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Found 6 results for '"Monetary policy" "macroprudential policy" "credit controls" ', showing 1-6
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1. Aikman, David & Bush, Oliver & Davis, Alan (2016): Monetary versus macroprudential policies causal impacts of interest rates and credit controls in the era of the UK Radcliffe Report

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   We have entered a world of conjoined monetary and macroprudential policies. ... The Radcliffe Report (1959), notoriously sceptical about the efficacy of monetary policy, embodied views which led the United Kingdom to a three-decade experiment of using credit controls alongside conventional changes in the central bank interest rate. These non-price tools are similar to policies now being considered or used by macroprudential policymakers. ... We develop a novel identification strategy, which we term Factor-Augmented Local Projection (FALP), to investigate the subtly different impacts of both monetary and macroprudential policies. Monetary policy acted on output and inflation broadly in line with consensus views today, but credit controls had markedly different effects and acted primarily to modulate bank lending.
   RePEc:boe:boeewp:0610  Save to MyIDEAS
2. Taylor, Alan M. & Aikman, David & Bush, Oliver (2016): Monetary Versus Macroprudential Policies: Causal Impacts of Interest Rates and Credit Controls in the Era of the UK Radcliffe R

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   We have entered a world of conjoined monetary and macroprudential policies. ... The Radcliffe Report (1959), notoriously sceptical about the efficacy of monetary policy, embodied views which led the UK to a three-decade experiment of using credit policy tools alongside conventional changes in the central bank interest rate. These non-price tools are similar to policies now being considered or used by macroprudential policymakers. ... We develop a novel empirical strategy, which we term Factor-Augmented Local Projection (FALP), to investigate the subtly different impacts of both monetary and macroprudential policies. Monetary policy innovations acted on output and inflation broadly in line with consensus views today, but tighter credit policy acted primarily to modulate bank lending whilst reducing output and leaving inflation unchanged.
   RePEc:cpr:ceprdp:11353  Save to MyIDEAS
3. Monnet, Eric (2017): Credit controls as an escape from the trilemma.

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   The macroeconomic policy “trilemma†is widely used as a framework to discuss the rationale for capital controls and monetary policy autonomy under the Bretton Woods system (1944-1971). ... Second, using quantitative credit controls allowed central banks to disconnect their interest rate from the domestic monetary policy stance. They assigned the interest rate to the external side while managing domestic credit expansion with direct quantitative controls. ... In such an environment, capital controls were used to complement credit controls. Interest rate spreads were neither a good measure of capital controls nor of central bank autonomy.
   RePEc:cpr:ceprdp:12535  Save to MyIDEAS
4. David Aikman & Oliver Bush & Alan M. Taylor (2016): Monetary Versus Macroprudential Policies: Causal Impacts of Interest Rates and Credit Controls in the Era of the UK Radcliffe Report

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   We have a world of conjoined monetary and macroprudential policies. ... From the 1950s to the 1980s, the UK used credit policy tools alongside conventional interest rate policy. These tools are similar to today’s macroprudential policies. ... Monetary policy acted mainly on inflation but credit policy acted primarily to modulate bank lending.
   RePEc:nbr:nberwo:22380  Save to MyIDEAS
5. Varlik Serdar & Berument M. Hakan (2016): Credit channel and capital flows: a macroprudential policy tool?

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   Rapid credit growth induced by sudden capital inflows may negatively affect a country’s economic performance, with the resulting outflows turning into a financial crisis. The purpose of this study is to determine whether controlling the credit channel of monetary policy could be used as a macroprudential tool to suppress the effects of sudden capital inflows on economic performance for small open economies like Turkey. ... “Systematic Monetary Policy and the Effects of Oil Price Shocks.” Brookings Papers on Economic Activity 1: 91–157), we investigate whether shutting down the credit channel helps reduce the effects of capital inflows. ... Therefore, it may be prudent to support credit control with additional policy tools to prevent a further decrease in interest rate and prices and a further appreciation of the domestic currency.
   RePEc:bpj:bejmac:v:16:y:2016:i:1:p:145-170:n:9  Save to MyIDEAS
6. Aikman, David & Bush, Oliver & Taylor, Alan M. (2016): Monetary versus macroprudential policies:causal impacts of interest rates andcredit controls in the era of the UKradcliffe report

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   We have entered a world of conjoined monetary and macroprudential policies. ... The Radcliffe Report (1959), notoriously skeptical about the efficacy of monetary policy, embodied views which led the UK to a three-decade experiment of using credit controls alongside conventional changes in the central bank interest rate. These non-price tools are similar to policies now being considered or used by macroprudential policymakers. ... We develop a novel identification strategy, which we term Factor-Augmented Local Projection (FALP), to investigate the subtly different impacts of both monetary and macroprudential policies. Monetary policy acted on output and inflation broadly in line with consensus views today, but credit controls had markedly different effects and acted primarily to modulate bank lending
   RePEc:ehl:wpaper:67035  Save to MyIDEAS