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Policy mandates and institutional architecture

Lazopoulos, Ioannis and Gabriel, Vasco (2019) Policy mandates and institutional architecture Journal of Banking & Finance, 100. pp. 122-134.

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Abstract

The model developed in this paper examines the interaction between monetary and macroprudential policies in promoting macroeconomic stability, highlighting the role of shocks and policy instruments. The paper shows that assigning the mandates of monetary and financial stability to independent authorities enhances macroeconomic stability only when some level of coordination exists between policymakers and it is the dominant institutional arrangement when monetary stability is socially important. Instead, when society values financial stability, internalising the policy spillovers by assigning the two mandates to a single policymaker could become the dominant configuration depending on the model’s parameter values.

Item Type: Article
Divisions : Faculty of Arts and Social Sciences > School of Economics
Authors :
NameEmailORCID
Lazopoulos, IoannisI.Lazopoulos@surrey.ac.uk
Gabriel, VascoV.Gabriel@surrey.ac.uk
Date : March 2019
DOI : 10.1016/j.jbankfin.2019.01.006
Copyright Disclaimer : © 2018. This manuscript version is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/
Uncontrolled Keywords : Monetary policy; Macroprudential policy; Institutional mandates; Policy coordination
Depositing User : Clive Harris
Date Deposited : 30 Jan 2019 10:43
Last Modified : 30 Jan 2019 10:43
URI: http://epubs.surrey.ac.uk/id/eprint/850319

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