Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/144458 
Autor:innen: 
Erscheinungsjahr: 
2013
Schriftenreihe/Nr.: 
NBB Working Paper No. 246
Verlag: 
National Bank of Belgium, Brussels
Zusammenfassung: 
This paper outlines a framework for analysing the interaction between financial frictions at the household and firm level, liability dollarization and optimal monetary policy in a small, open economy subject to productivity and capital inflow shocks. It is found that, first, for the shocks under review, the extent of co-movement of financial variables pertaining to entrepreneurs and homeowners crucially depends on the degree of exchange rate flexibility. Second, for a central bank not concerned with financial stability, reacting to inflation and output is considered optimal. Third, including financial stability in the central bank's objectives results in an optimal monetary policy rule reacting to exchange rate depreciation, but not to credit growth, even in the case of large capital inflow shocks. In fact, reacting to credit growth reinforces the initial shock, increasing financial imbalances.
Schlagwörter: 
DSGE model
capital inflows
financial frictions
liability dollarization
financial stability
JEL: 
E44
E47
E52
F41
F47
Dokumentart: 
Working Paper

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