Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/183326 
Erscheinungsjahr: 
2018
Schriftenreihe/Nr.: 
ECB Working Paper No. 2144
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
We examine, conditional on structural shocks, the macroeconomic performance of different countercyclical capital buffer (CCyB) rules in small open economy estimated medium scale DSGE. We find that rules based on the credit gap create a trade-off between the stabilization of fluctuations originating in the housing market and fluctuations caused by foreign demand shocks. The trade-off disappears if the regulator targets house prices instead. As a result, the optimal simple CCyB rule depends only on the house price but not the credit gap. Moreover, the optimal simple rule leads to significant welfare gains compared to the no CCyB case.
Schlagwörter: 
bank capital
countercyclical capital regulation
housing bubbles
boom-and-bust
JEL: 
F41
G21
G28
E32
E44
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-3249-3
Dokumentart: 
Working Paper

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