Monetary and MacroPrudential Policies : An Integrated Analysis

  title={Monetary and MacroPrudential Policies : An Integrated Analysis},
  author={Gianluca Benigno},
  • Gianluca Benigno
  • Published 2011
This paper studies monetary and macro-prudential policies in a simple model with both a nominal and a financial friction. The nominal friction gives rise to conventional monetary policy objectives emphasized in the New Keynesian literature. The financial friction, in the form of a collateral constraint that binds only occasionally, gives rise to the macro prudential objective of either preventing the constraint from binding or mitigating the impact of the constraint when it does bind. The… CONTINUE READING
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