Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/228214 
Erscheinungsjahr: 
2019
Schriftenreihe/Nr.: 
ECB Working Paper No. 2336
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
This paper analyzes the effects of several policy instruments for mitigating financial bubbles generated in the banking sector. We augment a New Keynesian macroeconomic framework by endogenizing boundedly-rational expectations on asset values of loan portfolios, allow for interbank trading and show how a credit bubble can develop from a financial innovation. We then evaluate the efficacy of several policy instruments in counteracting financial bubbles. We find that an endogenous capital requirement reduces the impact of a financial bubble significantly while central bank intervention ("leaning against the wind") proves to be less effective. A welfare analysis ranks the policy reaction through an endogenous capital requirement highest. We therefore provide a rationale for the use of countercyclical capital buffers.
Schlagwörter: 
Basel III
credit-to-GDP gap
CCyB
JEL: 
E44
E52
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-3905-8
Dokumentart: 
Working Paper

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