NDLI: Macroprudential Regulation Versus Mopping Up After the Crash

Content Provider	Semantic Scholar
Author	Jeanne, Olivier Johns
Copyright Year	2012
Abstract	We study the interplay of optimal ex-ante (macroprudential) and ex-post (monetary or fiscal stimulus) measures to respond to systemic financial crises in a tractable model of fire sales. We find that it is generally optimal to use both, rejecting the Greenspan doctrine to only intervene ex post. Optimal macroprudential policy resolves the time consistency problems associated with stimulus measures. However, if macroprudential policy is suboptimal, for example because of circumvention, only monetary stimulus should be used, and it is desirable to commit to smaller stimulus. Furthermore, accumulating macroprudential tax revenue in a bailout fund used for stimulus measures is undesirable. JEL Codes: E44, G18, H23
File Format	PDF HTM / HTML
Alternate Webpage(s)	https://www.ecb.europa.eu/events/pdf/conferences/mar_net/Jeanne_Korinek_2012-10.pdf?39fb47ebb2d6b3188c2e2a2180643891
Alternate Webpage(s)	http://www.econ2.jhu.edu/People/Jeanne/JeanneKorinek.pdf
Alternate Webpage(s)	http://www.ecb.eu/events/pdf/conferences/mar_net/Jeanne_Korinek_2012-10.pdf
Alternate Webpage(s)	http://www.ecb.europa.eu/events/pdf/conferences/mar_net/Jeanne_Korinek_2012-10.pdf
Alternate Webpage(s)	https://www.aeaweb.org/conference/2014/retrieve.php?pdfid=486
Language	English
Access Restriction	Open
Subject Keyword	Cobham's thesis Code Money Time consistency
Content Type	Text
Resource Type	Article

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