Monetary policy andfinancial stability: Should central bank leanagainst the wind?

Aswathi R. NAIR, (Humanities and Social Sciences Department, Indian Institute of Technology-Bombay, Mumbai, India)
B. ANAND (Sarla Anil Modi School of Economics, Narsee Monjee Institute of Management Studies (NMIMS), Mumbai, India)
Central Bank Review
1 0
Yıl: 2020 Cilt: 20 Sayı: 3 Sayfa Aralığı: 133 - 142 Metin Dili: İngilizce DOI: 10.1016/j.cbrev.2020.03.006 İndeks Tarihi: 06-06-2021

Monetary policy andfinancial stability: Should central bank leanagainst the wind?

Öz:
After the globalfinancial crisis, it was observed that price stability alone would not ensurefinancialstability. The new paradigm indeed insists on the inclusion offinancial stability as an additional mac-roeconomic objective. In this context, it is essential to understand how exactly is the new objective offinancial stability will be placed in the existing framework. Also, the efficacy of monetary policy in thisregard needs to be thoroughly discussed. This paper probes into the employability of monetary policy asa tool to achievefinancial stability. We, therefore, compare between interest rates obtained from thestandard Taylor rule and asset price augmented Taylor rule in the Indian context. The results suggest thattargeting asset prices can be one of the effective ways to containfinancial instabilities and consequenteconomic slumps.
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APA NAIR A, ANAND B (2020). Monetary policy andfinancial stability: Should central bank leanagainst the wind?. , 133 - 142. 10.1016/j.cbrev.2020.03.006
Chicago NAIR Aswathi R.,ANAND B. Monetary policy andfinancial stability: Should central bank leanagainst the wind?. (2020): 133 - 142. 10.1016/j.cbrev.2020.03.006
MLA NAIR Aswathi R.,ANAND B. Monetary policy andfinancial stability: Should central bank leanagainst the wind?. , 2020, ss.133 - 142. 10.1016/j.cbrev.2020.03.006
AMA NAIR A,ANAND B Monetary policy andfinancial stability: Should central bank leanagainst the wind?. . 2020; 133 - 142. 10.1016/j.cbrev.2020.03.006
Vancouver NAIR A,ANAND B Monetary policy andfinancial stability: Should central bank leanagainst the wind?. . 2020; 133 - 142. 10.1016/j.cbrev.2020.03.006
IEEE NAIR A,ANAND B "Monetary policy andfinancial stability: Should central bank leanagainst the wind?." , ss.133 - 142, 2020. 10.1016/j.cbrev.2020.03.006
ISNAD NAIR, Aswathi R. - ANAND, B.. "Monetary policy andfinancial stability: Should central bank leanagainst the wind?". (2020), 133-142. https://doi.org/10.1016/j.cbrev.2020.03.006
APA NAIR A, ANAND B (2020). Monetary policy andfinancial stability: Should central bank leanagainst the wind?. Central Bank Review, 20(3), 133 - 142. 10.1016/j.cbrev.2020.03.006
Chicago NAIR Aswathi R.,ANAND B. Monetary policy andfinancial stability: Should central bank leanagainst the wind?. Central Bank Review 20, no.3 (2020): 133 - 142. 10.1016/j.cbrev.2020.03.006
MLA NAIR Aswathi R.,ANAND B. Monetary policy andfinancial stability: Should central bank leanagainst the wind?. Central Bank Review, vol.20, no.3, 2020, ss.133 - 142. 10.1016/j.cbrev.2020.03.006
AMA NAIR A,ANAND B Monetary policy andfinancial stability: Should central bank leanagainst the wind?. Central Bank Review. 2020; 20(3): 133 - 142. 10.1016/j.cbrev.2020.03.006
Vancouver NAIR A,ANAND B Monetary policy andfinancial stability: Should central bank leanagainst the wind?. Central Bank Review. 2020; 20(3): 133 - 142. 10.1016/j.cbrev.2020.03.006
IEEE NAIR A,ANAND B "Monetary policy andfinancial stability: Should central bank leanagainst the wind?." Central Bank Review, 20, ss.133 - 142, 2020. 10.1016/j.cbrev.2020.03.006
ISNAD NAIR, Aswathi R. - ANAND, B.. "Monetary policy andfinancial stability: Should central bank leanagainst the wind?". Central Bank Review 20/3 (2020), 133-142. https://doi.org/10.1016/j.cbrev.2020.03.006
Sayfa Oluşturulma Tarihi
24-04-2024 17:1

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