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Monetary and Macroprudential Policy Rules in a Model with House Price Booms

Monetary and Macroprudential Policy Rules in a Model with House Price Booms by Alasdair Scott
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We argue that a stronger emphasis on macrofinancial risk could provide stabilization benefits. Simulations results suggest that strong monetary reactions to accelerator mechanisms that push up credit growth and asset prices could help macroeconomic stability. In addition, using a macroprudential instrument designed specifically to dampen credit market cycles would also be useful. But invariant and rigid policy responses raise the risk of policy errors that could lower, not raise, macroeconomic stability. Hence, discretion would be required.
International Monetary Fund; November 2009
36 pages; ISBN 9781452766201
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Title: Monetary and Macroprudential Policy Rules in a Model with House Price Booms
Author: Alasdair Scott; Pau Rabanal; Prakash Kannan