Detail práce

Investigation of the dynamics between monetary and macroprudential policies

Autor: Mgr. Kateryna Kireichenko
Rok: 2016 - letní
Vedoucí: Martina Jašová
Konzultant:
Typ práce: Diplomová
Finance, finanční trhy a bankovnictví
Jazyk: Anglicky
Stránky: 68
Ocenění:
Odkaz: https://is.cuni.cz/webapps/zzp/detail/151869/
Abstrakt: This thesis studies the interaction between monetary and macroprudential policy using a DSGE
model with real and financial frictions under government and financial shock scenarios.
Countercyclical capital requirements are used as a macroprudential policy tool combined with a
Taylor rule for monetary policy. In the case of the government shock, our findings indicate that
policies’ coordination reduces the volatility of the output vis-à-vis a “monetary policy only”
regime. Analysis of financial shocks indicates that monetary policy alone can suffice to ensure
financial stability. Lastly, welfare analysis suggests there is no optimal policy combination for all
agents and highlights a redistributive effect of both shocks, showing that policy that is beneficial
for one group of agents can decrease welfare for another.

Partneři

Deloitte

Sponzoři

CRIF
McKinsey
Patria Finance
Česká Spořitelna
EY