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A Primer on Macroprudential Policy

Poutineau, Jean-Christophe; Vermandel, Gauthier (2015), A Primer on Macroprudential Policy, Journal of Economic Education, 46, 1, p. 68-82. 10.1080/00220485.2014.980527

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PrimerMacroprudentialPolicy.pdf (332.9Kb)
Type
Article accepté pour publication ou publié
Date
2015
Journal name
Journal of Economic Education
Volume
46
Number
1
Publisher
Universitas Negeri Semarang
Pages
68-82
Publication identifier
10.1080/00220485.2014.980527
Metadata
Show full item record
Author(s)
Poutineau, Jean-Christophe cc
Centre de recherche en économie et management [CREM]
Vermandel, Gauthier
Laboratoire d'Economie de Dauphine [LEDa]
Centre de recherche en économie et management [CREM]
Abstract (EN)
This article introduces macroprudential policy using a static New Keynesian Macroeconomics model with financial frictions. The authors analyze two related questions: First, they show how the procyclicality of financial factors, captured by the financial accelerator, amplifies the transmission of supply and demand shocks and impacts the intuition they get from a basic intermediate macroeconomics. Second, adopting an optimal policy perspective, they show how a policymaker may use macroprudential policy to complete monetary policy measures. Following the Mundellian Policy Assignment principle, macroprudential policy should be specialized to address the procyclicality problem to suppress welfare losses associated with the building of financial imbalances, thus helping monetary policy to concentrate on the output inflation tradeoff.
Subjects / Keywords
Financial frictions; macroeconomics; macroprudential policy; monetary policy; New Keynesian; optimal interest rate rules
JEL
A20 - General
E10 - General
E50 - General
F41 - Open Economy Macroeconomics

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