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رقم التسجيلة
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23467
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نوع المادة
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book
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ردمك
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9781513556062
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رقم الطلب
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332.4 A243l
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المؤلف
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Adrian, Tobias
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العنوان
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Low for long and risk-taking / Tobias Adrian
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بيانات النشر
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Washington, D.C, [UNITED STATES]: International Monetary Fund (IMF), 2020.
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الوصف المادي
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vii, 28 p
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بيان السلسلة
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International Monetary Fund. Monetary and Capital Markets Department | 20/15
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الملاحظات الببليوجرافية
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Includes bibliographical references (p. 25-28)
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المحتويات / النص
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1. Introduction -- 2. Vulnerable Growth -- 3. A Conceptual Framework -- 4. Optimal Policy with Macro-Financial Risk -- 5. “Low for Long” and Risk-Taking -- 6. Macroprudential Policy -- 7. Open Economy Extensions -- 8. Conclusion
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المستخلص
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The COVID-19 pandemic is causing an unprecedented worldwide economic contraction, leading central banks to reduce interest rates to historically low levels and making unconventional monetary policies—including “low for long” interest rates and asset purchases—increasingly common. Arguably, however, the policies implemented are efficient because they encourage increased risk-taking, and they may have, if unintentionally, increase medium- and long-run macro-financial vulnerabilities. This paper argues that the resulting trade-offs need to be carefully accounted for in monetary policy models and outlines how that can be achieved in practice.
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المواضيع
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Monetary Policy
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الواصفات
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MONETARY POLICYRISKCOVID-19
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