期刊名称：CEMFI Working Papers / Centro de Estudios Monetarios y Financieros, Madrid
出版年度：2019
卷号：2019
页码：1-43
出版社：Centro de Estudios Monetarios y Financieros, Madrid
摘要：This paper reexamines from a theoretical perspective the role of monetary and macroprudential
policies in addressing the build-up of risks in the financial system. We construct a stylized general
equilibrium model in which the key friction comes from a moral hazard problem in firms' financing
that banks' equity capital serves to ameliorate. Tight monetary policy is introduced by open market
sales of government debt, and tight macroprudential policy by an increase in capital requirements.
We show that both policies are useful, but macroprudential policy is more effective in terms of
financial stability and leads to higher social welfare.
