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Monetary Policy Tradeoffs Between Financial Stability and Price Stability

Author: Malik Shukayev; Alexander Ueberfeldt; Canadian Electronic Library (Firm)
Publisher: Edmonton, AB, CA : University of Alberta Faculty of Arts Department of Economics, 2016.
Series: DesLibris., Working Paper., Documents collection. ;, 2016-18.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
We analyze the impact of interest rate policy on Önancial stability in an environment where banks can experience runs on their short-term liabilities forcing them to sell assets at Öre sale prices. Price adjustment frictions and a state-dependent risk of Önancial crisis create the possibility of a policy tradeoʹ between price stability and Önancial stability. Focusing on Taylor rules with monetary policy  Read more...
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Genre/Form: Electronic books
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Malik Shukayev; Alexander Ueberfeldt; Canadian Electronic Library (Firm)
OCLC Number: 1000713276
Notes: Issued as part of the desLibris documents collection.
Description: 1 online resource (47 pages).
Details: Mode of access: World Wide Web.
Series Title: DesLibris., Working Paper., Documents collection. ;, 2016-18.
Responsibility: Malik Shukayev.
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Abstract:

We analyze the impact of interest rate policy on Önancial stability in an environment where banks can experience runs on their short-term liabilities forcing them to sell assets at Öre sale prices. Price adjustment frictions and a state-dependent risk of Önancial crisis create the possibility of a policy tradeoʹ between price stability and Önancial stability. Focusing on Taylor rules with monetary policy possibly reacting to banksí short-term liabilities, we Önd that the optimized policy uses the extra tool to support investment at the expense of higher ináation and output volatility.

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