Umfang:
1 Online-Ressource (circa 35 Seiten)
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ISBN:
9781484313794
Serie:
IMF working paper WP/17, 184
Inhalt:
This paper analyzes the nonlinear relationship between monetary policy and financial stress and its effects on the transmission of shocks to output. Results from a Bayesian Threshold Vector Autoregression (TVAR) model show that the effects of monetary policy shocks on output growth are stronger during normal times than during times of financial stress. Monetary policy shocks are effective to ease stressed financial conditions, but have limited ability to fully contain the buildup of vulnerabilities. These results have important policy implications for central banks' countercyclical policies under different financial conditions and for 'lean against the wind' policies to address financial vulnerabilities
Weitere Ausg.:
Erscheint auch als Druck-Ausgabe Saldías, Martín The Nonlinear Interaction Between Monetary Policy and Financial Stress Washington, D.C. : International Monetary Fund, 2017 ISBN 9781484313794
Sprache:
Englisch
Schlagwort(e):
Graue Literatur
DOI:
10.5089/9781484313794.001
URL:
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URL:
Volltext
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