Monetary Policy and the Risk-Taking Channel
Monetary Policy and the Risk-Taking Channel
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货币政策和风险承担渠道
DOI：
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发表时间：
2015
期刊：
影响因子：
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通讯作者：
Michele Piffer
中科院分区：
文献类型：
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作者：
Michele Piffer
在2007年危机之前，产出与通胀之间的权衡在货币政策讨论中发挥了主导作用。相反，与金融稳定有关的问题在塑造货币政策立场方面发挥的作用不那么明显，而且仅限于资产价格动态。本文认为，2007年金融危机后，人们对货币政策对金融稳定的影响产生了极大的兴趣，这反映出人们的注意力从资产价格动态转向了金融中介机构的冒险激励。本文综述了经济文献，这些文献对央行在设定利率时面临的主要权衡的解释做出了贡献。
Before the 2007 crisis, the trade-off between output and inflation played a leading role in the discussion of monetary policy. Instead, issues relating to financial stability played a less pronounced role in shaping the stance of monetary policy andwere limited to asset price dynamics. This Round-Up argues that the great interest that emerged after the 2007 crisis in the effects of monetary policy on financial stability reflects the shift in attention from asset price dynamics to risk-taking incentives of financial intermediaries. The Round-Up reviews the economic literature that contributed to this shift in the interpretation of the main trade-offs faced by central banks in setting interest rates.