Artigo Acesso aberto

Evaluating the Net Benefits of Macroprudential Policy: A Cookbook

2013; International Monetary Fund; Volume: 13; Issue: 167 Linguagem: Inglês

10.5089/9781484335727.001

ISSN

2227-8885

Autores

Nicolás Arregui, Jaromí­r Beneš, Ivo Krznar, Srobona Mitra, Andre Santos,

Tópico(s)

Monetary Policy and Economic Impact

Resumo

The paper proposes a simple, new, analytical framework for assessing the cost and benefits of macroprudential policies.It proposes a measure of net benefits in terms of parameters that can be estimated: the probability of crisis, the loss in output given crisis, policy effectiveness in bringing down both the probability and damage during crisis, and the output-cost of a policy decision.It discusses three types of policy leakages and identifies instruments that could best minimize the leakages.Some rules of thumb for policymakers are provided.

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