摘要：We study interactions between monetary and macroprudential
policies in a model with nominal and financial frictions.
The latter derive from a financial sector that provides credit
and liquidity services that lead to a financial accelerator-cumfire-sales
amplification mechanism. In response to fluctuations
in world interest rates, inflation targeting neutralizes nominal
distortions but leads to increased volatility in credit and
asset prices. Taylor rules do better, but the use of a countercyclical
macroprudential instrument in addition to the policy
rate improves welfare and has important implications for the
conduct of monetary policy. “Leaning against the wind” or
augmenting a Taylor rule with an argument on credit growth
is not an optimal policy response.
