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- W3208552805 abstract "Empirical research suggests that lower interest rates induce banks to take higher risks. We assess analytically what this risk-taking channel implies for optimal monetary policy in a tractable New Keynesian model. We show that this channel creates a motive for the planner to stabilize the real rate. This objective conflicts with the standard inflation stabilization objective. Optimal policy thus tolerates more inflation volatility. An inertial Taylor-type reaction function becomes optimal. We then quantify the significance of the risk-taking channel for monetary policy in an estimated medium-scale extension of the model. Ignoring the channel when designing policy entails non-negligible welfare costs (0.7% lifetime consumption equivalent)." @default.
- W3208552805 created "2021-11-08" @default.
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- W3208552805 date "2023-02-01" @default.
- W3208552805 modified "2023-09-25" @default.
- W3208552805 title "Optimal monetary policy with the risk-taking channel" @default.
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- W3208552805 doi "https://doi.org/10.1016/j.euroecorev.2022.104333" @default.
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