welfares that can change corresponding to macroprudential policy variables. The key features of optimal policies are as follows. The optimal monetary policy requires keeping the credit market countercyclical against the real economy. Commitment in monetary and macroprudential policy, rather than approximated welfare, justifies history dependence and pre-emptiveness. Appropriate combinations of macroprudential and monetary policy achieve perfect financial and price stability. | |||||
| 内容記述 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | 2012～2016年度科学研究費補助金[基盤研究(S)]「長期デフレの解明」(研究代表者 東京大学経済学研究科・渡辺努, 課題番号：24223003) | |||||
| 書誌情報 |
JSPS Grants-in-Aid for Scientific Research (S) Understanding Persistent Deflation in Japan Working Paper Series 巻 048, 発行日 2014-09 |
|||||
| 出版者 | ||||||
| 出版者 | UTokyo Price Project | |||||
| 関係URI | ||||||
| 識別子タイプ | URI | |||||
| 関連識別子 | http://www.price.e.u-tokyo.ac.jp/researchdata/ | |||||
