Monetary versus Macroprudential Policies Causal Impacts of Interest Rates and Credit Controls in the Era of the UK Radcliffe Report
Monetary versus Macroprudential Policies Causal Impacts of Interest Rates and Credit Controls in the Era of the UK Radcliffe Report
复制标题
英国拉德克利夫报告时代货币与宏观审慎政策利率和信贷控制的因果影响
DOI：
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发表时间：
2016
期刊：
影响因子：
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通讯作者：
Alan M. Taylor
中科院分区：
文献类型：
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作者：
D. Aikman;Oliver Bush;Alan M. Taylor
我们已经进入了一个货币政策和宏观审慎政策相结合的世界。但是，它们能否协同顺利地发挥作用，产生什么样的效果？由于这种政策组合已经几十年没有出现过了，经验证据几乎不存在。我们只能在历史的实验室里解决这个问题。众所周知，《拉德克利夫报告》（1959）对货币政策的有效性持怀疑态度，它所包含的观点导致英国进行了长达30年的实验，在央行利率常规变化的同时使用信贷控制。这些非价格工具类似于宏观审慎政策制定者目前正在考虑或使用的政策。我们描述了这些工具，记录了当局如何使用它们，并制作了一个新的，主要是手工收集的数据集，以帮助估计它们的影响。我们开发了一种新的识别策略，我们称之为因子增强局部投影（CUP），以调查货币政策和宏观审慎政策的微妙不同的影响。货币政策对产出和通胀的作用与今天的共识大体一致，但信贷控制的效果明显不同，主要是调节银行贷款。
We have entered a world of conjoined monetary and macroprudential policies. But can they function smoothly in tandem, and with what effects? Since this policy cocktail has not been seen for decades, the empirical evidence is almost non-existent. We can only fix this shortcoming in a historical laboratory. The Radcliffe Report (1959), notoriously sceptical about the efficacy of monetary policy, embodied views which led the United Kingdom to a three-decade experiment of using credit controls alongside conventional changes in the central bank interest rate. These non-price tools are similar to policies now being considered or used by macroprudential policymakers. We describe these tools, document how they were used by the authorities, and craft a new, largely hand-collected dataset to help estimate their effects. We develop a novel identification strategy, which we term Factor-Augmented Local Projection (FALP), to investigate the subtly different impacts of both monetary and macroprudential policies. Monetary policy acted on output and inflation broadly in line with consensus views today, but credit controls had markedly different effects and acted primarily to modulate bank lending.
英镑的贬值：应对国际货币的贬值，1945 年至 1992 年
DOI：
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发表时间：
2010
期刊：
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影响因子：
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作者：
Schenk
通讯作者：
Schenk