Leaning Against the Wind: An Empirical Cost-Benefit Analysis
Leaning Against the Wind: An Empirical Cost-Benefit Analysis
复制标题
逆风而行：成本效益实证分析
DOI：
--
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发表时间：
2021
期刊：
影响因子：
--
通讯作者：
Narita
中科院分区：
文献类型：
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作者：
Luis Brandão;Machiko;Narita
本文采用了一种新的方法来评估使用不同的政策工具，宏观审慎和货币政策，外汇干预和资本管制，以应对金融条件的变化的好处。从分位数回归开始，我们使用损失函数评估未来产出增长和通货膨胀的全分布政策。收紧宏观审慎政策可以抑制宽松的金融条件对增长造成的下行风险，从净值上看是有益的。相比之下，收紧货币政策会带来净损失。这些发现在应对全球金融环境宽松时也适用，而购买外汇或收紧资本管制只会产生很小的净收益。JEL分类：E52，E58，F31，G28，E01，O24，G21
This paper takes a new approach to assess the benefits of using different policy tools—macroprudential and monetary policies, foreign exchange interventions, and capital controls—in response to changes in financial conditions. Starting from quantile regressions, we evaluate policies across the full distribution of future output growth and inflation using loss functions. Tightening macroprudential policy dampens downside risks to growth from loose financial conditions, and is beneficial in net terms. By contrast, tightening monetary policy entails net losses. These findings also hold when reacting to easing global financial conditions, while buying foreign exchange or tightening capital controls yields only small net benefits. JEL Classification: E52, E58, F31, G28, E01, O24, G21
DOI：
10.1080/01621459.2018.1543598
发表时间：
2018-05
影响因子：
3.7
作者：
T. Ando;Jushan Bai
通讯作者：
T. Ando;Jushan Bai