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Autoren: 
Van der Ghote, Alejandro
Datum: 
2020
Schriftenreihe/Nr.: 
ECB Working Paper No. 2498
Zusammenfassung: 
I study macro-prudential policy intervention in economies with secularly low interest rates. Intervention boosts risk-free real interest rates unintentionally, simply as a by-product of containing systemic risk in financial markets. Thus, intervention also boosts the natural rate of return in particular (i.e., the equilibrium risk-free rate that is consistent with inflation on target and production at full capacity). These results point to a novel complementarity between financial stability and macroeconomic stabilization. Complementary is sufficiently strong to generate a divine coincidence if the natural rate is secularly low, but not too low.
Schlagwörter: 
Macro-prudential Policy
Systemic Risk
Natural Rate of Return
JEL: 
E31
E32
E44
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-4415-1
Dokumentart: 
Working Paper

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