Year of Graduation
Interaction between monetary and macroprudential policy, unconventional monetary policy and interbank market
In this paper we investigate the interaction of monetary and macroprudential policies based on the availability of the interbank market and the possibility of unconventional monetary policy under the general equilibrium approach . For analysis of DSGE model was constructed , which includes the financial sector, consisting of heterogeneous financial intermediaries and the interbank market. As part of this analysis were considered various options interaction effects macroprudential and monetary policy , both traditional and non-traditional for the welfare of society and the dynamics of the key variables in the economy : output, price levels and targets of regulatory bodies such as the ratio of the number of credits and the release rate percent.Analysis of the interaction of traditional and non-traditional monetary policy has shown that in the case of technology shock unconventional monetary policy can be optimal in terms of loss of society than the traditional monetary policy . Case cooperation monetary policy entails the least losses to society.In the case of a financial shock functioning of different variants of monetary policy does not lead to strong differences in the welfare of society. This can be explained by the fact that monetary policy measures directly affect the financial sector, and their effectiveness in the case of some shocks in the financial sector such as shock ABS share on the balance sheet of commercial banks, are approximately equal.In the case of technology shock macroprudential regulation interbank market proved to be ineffective , as evidenced by the interaction parameters equality policies.In the case of the shock of the financial sector increase the welfare of society in the case of cooperation policies exceeds the largest increase in cases of public welfare policies and independent functioning of monetary policy only . Confirming the results of Angelini and etc. (2012 ) and Beau et al ( 2012).