An integrated analysis of how financial frictions can be accounted
for in macroeconomic models built to study monetary policy and
macroprudential regulation. Since the global financial crisis,
there has been a renewed effort to emphasize financial frictions in
designing closed- and open-economy macroeconomic models for
monetary and macroprudential policy analysis. Drawing on the
extensive literature of the past decade as well as his own
contributions, in this book Pierre-Richard Agenor provides a
unified set of theoretical and quantitative macroeconomic models
with financial frictions to explore issues that have emerged in the
wake of the crisis. These include the need to understand better how
the financial system amplifies and propagates shocks originating
elsewhere in the economy; how it can itself be a source of
aggregate fluctuations; the extent to which central banks should
account for financial stability considerations in the conduct of
monetary policy; whether national central banks and regulators
should coordinate their policies to promote macroeconomic and
financial stability; and how much countercyclical macroprudential
policies should be coordinated at the international level to
mitigate financial spillovers across countries. Agenor focuses on
upper middle-income countries, which differ from advanced economies
in terms of both their structural features (which include a
financial sector dominated by banks, weak supervisory capacity, and
a high degree of vulnerability to external shocks) and their
long-standing policy challenges (such as managing volatile capital
flows). Some of the analytical insights and broad policy lessons
that can be drawn from the book will be of relevance to advanced
economies as well.
General
| Imprint: |
MIT Press
|
| Country of origin: |
United States |
| Release date: |
November 2020 |
| Authors: |
Pierre-Richard Agenor
|
| Dimensions: |
229 x 152 x 40mm (L x W x T) |
| Format: |
Hardcover - Cloth over boards
|
| Pages: |
576 |
| ISBN-13: |
978-0-262-04422-6 |
| Categories: |
Books >
Business & Economics >
Economics >
General
|
| LSN: |
0-262-04422-6 |
| Barcode: |
9780262044226 |
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