A theory of macroprudential policies in the presence of nominal rigidities

DOI10.3982/ECTA11883MaRDI QIDQ4613434zbMATH OpenFDO

Authors E. Farhi, Iván Werning

Publication date 31 January 2019

Published in Econometrica (Search for Journal in Brave)

Full work available at URL https://doi.org/10.3982/ECTA11883

zbMATH Keywords

aggregate demand externalitiesfinancial frictionsmacroprudential policymacroprudential regulationmonetary policynominal rigiditiespecuniary externalities

Mathematics Subject Classification ID

Macroeconomic theory (monetary models, models of taxation) (91B64)

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• Dichotomy between macroprudential policy and monetary policy on credit and inflation
• The macroeconomic controversy over price rigidity -- how to resolve it and how Bayesian estimation has led us astray
• RAMSEY MONETARY POLICY WITH CAPITAL ACCUMULATION AND NOMINAL RIGIDITIES
• Prudential capital controls or bailouts? The impact of different collateral constraint assumptions
• Pecuniary externalities, bank overleverage, and macroeconomic fragility
• One shock, many policy responses
• Integrated monetary and financial policies for small open economies
• Higher-order forward guidance
• Unconventional policies in state-dependent liquidity traps
• A framework for geoeconomics
• Monetary policy and sovereign risk in emerging economies (NK-default)

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