House Prices, Credit Growth, and Excess Volatility: Implications for Monetary and Macroprudential Policy

By P. Gelain, Kevin J. Lansing, Caterina Mendicino. 2013

187 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/4e46282e3f4a200c7183df19e601c500471d2be3

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Citations in the corpus

Optimal Monetary and Prudential Policies (2017, background): “Therefore, given Proposition 4, there exists a unique equilibrium with l t = 0 under (24) and, at this equilibrium, κt = κ ∗ t and (29) holds with equality.”
The science of monetary policy: an imperfect knowledge perspective (2018, unknown): “Gibbs (2015) shows beliefs based on multiple forecasting models can generate multiple equilibria and require more aggressive policy for stability.”
Macroprudential and monetary policies: Implications for financial stability and welfare (2014, background): “Gelain et al. (2013) evaluates different policy actions that might be used to dampen the resulting excess volatility, including a direct response to house-price growth or credit growth in the central bank’s interest rate rule, the imposition of a more restrictive loan-to-value ratio, and the use of…”
Addressing Household Indebtedness: Monetary, Fiscal or Macroprudential Policy? (2017, background): “Note that when Φ = 1, the Euler condition for the stock of debt in (21) reduces to”
Should Monetary Policy Lean Against the Wind? An Analysis Based on a DSGE Model with Banking (2013, unknown): “13 Let us now consider the case in which the central bank adopts a strict inflation targeting, by following a Taylor rule in which the policy rate responds (only) to deviations of inflation from the steady state: r̃ t = φππ̂t (22)”
Financial Stability and Monetary Policy: How Closely Interlinked? (2014, background): “…Kok Sørensen, and RodriguezPalenzuela (2011), Lambertini, Mendicino, and Punzi (2011), Baillu, Meh, and Zhang (2012), Beau, Clerc, and Mojon (2012), Gelain, Lansing, and Mendicino (2012), and De Paoli and Paustian (2013) have similar features in a dynamic context.17 Two interesting recent papers…”